Spec’s
$30 million Secured Term Loan
Overview
Family owned and operated since 1962, Spec’s is Texas’ largest retailer of liquor, wine and beer. With 162 locations, it offers the consumer a unique, destination shopping experience with the broadest assortment of alcoholic beverages, specialty glassware and barware and gourmet foods.
Opportunity
After completing a series of acquisitions, the Company wanted a more flexible capital structure as well as increased liquidity in order to take advantage of attractive promotional buying opportunites from their vendors.
Solution
In partnership with the asset-based lending group of their long term banking partner, Crystal agented a $30.0 million first lien term loan.