Liquidity to Support a Leading Children's
Entertainment Company
WESTPORT, Conn., Aug. 6, 2024
/PRNewswire/ -- Great Rock Capital, an asset-focused commercial
finance company specializing in middle market lending, today
announced that they have provided $50
million in debtor-in-possession ("DIP") financing to Basic
Fun!, an industry leader in the design, development, and marketing
of branded toys and imaginative play products to the retail and
family entertainment channels. Popular products include such iconic
brands as Care Bears, Tonka Trucks, and K'NEX. The new money
DIP facility will provide the company with ample liquidity to
support their ongoing business operations, as they restructure the
company's balance sheet to support future growth.
"We are thrilled to have the backing of Great Rock Capital,
which strongly positions Basic Fun! for continued advancement and
innovation," said Jay Foreman,
founder and CEO of Basic Fun!. "This milestone is a testament to
our resilience and strategic vision."
"Basic Fun! is an international industry leader, and we look
forward to working with the company as they simplify their capital
structure, enabling them to aggressively pursue future growth
opportunities," said Stuart
Armstrong, CEO of Great Rock Capital. "Their innovative
designs and unmatched leadership, along with this new capital, will
allow them to reach new levels of success."
Oppenheimer & Co. Inc. served as the exclusive financial
advisor for the transaction.
About Great Rock Capital
Great Rock Capital is an
asset-focused commercial finance company that specializes in
serving the needs of middle market companies across the United States and Canada. The Company provides fast, flexible,
and creative financing solutions that maximize liquidity and
provide growth capital. The senior secured credit facilities
offered by the firm range in size from $10MM to $100MM and include
working capital, term-heavy, and term-only loan structures not
provided by traditional commercial lenders. The firm has
significant capital commitments from its partners, a private equity
business and a large institutional investor. To learn more, visit
www.greatrockcapital.com.
About Basic Fun, Inc.
Basic Fun! is a dynamic global
designer and marketer of classic, innovative children's
entertainment products which strive to bring smiles to people of
all ages. The Company has renowned iconic brands and a broad
product portfolio that are sold by hundreds of leading retailers,
distributors, and family entertainment venues in over 60 countries
worldwide. Basic Fun! is dedicated to enriching lives and creating
unforgettable moments through imaginative play. Basic Fun!'s global
headquarters is located in Boca Raton,
FL. For more information, visit basicfun.com.
Great Rock Capital Contact:
Jenn Cronin
Managing Director, Marketing and Business Development
(203) 557- 6277
cronin@greatrockcapital.com
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SOURCE Great Rock Capital