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Sterling National Bank Supports Acquisition of Sally Lou Fashions by Alex Apparel

September 19, 2017, 07:17 AM
Filed Under: Apparel

Sterling National Bank provided credit facilities totaling $19 million to Alex Apparel Group (Alex Apparel) to complete its acquisition of Sally Lou Fashions Corp. In addition to the acquisition, the facility will be used by the company to provide additional working capital.

Established in 1989, Alex Apparel imports and distributes lady's eveningwear. Most of their product line includes classic eveningwear that features innovative materials that stretch and move with your body, engineered for "real shapes."

"We are excited to support Alex Apparel as it moves to the next stage of its business goals," said Michael Haddad, President of Sterling National Bank's ABL Division. "We are committed to providing comprehensive financing services to middle market companies like Alex Apparel to continue to grow and benefit the community."

This deal was sponsored by Atlantic Street Capital, an operationally focused private equity firm based in Connecticut. Alex Apparel was sourced by John Rossi, an Originator in Sterling's Boston office.

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