Rachel Ashwell Designs, Inc., Secures $10 Million In Financing

Furniture World News

The Retail Finance Group of GMAC Commercial Finance (GMAC CF) announced the funding of a $10 million senior credit facility to Rachel Ashwell Designs, Inc. (RAD) as well as an investment in the company by Goode Partners, LLC (Goode). The new credit facility and investment will be used to drive retail store expansion and provide for continued growth of RAD's premium lifestyle brand, Rachel Ashwell Shabby Chic®. Headquartered in Los Angeles, RAD is a designer, wholesaler and retailer of slipcover furniture and home décor products sold under the "Rachel Ashwell Shabby Chic" brand name. "We are very pleased to announce our new credit facility with the Retail Finance Group of GMAC Commercial Finance which allows us increased financial flexibility as well as positioning the company for future growth," stated Rachel Ashwell, RAD founder and CEO. "I am very appreciative of GMAC Commercial Finance in developing with us this new flexible facility." "Rachel Ashwell Designs is a unique retailer, wholesaler and licensor of a brand with tremendous consumer recognition and value," said Andrew H. Moser, senior managing director of GMAC CF's Retail Finance Group. "We look forward to supporting Rachel Ashwell Designs with this credit facility and other creative financing solutions as they continue on their growth path," added Lori Potter, senior vice president and senior business development officer with GMAC CF's Retail Finance Group. "Over the years, Rachel has developed a wonderful brand and business," stated Ron Beegle, a principal of Goode. "Together, we look forward to accelerating the growth of the Shabby Chic brand and business by opening new stores, extending product assortments and introducing new channels of distribution." About Rachel Ashwell Designs, Inc.: Founded by Rachel Ashwell in 1989, RAD is based on the aesthetics of beauty, comfort and function. Through books and television appearances Ms. Ashwell has become a well-known personality in the home design and furnishings market. RAD plans to open 50+ stores by 2010. Currently the company has retail stores located in New York, Chicago, Santa Monica, Newport Beach, Malibu and San Francisco. New Shabby Chic® retail stores are planned for major U.S. markets with additional stores planned in key international markets. Rachel's Simply Shabby Chic? continues to be a top performer and key brand presence at Target stores nationwide. The continued success of Simply Shabby Chic? highlights the strength and growth of the Rachel Ashwell portfolio of lifestyle brands. About Goode Partners, LLC Goode is a New York-based private equity firm that focuses exclusively on investment opportunities in the retail, restaurant, apparel, direct marketing and branded consumer product sectors. The firm has established itself as a partner of choice by leveraging its unique combination of investment capital, a team of professionals with experience investing in and operating some of the world's premiere consumer brands and an extensive industry network. Goode seeks to partner with the managers of well-positioned, high-growth potential consumer-oriented companies. More information on Goode and its team can be found on the firm's website, www.goodepartners.com. About GMAC CF's Retail Finance Group: As part of the Structured Finance Division, GMAC CF's Retail Finance Group is recognized nationally as a leader in delivering creative capital solutions relevant to the ever-changing marketplace. During times of strategic growth, change and opportunity, and throughout today's fast-paced business cycles, the Retail Finance Group is the best choice for retailers and consumer products companies with revenues in excess of $35 million. GMAC CF, a leader in its segment of the financial services market, provides structured finance, asset-based lending, equipment finance/leasing, factoring and supplier early payment services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $10 million to $500 million range. With locations in the United States, Canada, Hong Kong, Poland and the United Kingdom, GMAC CF is positioned to provide lending services worldwide. Learn more online at www.gmaccf.com. Located in Quincy, Mass., GMAC CF's Retail Finance Group can be reached at (617) 376-8150.