The revolver/term loan, arranged by Tiger Finance, will strengthen the balance sheet and support the growth strategy for popular Daytona owned and licensed brands such as Robeez, Ro+Me, Cloudveil, MISSION, Tommie Copper, Umbro, Real Tree, Stanley and Free Country, among others.
"The deal puts Daytona in a stronger position to capitalize on resurgent consumer spending as the pandemic eases," said Andy Cerussi, Managing Director of Tiger Finance. "In addition, Daytona's direct-to-consumer business continues to grow. Windsong has a proven track record, and we believe they will be successful in using this capital infusion to further grow the value of their popular brands across multiple channels."
Daytona is a total solution provider of apparel, socks, underwear, loungewear and sleepwear across a broad range of well-known owned, licensed and private label consumer brands. Its customers shop across the retail spectrum. Daytona's wholesale footprint entails mass, dollar, club, department and off-price stores, as well as high-growth direct-to-consumer channels. Its parent, Windsong Global, is led by a team of investors, operators and entrepreneurs focused on investing in the consumer industry.
Brian Cooper, Partner at Windsong Global, lauded the efficiency with which Tiger Finance pulled the deal together. "We have a long-term relationship with the Tiger team and, once again, they delivered at every step in the process," Cooper said. "We also greatly appreciate Encina's strong support as we continue to strengthen our balance sheet and execute on our long-term growth strategy."
"As a diverse capital provider, Tiger Finance is increasingly working on larger and more complex deals geared toward propelling the go-forward strategies of companies from a wide variety of sectors," said Bob DeAngelis, Executive Managing Director. "Many companies with strong growth prospects and business models are eager to ramp up their activity even more as the economy improves. For that, they need abundant working capital. Tiger Finance, along with our important strategic partners like Encina, are there for them as a resource."
Tiger Finance is a division of Tiger Capital Group, which specializes in the provision of secured debt financing and equity investments, as well as comprehensive appraisals for the ABL industry and the disposition of consumer and industrial assets. Encina Business Credit, launched in 2016, is one of the country's leading independent asset-based lending platforms that provides financing to middle-market borrowers.
Press Contact: At Jaffe Communications (908-789-0700), Bill Parness or Elisa Krantz, [email protected]
SOURCE Tiger Finance