Daily News: September 26, 2017

BofA Business Capital Provides $80MM ABL to All Saints Retail

Bank of America Business Capital provided a £60 million ($80 million) asset-based revolving credit facility to All Saints Retail.

Proceeds were used to provide ongoing working capital financing to support its growth objectives, notably internationally.

Based in London, All Saints Retail is a contemporary fashion brand with direct retail operations through more than 230 stores and concessions in the UK, Europe, North America and Asia. The brand has a 50:50 menswear-womenswear sales mix, and international sales now generate more than 50% of total sales. The company’s digital presence has also grown substantially with the aim of creating a cloud-based business model. The business is owned by Lion Capital and has grown significantly since its acquisition in 2011. Today it has more than 3,000 employees globally.

William Kim, CEO of AllSaints, said, “We are pleased to be working with Bank of America Business Capital, which has provided a flexible asset-based solution for our working capital needs. This gives us greater flexibility in executing our growth plan and has built-in expansion provisions.”

Advisors included Tomorrow Partners, PwC, Reed Smith, Eurovals and Proskauer Rose.