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Specialty finance capital firm to take over spa owner/operator
Spa Chakra Inc. has filed for Chapter 11 bankruptcy and plans to sell substantially all of its assets to Hercules Technology Growth Capital. Spa Chakra also said it has arranged for immediate financing from Hercules that it will use to fund normal business operations during the sale process.
The companies did not disclose financial terms for either transaction. Spa Chakra owns or manages about 20 luxury spas, most in high-end hotels.
Hercules Technology Growth Capital is a finance company that specializes in providing venture debt and equity to venture capital and private equity-backed technology and life science companies at all stages of development. “Having worked with and provided additional financing to Spa Chakra for the last two years, Hercules recognizes the investment potential that Spa Chakra represents," said Manuel A. Henriquez, Hercules' co-founder, chairman and ceo. “Because of this potential, we have decided to continue to support and provide additional financing, so that Spa Chakra could have immediate liquidity while we move forward with the anticipated acquisition.”
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