Wed, 14/11/2012 - 14:37
Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, has provided a USD5m senior secured revolving credit facility to Carol's Daughter, a portfolio company of Pegasus Capital Advisors.
AmalCap provides asset-based financing to individual companies as well as cash flow-based senior secured financing to support investments made by private equity sponsors in high quality, lower middle-market companies across the US.
Manhattan-based Carol's Daughter develops and distributes hair and beauty products through wholesale, retail and ecommerce channels.
Headquartered in Connecticut, Pegasus is a private equity fund manager with approximately USD2bn in assets under management.
"With the funds to be used for product line rebranding, leasehold improvements and working capital, this was an important transaction for us," says Richard Dantas, president and chief executive 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."
"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 USD30m in revenues and has attracted a quality equity partner," says 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."
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