G-III Apparel buys out Marvin Richards & Winlit outerwear businesses
12 Jul '05
5 min read
David Winn, the president of Winlit Group, Ltd., will join G-III as president of the Company's new Winlit division. He commented, "I am proud to join the G-III team and to combine our strong suite of brands with the superior operating capabilities of our new partners.
They believe that the combination will make our businesses much stronger and we are looking forward to continuing to build on our reputation and relationships to grow the combined businesses."
Morris Goldfarb, concluded, "They are thrilled to have Sammy and David and their respective teams become part of the GIII organization and look forward to supporting the growth of these businesses."
To finance the acquisitions and fund its increased need for working capital, G-III entered into a new $195.0 million secured bank facility led by CIT Group/Commercial Services, Inc., consisting of a three year revolving credit line with a maximum capacity of $165.0 million and a three year term loan in the principal amount of $30.0 million.
Wayne S. Miller, G-III's Chief Operating and Financial Officer said, "We believe that CIT has a thorough understanding of our business and our strategic objectives. CIT was one of the lenders under our prior credit facility and we look forward to a very successful relationship with CIT and the rest of our bank group."
"They fully support G-III in its acquisition strategy," said John F. Daly, President of CIT Commercial Services. "They are dedicated to the apparel industry and are delighted to continue our relationship with G-III and Morris Goldfarb."
marketing@alchempro.com
