FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Salus Capital Canada Closes C$10MM Facility to Forsyth Shirt

October 23, 2013, 07:31 AM
Filed Under: Apparel

Salus Capital Partners, LLC, announced it has provided a $10 million CAD Senior-Secured Credit Facility to The John Forsyth Shirt Company Ltd. The financing will be used to provide working capital for general corporate purposes as the Company emerges from protection under Canada’s Companies’ Creditor Arrangement Act.

A premier shirt maker since 1903, Forsyth offers recognized brands including Pierre Cardin and Bill Blass to retailers and wholesalers in the U.S. and Canada. Forsyth’s clients include six of the top 10 Canadian men’s shirt retailers as well as major retailers and specialty stores in the U.S. where it has expanded its presence.

“Forsyth is very pleased to be working with Salus Capital Partners; their innovation and creativity gives us the financial flexibility we need to transition our business,” said Vic Tugwell, Vice-President Finance of Forsyth. “The Salus team is extremely knowledgeable of the apparel industry and we look forward to working with them as we grow our business.”

Mark V. Sturrock, Senior Managing Director and Head of Originations & Corporate Strategy for Canada, Salus Capital Partners, commented, “At Salus, we pride ourselves on creating tailored asset-based lending solutions that unlock liquidity for the companies with which we partner. Forsyth has a legacy of superior product design and leadership in men’s dress shirts, and we look forward to working with the Company’s veteran management team as they navigate through the restructuring process.”

Salus Capital is a direct originator of secured asset-based loans to the middle market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. 

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.