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Prospect Capital Provides $100 Million to Broder Bros.

March 28, 2013, 07:56 AM
Filed Under: Distribution

Prospect Capital Corporation has provided $100 million of senior secured debt financing to support the recapitalization of Broder Bros.

Founded in 1919 and headquartered in Trevose, PA, Broder is a distributor of imprintable activewear in the United States. Broder operates the largest distribution network in the industry, with eight distribution facilities providing imprintable T-shirts, fleece, sport shirts, and other imprintable "soft goods" to approximately 100,000 customers. Littlejohn & Co., LLC , a middle-market private equity firm, is Broder's largest stockholder.

"Prospect impressed us with its diligent and efficient underwriting process, helping to recapitalize Broder to position the company for long-term success," said David Simon, a managing director of Littlejohn.

"With our scale team, one of the largest and most experienced in the middle-market, coupled with our deep credit expertise, we are pleased with completing the Broder transaction to support Littlejohn and Broder's experienced management team," said Richard Carratu, a managing director of Prospect Capital Management LLC.

Prospect has closed approximately $800 million of new originations during the current March 2013 quarter, bringing trailing-twelve-month originations to nearly $3 billion.

Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.


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