Wells Fargo’s Retail Finance Team Leads $90 Million Facility
SANTA MONICA, February 1, 2017 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced today it acted as sole lead arranger and book runner on an expanded five year, $90 million senior secured credit facility for Chewy, Inc., America’s leading specialty online retailer for pet products. The company says the credit facility for working capital and general corporate purposes.
“We are excited to work with Wells Fargo and their specialized lending retail team in support of our rapid expansion. The ability to expand our credit facility and extend the maturity reflects the strength and continued growth of our company,” said Jim Grube, chief financial officer at Chewy. “The increased credit facility further enhances our liquidity profile and provides greater flexibility to execute our strategy to become the largest pet retailer in the world.”
With more than $900 million in sales in 2016, Chewy is the #1 online retailer* of pet food and products in the United States and one of the fastest growing private ecommerce companies. With its commitment to superior 24/7 customer service, extensive product selection, competitive pricing, rapid delivery and personalized ecommerce experience, Chewy is well positioned for continued growth as the leading retail experts in the pet space.
“Many of us have pets and can relate to the passion that Chewy’s management team has for their business. We’re gratified to have been able to complete such important financing that will allow Chewy the financial flexibility to make strategic business decisions,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “It’s important to Wells Fargo Capital Finance to support leading retailers that consumer’s value and trust and we look forward to supporting this great specialty retailer as they continue to grow.”
Chewy is the #1 online retailer of pet food and products in the United States with a leading share of the e-commerce market. Founded in 2011 by entrepreneurs, Ryan Cohen and Michael Day, Chewy set out to disrupt the existing pet industry by offering pet parents the expertise and service of a local pet store with the convenience of online shopping. Chewy delivers on that promise with its dedication to 24/7 customer service, creation of cutting-edge software and technology to enhance the user experience, and commitment to sourcing high quality products. Headquartered in Dania Beach, Florida, Chewy currently employs more than 3,700 pet lovers both in their home office and fulfillment centers in Pennsylvania, Indiana and Nevada. For more information, visit www.chewy.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software and hi-tech, healthcare, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.