Amalgamated Capital has provided a $5 million senior secured revolving credit facility to Carol’s Daughter Holdings, a portfolio company of Pegasus Capital Advisors.
“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.”
Carol’s Daughter is a wholesaler and retailer of natural beauty, skin and hair care products whose core consumers are African-American women. Founded in 1993, Carol’s Daughter currently has over 100 products which are sold by catalog, through its website, through wholesale channels and through nine company-operated retail stores located in New York, New Jersey, Georgia, Maryland, Virginia and California. Carol’s Daughter is based in New York (www.carolsdaughter.com).
Amalgamated Capital offers both leveraged cash flow-based and asset-based financing to support investments made by private equity sponsors. Investments are made in an array of industry sectors to companies that have annual revenues ranging from $15 million to $150 million and EBITDA’s of $3 million to $20 million. Amalgamated Capital is based in New York, NY (www.amalcap.com).
“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.”
Pegasus invests in middle market companies across a range of industries including alternative energy, all-natural human and pet foods, alternative building materials, LED lighting, homeland security and sustainable business solutions in a number of industries. Pegasus has cumulatively managed approximately $2 billion in assets through several private equity funds and has made more than 80 investments. The firm was founded in 1995 and has offices in New York, NY and Cos Cob, CT (www.pcalp.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-14-12
