Second Avenue Capital Partners has provided a credit facility to Cos Bar, a luxury specialty cosmetics retailer. No financial terms were disclosed. The financing will be used for growth and for working capital. Cos Bar is backed by Tengram Capital Partners.
BOSTON, March 18, 2021 /PRNewswire/ — Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a senior secured credit facility to Cos Bar, a leading luxury specialty cosmetics retailer. The credit facility will be used to support new growth opportunities and provide additional working capital.
“Cos Bar has developed and nurtured a loyal following that has positioned the Company for continued success,” said Chris O’Connor, President of SACP. “It is exciting to partner with the team at Cos Bar as they continue to build on their achievements. Their vision for a plan to reach new consumers and expand on their approach to the luxury cosmetics and skincare buying experience is one that SACP recognized the value of and wanted to help facilitate.”
Since its first store and founding by industry pioneer Lily Garfield in Aspen in 1976, Cos Bar has gained notoriety as a luxury multi-brand beauty retailer. Designed for a sophisticated and discerning audience, Cos Bar successfully carved out a unique and engaging sales experience focused on the needs of the customer. An omnichannel retailer with a carefully curated array of the world’s best beauty brands, Cos Bar plans to expand its compelling retail style to a much greater audience.
In 2015, Cos Bar received support from Tengram Capital Partners, a private equity firm that focuses exclusively on consumer and retail companies that own exceptional, highly recognizable brands.
Veeral Sheth, CFO of Cos Bar, said, “Second Avenue Capital Partners has been a pleasure to work with throughout this process. They were mindful of our brand’s integrity and respectful to all our team members and their unique requests for a customized financing solution. As we explore new avenues for growth, the financing, and support from SACP will allow us to do what we do best, delivering the world’s best beauty buying experience.”
Grace Bernier of Tengram concurred. “We’ve worked with Second Avenue Capital Partners in the past, and we felt that they were the best fit for some of the unique requirements of Cos Bar. SACP’s focus and experience in the consumer and retail categories delivers added value and flexibility to the Company and their vision for the future.”
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver an array of customized, capital solutions. A unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. SACP is headquartered in Boston with additional offices in New York, Columbus, and Los Angeles.
About Cos Bar – Founded in 1976, Cos Bar maintains a niche positioning in the luxury specialty beauty retail industry. It is widely considered to be the first independent luxury cosmetics retailer in the U.S. The Company currently operates 18 specialty boutiques through the U.S. in affluent markets such as Aspen, Vail, Scottsdale, and New York City, among others. The Company has developed a strong relationship in the industry that has allowed the Cos Bar brand access to an unparalleled top-tier assortment of global cosmetic brands, traditionally only sold at luxury department stores. For more information about Cos Bar visit www.cosbar.com
About Tengram Capital Partners – Tengram Capital Partners is a private equity firm exclusively focused on investments in leading middle market consumer companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brands. Tengram invests in both traditional “growth” and “restructuring/turnaround” situations in each of the public and private sectors. Other Tengram investments, current and past, include High Ridge Brands, Algenist, Lime Crime, ReVive, Tommie Copper, DevaCurl, NEST Fragrances, and El Cap. Additional information can be found at: http://www.tengramcapital.com.