Mountain Ridge Capital Provides $15 Million Credit Facility to Owlet, Inc.

FRISCO, Texas, September 23, 2024 /PRNewswire/ -- Mountain Ridge Capital ("MRC") is pleased to announce the closing of a new credit facility for Owlet, Inc. (NYSE: OWLT).  The new agreement provides for a three-year revolving credit facility of up to $15 million, increasing to up to $20 million on the first anniversary of closing.  The transaction was part of a larger recapitalization effort that will afford Owlet greater operational and financial flexibility. 

Jay Fabian, Managing Director at Mountain Ridge Capital stated, “Mountain Ridge is excited to collaborate with such an innovative company, and we look forward to a fruitful partnership in the years to come.”

Owlet’s digital health infant monitoring platform is transforming the journey of parenting. Owlet, a small-cap healthcare growth equity, offers FDA-authorized medical and consumer pediatric wearables and an integrated HD visual and audio camera that provide real-time data and insights to parents who safeguard health, optimize wellness, and ensure peaceful sleep, for their children.

About Mountain Ridge Capital

Mountain Ridge Capital provides highly customized asset-based revolvers and term loans to middle-market businesses and utilizes an industry agnostic approach to consider advancing against all types of collateral.  Mountain Ridge targets lending to privately-held, family-owned and private equity-backed businesses requiring liquidity to support business transitions, including turnarounds, restructuring, acquisitions and changes in ownership or control.  The Mountain Ridge platform was created in partnership with Arena Investors, LP (www.arenaco.com) in response to the growing demand for non-bank debt financing, which can be secured without unnecessarily slow and cumbersome bank committees, extended due diligence cycles, or lengthy legal processes.  MRC offers borrowers quick turnaround times and has a team of experts that understand all types of collateral, not just traditional A/R and inventory, which results in higher advance rates and more overall liquidity as compared to many traditional bank products.  See www.mountainridgecap.com for more information.

Contact:

Contact:
Mountain Ridge Capital
Jay Fabian
jay.fabian@mountainridgecap.com

Bill Drmacich – Managing Director Originations – Southeast
Bill.Drmacich@MountainRidgeCap.com

Daniel Williams – Managing Director Business Development – Northeast
Daniel.Williams@MountainRidgeCap.com

Michael Carlson – Director Business Development Rockies and West Coast
Michael.Carlson@MountainRidgeCap.com

Trevor Courtney – VP Originations Great Plains and Southwest
Trevor.Courtney@MountainRidgeCap.com