Wells Fargo Capital Finance said Thursday that it arranged a $55 million facility for Evergreen Enterprises. According to Evergreen, the financing will be used for working capital and “general corporate purposes.” Based in Richmond, Virginia, Evergreen, which also includes Plow & Hearth, is a home and lifestyle products retailer.
SANTA MONICA, January 16, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced it acted as sole lead arranger and book runner on a $55 million senior secured revolving credit facility that will be used for working capital and general corporate purposes for Evergreen Enterprises of Virginia, LLC, which includes well known retail subsidiary Plow & Hearth.
Evergreen Enterprises is a leading specialty wholesaler and retailer of home and lifestyle products. Evergreen Enterprises, founded in Richmond, VA in 1993, is a wholesaler and retailer that engages in the design, production, and distribution of home furnishings, home and garden products, sports products, and fashion accessories through 14 different owned brands, including retailer Plow & Hearth. The company operates 22 retail stores, a national catalog and an e-commerce site.
“Wells Fargo Capital Finance takes pride in supporting leading retailers that consumers value,” said Keith Vercauteren, head of Retail Finance division at Wells Fargo Capital Finance. “We look forward to working with Evergreen Enterprises as it continues to grow.”
“We did thorough research when we decided to look for a new lender for our working capital line. We chose Wells Fargo Capital Finance’s Retail Finance team because of its extensive expertise in our industry and competitive pricing to help us grow over the next few years,” said Ting Xu, president of Evergreen Enterprises. “We are excited about this new partnership.”
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 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 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations.
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About Evergreen Enterprises
Evergreen Enterprises is a leading wholesale distributor of fine home furnishings, garden décor, licensed sports products, and baby and fashion accessories. For over 20 years, the company has helped hundreds of leading vendors market and sell their products to thousands of retail establishments worldwide.
About Plow & Hearth
Plow & Hearth is a leading multi-channel merchant with more than 5 million customers. For over 30 years, the company has been a trusted source of unique, enduring products for the hearth, home, yard and garden, helping customers create an environment that is comfortable and welcoming, warm and ©2014 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval.
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.