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Prospect Capital Provides $260MM to Support Ash City Acquisition

January 13, 2014, 07:12 AM
Filed Under: Distribution

Prospect Capital has provided $260 million of floating-rate, senior secured financing to support the acquisition of Ash City Worldwide by Broder Bros., Co.

Founded in 1919 and formerly known as Broder Bros., Co., alphabroder is the nation's largest distributor of trade, private label, and retail apparel brands and merchandise to the imprinting, embroidery, and promotional product industries. alphabroder offers more than 40 brands spanning both a broad selection of trade brands that include Gildan, Hanes, Fruit of the Loom, Jerzees, and Bella + Canvas, as well as an extensive assortment of retail brands that include Adidas Golf, Ashworth, Champion, Russell Athletic, alternative, and Dickies. With the addition of Ash City, alphabroder also offers industry-leading private label brands that include Ash City, North End, Core 365, Devon & Jones, Chestnut Hill, and Harriton.

"Prospect's ability to fully underwrite the entire $260 million financing need on an expedited basis was critical to the success of the transaction, which further enhances the scale and diversity of alphabroder," said David Simon, a Managing Director of Littlejohn.

"We are delighted to support alphabroder again by providing additional capital for the acquisition of Ash City, creating the leading North American seamless-source supplier to the promotional and corporate apparel industry," said Richard Carratu, a Managing Director of Prospect Capital Management LLC.

Prospect closed approximately $2.7 billion of new originations during calendar year 2013.

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