Skaggs Companies to Expand with $10M from Wells Fargo Retail Finance; Specialty Retailer of Public Safety Equipment to Increase Sales Force and Catalog Production With Financing

Business Wire, Feb 15, 2001

Business Editors

BOSTON--(BUSINESS WIRE)--Feb. 15, 2001

Retail asset-based lender Wells Fargo Retail Finance, of Boston, announced today that it has provided a $10 million line of credit to Skaggs Companies, Inc. of Salt Lake City, Utah, to aid its further expansion and working capital. Skaggs Companies is among the nation's premier public safety equipment suppliers, serving more than 500,000 customers.

"We are excited to be working with Wells Fargo Retail Finance and look forward to further developing our relationship," said Steve Sala, Executive Vice President and Chief Financial Officer of Staggs Companies. "We choose to partner with them because of their vast retail experience coupled with their ability to think like a strategic financial partner."

Skaggs Companies, Inc. was established in 1997. The company operates specialty retail stores and a catalog, which sell apparel and equipment to law enforcement and public safety personnel, including private individuals, government organizations, and private businesses. The company operates one manufacturing facility in Utah and 16 retail stores in 13 states.

Skaggs Companies also runs a manufacturing and communications center in Salt Lake City which designs and builds mobile command centers and complex communication systems. Winnebagos, vans, trucks, etc. are outfitted to police specifications as communications vehicles. The vehicles are wired with phone, satellite, camera, TV and radio capabilities. Sirens are also affixed if necessary.

"Skaggs is a unique and well-established retail business with great promise for the future," said Wells Fargo Retail Finance Senior Managing Director and Co-COO Andrew H. Moser. "We are eager to work with them and share their vision for continued growth and a dominant position in their segment."

Wells Fargo Retail Finance:

Based in Boston with additional offices located in Philadelphia and Los Angeles, Wells Fargo Retail Finance brings more than 25 years of experience in providing working capital to retailers, and has nearly $1.8 billion in loan commitments to retailers throughout North America.

Wells Fargo & Company is a diversified financial services company with $263.5 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,700 stores and the Internet (www.wellsfargo.com) across North America and elsewhere internationally.