Gordon Brothers Provides C$30M to Finance Northern Reflections’ Acquisition of Cleo & Ricki’s

July 23, 2025 at 09:00 AM EDT

Boston, July 23, 2025 (GLOBE NEWSWIRE) -- Gordon Brothers, the global asset experts, has provided C$30 million to finance the Canadian women’s clothing retailer Northern Reflections’ acquisition of two other Canadian women’s retailers, Cleo and Ricki’s.

The firm’s financing, consisting of a C$20 million revolving credit facility and a C$10 million incremental commitment, supported Northern Reflections brand portfolio expansion and will continue to fund future growth under the brand’s new owner Putman Investments.

“We're proud to support Northern Reflections’ acquisition of Cleo and Ricki’s through multiple complex sale transactions and continue our growing strategic partnership with Putman Investments,” said Kyle Shonak, Chief Transaction Officer at Gordon Brothers. “Our deep asset and industry expertise, holistic solution and financing to support Northern Reflections highlights our continued commitment to supporting Canadian businesses with custom integrated solutions.”

“Gordon Brothers’ ability to navigate multiple complex transactions and deliver a comprehensive solution was critical in our acquisition of Cleo and Ricki’s and allowed us to strategically expand Northern Reflections’ portfolio, positioning the business for future growth,” said Doug Putman, Founder of Putman Investments. “We continue to work with Gordon Brothers because of the firm’s flexibility, tailored financing, deep expertise and wide array of services that support Canadian retailers.”

Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide solutions to clients beyond its market-leading disposition and appraisal services.

Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions coexist with traditional debt and equity, and its structures complement senior asset-based lending facilities with credit and yield enhancements.

To learn more about Gordon Brothers and the firm’s asset lending and financing services, please visit: https://www.gordonbrothers.com/solutions/asset-lending-financing/.

About Gordon Brothers

Since 1903, Gordon Brothers has maximized liquidity through realizable asset value by providing the people, expertise and capital to solve business challenges. Our solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimize asset values throughout the business cycle. We work across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands and real estate. We are headquartered in Boston with over 30 offices across North America, Europe, the Middle East and Africa, and Asia Pacific.

About Northern Reflections Ltd.

Founded in 1985, Northern Reflections Ltd. is a proudly Canadian women’s apparel brand, celebrated for its quality fabrics, comfort-first fashion and timeless style. Each collection is thoughtfully designed in-house, featuring exclusive prints and versatile pieces that resonate with women across generations. With a presence in communities from coast to coast, the brand is rooted in connection and personalized service. Its store associates are trusted style experts, dedicated to helping customers feel confident and comfortable—whether they’re shopping for everyday staples or complete wardrobe solutions.

As Northern Reflections continues to grow, it remains focused on meeting the needs of today’s modern woman by creating fashion that fits—and feels—just right. Looking ahead, the beloved brand is committed to evolving alongside its customer while staying true to the values that have made it a trusted name in Canadian fashion for four decades.

Proudly Canadian, coast to coast.

For more information, visit www.northernreflections.com.

Lauren Nadeau
Gordon Brothers
16174226599
lnadeau@gordonbrothers.com

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Gordon Brothers Provides C$30M to Finance Northern Reflections’ Acquisition of Cleo & Ricki’s

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