Roger Hardy, who in February sold web-only eyewear company Coastal Contacts for $385.7 million, will consolidate OnlineShoes.com and ShoeMe.ca.
BabyUniverse has completed a $5 million debt financing transaction with Hercules Technology Growth Capital. Proceeds will be used to refinance the pure-play’s existing senior debt.
BabyUniverse Inc. has completed a $5 million debt financing transaction with Hercules Technology Growth Capital Inc. Proceeds from the financing will be used primarily to refinance BabyUniverse’s existing senior debt, enabling it to realize a negotiated $1.5 million discount of the $6 million note previously incurred in connection with the company’s acquisition of PoshTots, the company says.
“As BabyUniverse continues its impressive pace of growth, with new opportunities through Amazon.com and the recently acquired ePregnancy.com, we’re pleased to have established this relationship,” says John Hershey, managing director at Hercules.
Pure-play BabyUniverse, No. 235 in the Internet Retailer Top 500 Guide to Retail Web Sites, grew sales 65.7% in 2005 to $23.7 million compared with $14.3 million in 2004. The e-retailer provides content on and sells products in the pregnancy, baby and toddler market. Its stable of content and retailing sites include BabyUniverse.com, DreamtimeBaby.com, PoshTots.com, PoshLiving.com, PoshCravings.com and ePregnancy.com.
Hercules Technology Growth Capital is a specialty finance company providing venture capital and private equity backed technology and life science companies with debt and equity growth capital.