$25M Crystalizes for The Scooter Store

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.