Salus Capital Partners has provided a $12.75 million Senior-Secured Working Capital Facility to Xenith, a manufacturer and wholesaler of football helmets and sporting equipment. The financing will be used to provide working capital for general corporate purposes.
“We are pleased to provide Xenith with a capital solution that fits their high-growth plans and which will enable them to further provide safe, innovative sports equipment to athletes nationwide,” said Andrew Moser, President of Salus Capital. “Xenith’s position as a market leader and innovator in the sporting goods industry aligns nicely with our same goals of leadership and innovation at Salus; we are proud to be a part of their important mission to advance safety for athletes.”
Xenith is a manufacturer and wholesaler of football and baseball helmets and other sporting equipment. The company has developed a patented system called Xenith Adaptive Head Protection which features an adaptive fit system and adaptive air-cell shock absorbers. This system adapts to the head for the best fit and comfort possible, and adapts to the hit in order to reduce the sudden movement of the head during impact. Products are offered through several distribution channels including a nationwide network of team dealers that sell to schools and universities and through major sporting goods retailers. Xenith was founded in 2004 by Vin Ferrara, a former Harvard quarterback who graduated from the medical and business schools at Columbia University. The company has 30 employees and is based in Lowell, MA (www.xenith.com)
“We are thrilled to partner with Salus and look forward to utilizing this new credit facility to further support Xenith’s rapid expansion and fill the incredible demand in the market for safer, more reliable helmets,” said Chuck Huggins, Chief Financial Officer at Xenith. “We are dedicated to providing products that are engineered to reduce injuries and protect athletes, especially as the regular occurrence and devastating side-effects of concussions are increasingly recognized by the public. We look forward to our continued work with the Salus team, and see this transaction as a natural next step in helping us to achieve our goals.”
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. Salus Capital is based in Needham, MA (www.saluscapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-2-12
