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NewStar Business Credit Provides $24MM Facility to Sock and Accessory Brands Global

November 24, 2015, 07:00 AM
Filed Under: Consumer Products

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., announced  that it has provided $24,000,000 of senior secured credit facilities to Sock and Accessory Brands Global, Inc. (“SABG”).  Founded in 1999, SABG is an innovative designer of private label, licensed and branded casual and athletic socks distributed to a wide range of retailers, including specialty footwear retailers, sporting goods stores, department stores and discount retailers.  The company is headquartered in Advance, NC and operates warehouse facilities in Mockville, NC.  SABG is a portfolio company of Huron Capital Partners, an operationally-focused private equity firm investing in lower middle market companies.  The credit facilities together with $11 million of junior capital provided by NewSpring Capital, is being used to refinance existing debt and support the Company’s ongoing working capital needs. 

“SABG is pleased to have broadened its investor base with two new financial partners and we look forward to working with them as we continue to execute on our growth initiatives”, said Tom O’Riordan, CEO of SABG

“NewStar is pleased to support SABG’s growth plans with a flexible financing package.  We are also excited about the opportunity to work with an innovative company managed by a smart team with strong backing from an investor like Huron Capital,” added NewStar EVP and National Marketing Manager, Milton Iskra.

The transaction was originated by John Rossi, a Senior Vice President located in NewStar’s Boston office.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $35 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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