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Hudson Bay Capital Leads Refi for L Catterton-Backed Hanna Andersson
Hudson Bay Capital served as lead arranger on a roughly $150 million private debt facility for L Catterton-backed children’s clothing retailer Hanna Andersson, according to sources.
Proceeds were used to refinance existing debt, which was led by Blackstone Credit, sources said.
R.W. Baird served as debt advisor on a refinancing transaction for Hanna Andersson that was completed April 2026, according to an announcement.
According to the Octus BDC Database, holders of Hanna Andersson’s first lien debt due July 2026, which priced at SOFR+635 bps, included Blackrock Direct Lending Corp. and BlackRock TCP Capital Corp as of March 31.
The two business development companies together hold roughly $12.5 million of outstanding debt. The fair value on those holdings is marked at 96.82 and 97.17, respectively.
L Catterton acquired Hanna Andersson in 2016. Several sources noted that the private equity firm’s 10-year hold time on the asset could signal an exit is “overdue.”
Known for its Swedish heritage, the brand was founded in 1983 in Portland, Ore.
In 2023, the company launched Hanna-Me-Downs, a website to buy and sell pre-owned products, and has since become the top resold children’s brand in the United States, according to media reports. Last year, the company announced it had reached a milestone of 1 million Hanna Rewards loyalty members.
Other private credit borrowers in the retail and apparel industry include women’s clothing brand J. Jill. In December 2025, J. Jill announced it had refinanced its debt to secure a new $75 million senior secured five-year term loan. The refinancing was led by Manulife | Comvest Credit Partners, according to the Octus’ Private Credit database.
Meanwhile, in the lower middle market, Noble Biomaterials recently collected first-round bids as part of a Jefferies-led auction process, Octus reported. The Scranton, Pa.-based company generates about $15 million in EBITDA.
Hudson Bay Capital, Blackstone and Hanna Andersson did not return requests for comment.
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