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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.

CHALLENGE

As a smaller scale retailer with a seasonal business, it would have been difficult to structure a deal elsewhere.

SOLUTION

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.

RESULT

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.”

– Scott Elliotto
Director – New Business Originations, Siena Lending Group
$7 Million
Retailer

“Lovesac would not be where it is today without the support from Siena over the years. They were constantly engaged and worked with us through our various stages of growth to get us to where we are today.”

– Christopher Bradley
Managing Director, Mistral Equity Partners