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Monroe Credit Advisors Supports LongWater Opportunities’ Platform Acquisition

February 23, 2017, 07:08 AM
Filed Under: Textiles

Monroe Credit Advisors announced the successful placement of $13.25 million in senior credit facilities supporting LongWater Opportunities’ acquisition and subsequent merger of two domestic sock manufacturers, Standard Merchandising Company and Fox River Mills, Inc. (together the “Combined Company”). Based in Pennsauken, New Jersey, SMC designs, manufactures, and distributes several lines of branded and private label hosiery products, specializing in luxury women’s products and athletic and novelty socks. FRM is an Osage, Iowa-based producer of high quality, knitted technical socks and handwear for the outdoor, athletic, and casual markets.

MCA acted as the exclusive financial advisor to LongWater and its management team in the placement of $13.25 million of revolving and term loan facilities on behalf of the Combined Company. Proceeds from the financing were used to consummate the acquisition and subsequent merger of SMC and FRM, while also refinancing certain short-term seller and bridge notes.

As its exclusive financial advisor, MCA worked closely with LongWater and its management team to structure, arrange, and negotiate the financing. Jordan Bastable, Partner at LongWater, commented, “Monroe Credit Advisors’ debt placement process was both efficient and highly effective. Despite the complexities of the transaction, the MCA team delivered a number of compelling proposals from a variety of capital providers and helped us to secure a valued lending partner for the Combined Company. Further, by outsourcing the financing process to MCA we gained access to a broader audience of potential debt providers while allowing our team to focus on the acquisition and integration of these two long-term domestic manufacturers.”

Brent Krambeck, Co-Managing Partner of Monroe Credit Advisors, added, “We were pleased to work with LongWater and its talented management team to deliver a timely, well-structured, and cost-effective debt solution in support of the acquisition of SMC and FRM. Our comprehensive process generated a number of high-quality proposals for LongWater and created significant optionality for the Combined Company.”

Monroe Credit Advisors continues to execute on engagements with middle market private equity sponsors seeking a comprehensive and fully outsourced debt financing solution, particularly for transactions that require a broader approach to the capital markets. Ryan Deegan, Director of Business Development for MCA adds, “This transaction is an excellent example of how private equity clients utilize our team as an outsourced resource to structure a debt facility, identify an appropriate audience of potential investors and prepare detailed marketing materials aimed at generating significant optionality for a financing, all while managing the complexities of a capital raising process.”

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