Growth-minded Marvin's secures $20 million credit facility
Leeds, Ala.-based Marvin's Building Materials and Home Centers closed a five-year, $20 million revolving secured credit facility. The financing was provided by Wells Fargo Bank.
“Marvin’s was looking for a financial partner to provide stability and guidance in our banking matters,” said Gregg Denny, Marvin’s CFO. “The Wells Fargo team was very knowledgeable regarding the retail industry and offered Marvin’s an asset-based credit facility, which met our long-term strategic objectives.”
During September, Marvin’s announced a new store in Fayetteville, Tenn., that will be the first of at least two new stores planned for Marvin’s in 2012. It will also be the first new-store format in Tennessee. The company opened two new stores in Monroeville, Ala., in May and a third opened in Eufaula, Ala., on Oct. 14.
Marvin’s is a family-owned business founded in 1945 by Marvin Cohn in Gadsden, Ala. It is now actively operated by Mike and Dan Cohn, the third generation of the family. Marvin's currently operates 27 stores in Alabama, Mississippi and Georgia and was named the 2010 Retailer of the Year by Home Channel News.