Asset Based Lending gives credit facility for BiFlex Intimates acquisition
24 Mar '06
2 min read
Sovereign Bank announced that the bank's Asset Based Lending group has provided a $20 million asset-based revolving credit facility to Industrial Renaissance, a private equity firm based in Fairfield, CT, and the management team of BiFlex Intimates Group, a private label and branded maker of women's intimate apparel based in New York, NY.
On January 27th 2006, Industrial Renaissance and BiFlex management acquired BiFlex Intimates Group from the Kellwood Company of St. Louis. Mo. The credit facility comprised of a Revolving Line of Credit, including Letter of Credit and Seasonal Overadvance facilities, is being used for financing the acquisition and ongoing working capital.
Eric Hamburg, President of Industrial Renaissance expressed, "Our decision to partner with Sovereign was simple -- they took the time to deeply understand the business, provided an intelligent financial structure to support the business and its management team through years of continued growth, have financed other successful companies in this industry segment, and are sincerely interested, as are we, in a long-term relationship."
Michael Maiorino, Executive Vice President and Managing Director of Sovereign's Asset Based Lending group said, "We are excited about the opportunity to work with Industrial Renaissance on this project and look forward to many years of a successful relationship."
BiFlex specializes in designing, manufacturing and managing the inventory/supply chain for its retail customers. Future plans for the company include continuing to build the private label business, investing in branded product initiatives to complement the IZOD brand currently in the BiFlex portfolio and expansion into related categories within lingerie such as sleepwear.
Sovereign Bancorp Inc is the parent company of Sovereign Bank, a $64 billion financial institution headquartered in Wyomissing, Pa., with more than 650 community banking offices, over 1,000 ATMs and approximately 10,000 team members with principal markets in the Northeast United States.
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