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Duluth Trading Company Eyes Mount Horeb, Wisconsin for Headquarters

Baker Tilly Capital, a boutique investment bank, reported it successfully sourced capital on behalf of TRI Holdings, for construction of a new corporate headquarters facility for Duluth Trading Company in Mount Horeb, Wisconsin.

The five-story, 108,000 square foot facility, which TRI Holdings and partner National Construction broke ground on in early 2017, will eventually be home to more than 250 employees, of which 100-150 are additional to the Village of Mount Horeb, according to a company spokesperson. With an expected $31 million investment in the Village, the project will contribute to the ongoing revitalization of Mount Horeb’s iconic downtown.

Baker Tilly Capital sourced capital for the project and assisted the developers throughout the pre-development and financing period. The Baker Tilly Capital team said it identified and sourced a lending solution that provided a long-term, fixed rate loan for the new facility. In addition, the project received $3.5 million in up-front funds from the Village of Mount Horeb and another $1 million in pay-as-you-go tax increment financing.

“When we were hired to develop the new corporate headquarters for Duluth Trading Company, we knew the biggest obstacle would be financing the project,” Jeff Grundahl, Manager of TRI Holdings, said. “We were confident that Baker Tilly Capital’s team would be able to help source funds for us to complete the project.”

“With Baker Tilly Capital’s advisory and negotiation support, the state-of-the-art facility became a reality, proving to be a transformational project for the Village of Mount Horeb,” Tom Walzer, Manager of TRI Holdings, said.

“Working with Tom and Jeff as their advisors throughout this transaction process was truly a pleasure,” Lisa Van Lieshout, Managing Director with Baker Tilly Capital, said. “We were able to develop and deliver on a financing strategy that met the needs of all parties involved in the project.”


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