Crown & Caliber, an online marketplace that sells authenticated pre-owned luxury watches, has received a $17 million senior secured credit facility from Second Avenue Capital Partners.
The credit facility will be used to support growth opportunities and provide additional working capital. The company was founded in 2013 in Atlanta by Hamilton Powell (pictured), the former head of a private equity firm who now serves as its chief executive offer.
Powell said in a statement: “As we continue to innovate the recommerce landscape, we wanted a partner that understood the nuances of our business and could help us structure a capital solution that matched our needs.”
Chris O’Connor, president of Second Avenue Capital Partners, said in a statement: “Hamilton and his team have built an industry-leading company that has redefined the recommerce watch market.”
In 2018, Richemont purchased Watchfinder, a pre-owned watch e-tailer based in the United Kingdom.
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