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Second Avenue Capital Partners and Tiger Finance Provide $80MM Credit Facility for Casper Sleep

Second Avenue Capital Partners (SACP) and Tiger Finance (Tiger) closed an $80 million credit facility for Casper Sleep, Inc. (Casper), the omnichannel retailer of innovative sleep products including mattresses, pillows and other sleep accessories. The new financing will be used to retire an existing credit facility and support the ongoing working capital needs of the business.

Launched in 2014, Casper disrupted the industry and quickly grew into one of the most recognizable mattress brands. The company sells products to consumers in North America through its e-commerce platform, retail partners and Casper-branded stores. In January 2022, Durational Capital Management, LP (Durational) acquired the company in an all-cash deal to take the company private, ushering in a new era of growth and innovation.

“When we acquired Casper, we were excited to partner with Emilie Arel, CEO of Casper, and the team to strengthen their position as an industry-leading brand,” stated Eric Sobotka, Managing Partner at Durational. “We believe the choice of lenders is a vital component to the overall strategy, and SACP and Tiger share our vision for the company.  Their extensive consumer expertise allowed them to provide a thoughtful financing solution that supports Casper and drives long-term value.”

“As a Schottenstein affiliate, we leveraged our deep knowledge of the furniture sector when structuring a debt solution for Casper,” stated Mike Sullivan, Managing Director of SACP, the facility arranger and agent for the transaction. “Durational and the Casper team have an exciting strategy to take this already iconic company to the next level. Teaming with Tiger to provide a customized unitranche term debt solution allows the management team to focus their attention on future innovation and driving long-term growth.”

“We’ve partnered with SACP in the past to produce exceptional results for our borrowers,” said Andy Cerussi, Managing Director of Tiger Finance. “With Casper, we see a strong brand, well-recognized in the market, setting a new standard in sleep innovation. We are excited to leverage our deep retail and brand experience to support the Durational and Casper teams.”