30 August 2021

OpCapita completes $200 million refinancing of Maurices
New $100 million senior term loan and partially funded $100 million revolver refinance existing facility, support a $127 million dividend and enhance Maurices' capital structure flexibility

OpCapita Consumer Opportunities Fund II LP ("Fund II"), advised by OpCapita LLP ("OpCapita"), announced today that it has completed a refinancing of Maurices with a new $200 million senior secured credit facility from Wingspire Capital and SLR Credit Solutions. The new facility, which consists of a $100 million revolving line of credit and a $100 million term loan, will facilitate a $127 million shareholder dividend following the repayment of the company's existing term loan.

Founded in 1931 in Duluth, Minnesota, Maurices is a specialty women's apparel retailer with a unique value proposition fostered by its small-town roots: providing affordable, size-inclusive fashion to underserved markets without sacrificing service. Today, the company generates more than $1 billion of sales through its nearly 900 stores across the United States and Canada, as well as its website maurices.com and digital presence, which attract over 120 million visits each year.

Since OpCapita's acquisition of Maurices from Ascena Retail Group ("Ascena") in May 2019, the company has successfully executed OpCapita's operational value creation thesis: developing a data-first mindset; establishing a new in-house sourcing model supported by strategic partnerships; instituting business process automation across key merchandise planning processes; and investing in the development of best-in-class omnichannel infrastructure to support a One Customer strategy.

As a result of the exceptional effort put forth by all Maurices employees, the company has quickly returned to sales growth and significant profitability improvement, steadily growing the number of active customers who interact with the brand across all channels. Despite a three-month period of store closures at the onset of the Covid-19 pandemic, Maurices has regained its positive momentum and continues to achieve new milestones through the successful execution of the operational improvement programme.

For further information, please contact:

Greenbrook Communications
Andrew Honnor/Matthew Goodman/James Madsen
Tel: +44 207 952 2000
Email: opcapita@greenbrookpr.com