Victory Park Capital Funds Joe’s Jeans
Oct 01, 2013
On October 1, 2013, VPC SBIC I funded $12.5 million of a $60 million first lien term loan (“Term Loan”) to Joe’s Jeans (“Joe’s” or the “Company”). Joe’s also closed on a $50 million revolving credit facility and used the combined proceeds to complete the previously announced acquisition of Hudson Clothing Holdings, Inc. (“Hudson”).
Joe’s and Hudson design, manufacture, distribute and market premium denim jeans and apparel. The Joe’s acquisition of Hudson creates one of the largest premium denim companies in the world and provides operating and supply chain benefits to its operators. The Company is focused on preserving the two brands and will maintain independent creative and marketing departments for both the Joe’s and Hudson brands.
The Term Loan will be secured by the non-working capital assets and intellectual property of both brands. VPC was able to move quickly in response to the desire of the Company to close the transaction on an expedited basis. Victory Park Capital is excited by the opportunity to work with Joe’s proven management team and is encouraged by the synergies created by the Hudson acquisition.