Salus Capital Partners has provided a $24 million senior-secured working capital facility to Frederick’s of Hollywood Group, a specialty retailer of intimate women’s apparel and lingerie. The financing will be used to provide working capital for general corporate purposes.
“Salus showed a genuine interest in developing a credit line for Frederick’s of Hollywood that would replace our existing debt facilities and also support our company’s growth. It is important to have a lender such as Salus that has taken the time to understand our business and growth strategy,” said Thomas Lynch, the company’s Chairman and Chief Executive Officer.
“The Frederick’s of Hollywood credit facility exemplifies our broad capabilities and entrepreneurial approach to credit risk at Salus,” said Andrew Moser, President of Salus Capital. “As a subsidiary of Harbinger Group, we collaborate as a team, keenly aware of the challenges in today’s credit environment, yet mindful of our experience in supporting iconic consumer brands. We are thrilled to partner with Frederick’s and look forward to a long-standing relationship.”
Salus Capital is a provider of senior secured asset-based loans to the small and middle-market across a variety of industries with additional complementary financing throughout the capital structure. Commitments range from $3 million to $30 million with the ability to lead and agent larger transactions. Industries of interest include manufacturing; jewelry; specialty retail; niche distribution; services industries; wholesale apparel and garment; commercial supply chain; internet; direct marketing & catalog; energy; transportation; and consumer receivables. The firm is based in Needham, MA (www.saluscapital.com).