SANTA MONICA, August 20, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced it acted as joint lead arranger on a $180 million senior secured credit facility for Vestis Retail Group to acquire Sport Chalet, Inc., a specialty sports retailer with 50 stores in the Western United States. Vestis Retail Group, LLC, which is owned by funds advised by Versa Capital Management, LLC, is comprised of Bob’s Stores and Eastern Mountain Sports. The credit facility will bring strategic value to Vestis’ leading retail brands, making them one of the largest sporting retail groups in the country.
“Executing this acquisition financing, which provides flexible financial tools and solutions for one of our portfolio companies, is consistent with our ongoing efforts to maximize the performance and value of our investments,” said Greg Segall, CEO of Versa Capital Management, LLC. “We appreciate Wells Fargo and recognize them as an important and longstanding partner to our business.”
“It has been our pleasure to work with Vestis Retail Group and Versa Capital Management on previous deals and they always bring great retail experience to the table,” said Keith Vercauteren, head of the Retail Finance team at Wells Fargo Capital Finance. “It is important to Wells Fargo to provide our customers with the financial flexibility and financial services they need to succeed.”