Second Avenue Capital Partners Arranges Credit Facilities to Finance the Acquisition of True Religion

BOSTON, Jan. 15, 2025 /PRNewswire/ -- Second Avenue Capital Partners ("SACP"), a Schottenstein affiliate, along with Alpha Wave Global and Sagard Credit, announced the closing of a new term loan and revolving credit facility for True Religion Apparel, Inc. ("True Religion" or the "Company"). SACP once again served in various roles for this transaction including as Sole Arranger, Revolver Agent, Sole Revolver Lender and Term Loan Lender.

The new credit facilities supported the recently announced acquisition of a controlling stake in True Religion by ACON Investments, L.L.C. and its affiliates ("ACON"), along with strategic partner SB360 Capital Partners ("SB360"). SACP was the incumbent lender.

"This transaction underscores the strength and versatility of the Schottenstein platforms in empowering both retailers and sponsors," said Michael Sullivan, Managing Director of Second Avenue Capital Partners. "SACP and SB360 seamlessly combined debt and equity solutions to partner with True Religion and ACON to bring this transaction to fruition."

Founded in 2002, True Religion disrupted the denim scene and has been recognized for innovation for more than two decades. The iconic global lifestyle, apparel, and accessories brand enjoys widespread popularity among athletes, musicians, artists, and devoted customers worldwide. An omnichannel retailer with a rapidly expanding e-commerce platform, True Religion also boasts 51 branded locations and a strong network of long-term wholesale partnerships.

The acquisition of True Religion was supported by both new and continuing limited partners of ACON, including strategic partner SB360, a seasoned investor in the apparel and retail sectors. Leveraging their combined resources and deep industry expertise, ACON and SB360 will empower True Religion's plans for growth, expand its geographic footprint, and continue the diversification of its product offerings.

Michael Buckley, a significant minority shareholder and True Religion's CEO, stated, "We have a well-established and strong working relationship with SACP as our current lender. Their continued support of our business and the resources they brought to this acquisition will help us advance our goals as True Religion embarks on the next phase of our journey."

"We are thrilled to continue our partnership with Michael Buckley and the talented team at True Religion," said Michael Russell, Managing Director of Second Avenue Capital Partners. "This new chapter of our relationship and the collaboration with ACON and SB360 is an exciting opportunity for our platform, and we look forward to playing a role in the Company's continued success."

About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC, a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver customized capital solutions. A unique merchant perspective allows SACP to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm's tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. Learn more at sacp.com.

About True Religion – In 2002, True Religion emerged onto the Los Angeles denim scene by blowing up the construction of the classic five-pocket jean. With its five-needle thread at two-stitch-per-inch process, the True Religion Super T stitch was instantly recognized for style that was unlike any other denim brand in the world. True Religion speaks to the uniqueness found in all of us. The brand is worn by athletes, musicians, and artists globally to express their individual style. Delivering an exclusive assortment of iconic styles, True Religion Brand Jeans focuses on producing high quality premium denim and sportswear for men, women, and kids. www.truereligion.com

About ACON Investments – ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America, and Europe. With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City, and São Paulo, ACON has managed $7.2 billion in assets since inception and has a 29-year track record. For more information, visit www.aconinvestments.com.

About SB360 Capital Partners – SB360 Capital Partners, a Schottenstein Affiliate, is one of North America's leading advisory and retail investment firms. The firm invests equity capital directly in businesses to support growth opportunities. The firm's lending arm, Second Avenue Capital Partners, provides asset-based loans for middle-market companies. SB360's principals hold extensive financial interests in internationally recognized retail and wholesale companies, consumer brands, financial service operations, and commercial, residential and industrial real estate properties. For more information, visit sb360.com

SOURCE Second Avenue Capital Partners, LLC