Wellington Financial Provides $10 Million Growth Capital to Beyond the Rack
MONTREAL, QC and TORONTO, ON, Oct. 23, 2012 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, today announced a $10 million venture debt financing for Beyond the Rack of Montreal. Beyond the Rack is North America's premier online shopping club offering its members top designer brand fashions, accessories, beauty and home décor products at deeply discounted prices.
"In three short years, Beyond the Rack has done a fantastic job of building a leading North American e-commerce franchise. Their focus on providing members with value and variety has made their site one of the most compelling on the internet," said Mark Usher, Partner at Wellington Financial LP. "With over 7.5 million members and deals with more than 3,000 brands, Beyond the Rack has quickly become the 3rd largest e-commerce platform in Canada and we are very confident their value proposition will continue to resonate as they grow across North America".
Yona Shtern, Co-Founder and CEO of Beyond the Rack said, "Wellington Financial is a key partner for us to help execute on our growth strategy to increase our membership base. We are delighted to add Wellington Financial to our renowned team of investors and regard them as a key partner in this next stage of our expansion."
Beyond the Rack is backed by leading venture capital firms including BDC Venture Capital, Export Development Canada, Highland Capital Partners, iNovia Capital, Panorama Capital, Rho Canada, and Tandem Expansion Fund.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $500 million investment program with offices in Toronto, Canada, and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, pension funds, family offices and crown corporations. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About Beyond the Rack
Beyond the Rack, North America's premier online shopping club, offers its members the most sought-after designer brand apparel, accessories, beauty, and home décor products at up to 80% off retail. Ranked by Internet Retailer's Top 500 Guide as North America's fastest-growing e-tailer in 2011, Beyond the Rack sells its products in the context of two-day, first-come, first-served, limited-quantity events. Members can expect up to 15 new events each day. The privately held company has offices in Montreal and New York, with a staff of 400 full-time employees. Beyond the Rack proudly serves over 7.5 million members across North America.
SOURCE Wellington Financial LP