Amalgamated Capital Provides $5 Million in Asset-Based Financing to Support Carol's Daughter, a Pegasus Capital Portfolio Company
NEW YORK, Nov. 13, 2012 /PRNewswire/ -- Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, announced today that it recently provided a $5 million senior secured revolving credit facility to Carol's Daughter Holdings, LLC (Carol's Daughter), a portfolio company of Pegasus Capital Advisors, L.P. (Pegasus). AmalCap provides asset-based financing to individual companies as well as cash flow-based senior secured financing to support investments made by private equity sponsors in high quality, lower middle-market companies across the United States.
Manhattan-based Carol's Daughter develops and distributes hair and beauty products through wholesale, retail and ecommerce channels. Headquartered in Cos Cob, CT., Pegasus is a private equity fund manager with s approximately $2.0 billion in assets under management.
"With the funds to be used for product line rebranding, leasehold improvements and working capital, this was an important transaction for us," said Richard Dantas, President and CEO of Carol's Holdings. "The AmalCap team handled the due diligence tasks quickly and efficiently, and the closing went smoothly under their direction. We are very pleased that Pegasus both highly recommended AmalCap and made the introduction."
"This is a great New York company growth story – a determined woman working 18 years ago from a kitchen in Brooklyn founded a company that today has $30 million in revenues and has attracted a quality equity partner," said Robert Love, Executive Vice President and Head of AmalCap. "We salute founder Lisa Price for what she has accomplished and congratulate her for teaming up with Pegasus, a firm we know well and which in 2007 took a substantial equity stake in Carol's Daughter. Interestingly, when Ms. Price started her company, it was with money she had saved in an Amalgamated account – we are glad to be able to welcome her back."
About Carol's Daughter Holdings, LLC
Carol's Daughter develops and distributes hair and body products in North America. Founded by Lisa Price in a kitchen in Brooklyn in 1994, the company's products have become staples on the shelves of celebrity bathrooms, including those of Solange Knowles, Mary J. Blige, and Jada Pinkett-Smith. After selling products at local craft fairs, Ms. Price opened her first store in Brooklyn in 1999. In 2005, the company established a second store in Harlem, and today its multiple product lines – which include Hair Milk, Chocolat and Monoi – may be purchased directly from Carol's Daughter stores, online and at department stores. Visit www.carolsdaughter.com.
About Pegasus Capital Advisors, L.P.
Based in Cos Cob, CT., Pegasus Capital Advisors, L.P. is a private equity fund manager that has over 15 years of experience providing creative capital solutions to companies impacted by global trends in resource scarcity. By creating a close working partnership between their experienced investment professionals and a seasoned team of Operating Partners, Pegasus is able to create substantial growth within its portfolio. Pegasus manages approximately $2.0 billion in assets. Visit www.pcalp.com.
About Amalgamated Capital
Amalgamated Capital is the specialty finance division of Amalgamated Bank, a privately-owned commercial bank with $3.8 billion in assets. AmalCap provides asset-based financing to individual companies as well as asset-based and cash flow-based senior secured financing to support investments made by private equity sponsors in lower middle-market companies across the United States. Visit www.amalcap.com.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank.
In addition to Amalgamated Capital™, the Bank's corporate divisions include Investment Management, Commercial Banking, and Commercial Real Estate Finance, and Amalgamated has 25 retail branches including 20 in New York City as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. Visit www.amalgamatedbank.com. Also, follow Amalgamated Bank on Facebook and Twitter.
SOURCE Amalgamated Bank