Lovesac is a premium sofa brand whose primary sales channels were mall stores and eCommerce. Headquartered in Stamford, CT, just a couple blocks from Siena, the company was growing rapidly and needed capital to fund store builds and rebuilds.
As a smaller scale retailer with a seasonal business, it would have been difficult to structure a deal elsewhere.
Siena worked with Lovesac for more than four years, eventually increasing the line from $5 million to $7 million to help support the company’s growth.
Lovesac was able to obtain traditional bank financing in 2017 and executed a successful IPO the following year.
“When we first closed the deal in 2013, Lovesac was a private retailer experiencing significant growth. Couple that with the seasonal nature of the business and structuring a deal to support their needs was challenging. However, we were able to complete a deal with Lovesac and worked with the company for four years through all the challenges and accomplishments. Today, we are excited that Lovesac—the second deal in Siena’s history—has become a publicly traded company.”
