Business Capital Structures and Secures Financing Package for Premier “Glamping” Company
“The BizCap team did everything they promised us they would. They helped us to secure the funding we needed and provided us with a variety of options and opportunities and helped us discern what might be the best fit for us. We were extremely impressed with their ability to move the needle for us in a short space of time. We look forward to working with them again in the future.”— Sarah Dusek, Co-Founder, Under Canvas
Under Canvas, a 2017 Inc. 5000 Top Travel and Hospitality company in the US, is America’s premier provider of the luxury camping experience with campsites located in the country’s top national park destinations, including Yellowstone, Moab, and Zion. In addition, the Company outfits lodging for weddings, corporate and other large events with guest services that include curated adventures, outdoor dining options, daily housekeeping, and communal events.
As travel consumers increasingly discover the unique experience of combining the beauty of outdoor nature with the conveniences and amenities of indoor accommodations, the “glamping” industry growth has exploded. Under Canvas is known as the market leader in this space. The capital intensive nature of the industry serves as a barrier to entry for most competitors, however in order to forestall competition in the space, the Company was seeking immediate capital to expand with additional campsites and tents, as well as continually improve its existing locations and customer experiences.
Business Capital worked diligently and quickly to structure an intelligent, affordable, multi-tranche solution that recapitalized Under Canvas’s existing debt and provided the necessary growth capital to take advantage of immediate strategic market opportunities and future expansion plans.
“It was important to the company owners and to Business Capital that we deliver the optimal financing solution in the shortest amount of time to allow them to take advantage of the booming luxury camping industry. This was an intricate deal that required an out-of-the-box solution, which is one of our firm’s greatest strengths. It was exciting to be involved and our team truly enjoyed getting smart on glamping and working with the founders, who could not be more invested in growing this industry.”– Chuck Doyle, Managing Director, Business Capital