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NewStar Business Credit Provides $10MM to Frette North America

May 22, 2014, 07:27 AM
Filed Under: Manufacturing

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., announced that it has provided senior credit facilities totaling $10 million to Frette North America, Inc. (“Frette”). Founded in 1860 in Milan, Italy and now headquartered in New York, NY, Frette is a leading provider of luxury Italian linens used in the finest hotels and homes worldwide. The company has a rich history as a supplier of luxury linens to many notable families throughout Europe. They also provide linens to hospitality companies that serve this elite market segment, including luxury trains and ocean liners such as the Orient Express and the Titanic, as well as many of the world’s finest hotels.  Frette is a portfolio company of JH Partners, a consumer focused private equity firm located in San Francisco, CA.  The credit facilities are comprised of a secured, revolving line of credit and a cash flow term loan. The proceeds will be used to support the expansion of Company’s retail presence in the United States.

“From day one I had a high level of trust in NewStar's industry expertise and skills.  I am confident that our long-term partnership will be a success, as NewStar has a strong understanding of our business and consumer and knows that Frette is a timeless, iconic brand,” said Anna Ermakova, CFO of Frette.

“We are pleased to be associated with a company like Frette that has such a rich history and a valued brand that reflects many enduring qualities developed over 150 years. As a financial partner, we look forward to working with the company to support its continued growth in the U.S.,” said Milton Iskra, NewStar’s National Marketing Manager.  Lisa Adams, an SVP located in the NewStar’s San Francisco office, originated the transaction.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.

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