BOSTON — Crystal Financial announced June 9 that it has closed on $25 million in financing for New Braunfels, Texas-based The Scooter Store.
Based in Boston, the commercial finance company originates, underwrites and manages secured loans to middle market companies in all industries. The company's debt-structuring team has made over $20 billion in loans, according to a release.
"We are looking forward to a long partnership with Crystal. Their knowledge and creativity throughout the process make them an ideal partner as we look to continue our growth," said Doug Harrison, CEO of The Scooter Store.
In February, Harrison told HomeCare that elimination of the first-month purchase option for standard power wheelchairs had "a dramatic impact" on The Scooter Store's cash flow but that new financing would set the stage "for future growth and potential acquisitions." (See "Scooter Store's Harrison: Industry Consolidation Will Be 'Painful'," Feb. 7.)
Last year, the company added 51 locations and broadened its product offerings, formalizing a home care equipment division that will eventually expand nationwide.
The Scooter Store is an affiliated portfolio company of private investment firm Sun Capital Partners. The provider was advised in the financing deal by McColl Partners, an investment bank based in Charlotte, N.C.