firstSTREET is uniquely positioned to serve the rapidly expanding ‘Boomer and Beyond ‘demographic segment of our society...
Colonial Heights, VA (PRWEB) January 4, 2011
firstSTREET for Boomers & Beyond Inc., is pleased to announce that it has raised $4.2 million through the issuance of senior convertible subordinated notes to a group of investors led by Jefferson Capital Partners, Ltd. Simultaneously, the Company closed a $1.5 million working capital facility with First Tennessee Bank. The proceeds will be used to retire the Company’s existing working capital facility and to provide growth capital to fund the Company’s continuing expansion into the Aging in the Home channel.
“The financing we are announcing today, which closed in late December, is a milestone in the Company’s history” noted Mark R. Gordon, firstSTREET’s President and CEO. Gordon continued, “The fresh capital allows us to accomplish a number of important objectives including the repayment and refinancing of higher cost debt on our balance sheet and the creation of incremental liquidity that will allow us to fund the continuing expansion of our product line and our distribution channels. It will also allow us to better support our existing vendors and channel partners. We are in the process of closing the best year in firstSTREET’s history and we look forward to continued growth in 2011.”
“firstSTREET is uniquely positioned to serve the rapidly expanding ‘Boomer and Beyond ‘demographic segment of our society and we are very pleased to be able to add to our existing investment in the Company” noted R. Timothy O’Donnell, Managing Director of Jefferson Capital Partners, Ltd. O’Donnell continued, “Mark Gordon and his management team have done a superb job of positioning the Company as the premier supplier of innovative products for Boomers and Beyond. Mark has identified a number of exciting new products and services. The incremental capital will allow the Company to aggressively pursue those growth opportunities.”
Jefferson Capital Partners, Ltd. Is a private equity firm located in Richmond, VA. Jefferson seeks to invest in growth financings, management buyouts, and recapitalizations of well managed, rapidly growing companies primarily in the consumer, business services and health care services industries.
firstSTREET is headquartered in Colonial Heights, VA. It is the leading direct marketer of innovative products for Boomers and Beyond in the United States. Its products are advertised in virtually all of America’s major magazines targeted to aging consumers and marketed to a house file of over 2.5 million customers (average age---70) via monthly catalogs and direct mail. The award winning http://www.firststreetonline.com web-site attracts over 1.5 million visitors per year...ranking it as one of the top ‘Boomer and Beyond’ destination sites on the internet.