VM Wealth structures $900m corporate note for Stewart's Hardware
Created : 21 January 2020
CEO of Victoria Mutual Wealth Management Rezworth Burchenson.
Victoria Mutual Wealth Management (VMWM) has structured a $900 million corporate note for private company Stewart’s Hardware.
It’s understood that the proceeds of the note will be used to refinance high-cost debt, provide working capital and fund continued business expansion.
Stewart’s Hardware, which was founded in 1973, today has a network of five hardware stores across the island. The locations span Mandeville, Manchester, Old Harbour, St Catherine and Longville Park, Lionel Town and May Pen, Clarendon.
Since 2004, the company has expanded its product offering, to include home-care supplies, car-care items and lawn and garden items. The company later introduced the do-it-yourself concept shopping and began trading as Stewart’s Hardware & Home Centre.
VMWM in a release on Monday said the raise was completed as part of the institution’s strategic thrust to propel small and medium enterprises (SMEs) to greater success.
“We are excited for Stewart’s Hardware and its team as we were able to provide the analytical and structural support to allow an injection of nearly $1 billion. When we are asked, ‘what does VMWM do?’ the answer is simple, we facilitate growth, through the injection of capital to local and international businesses,” VMWM’s Chief Executive Officer Rezworth Burchenson said.
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