Capital One Closes a $22.5 Million Facility for True Textiles
Capital One Bank announced it has closed a $22.5 million senior secured credit facility for True Textiles, Inc., a Sun Capital Partners, Inc. affiliated portfolio company. True Textiles is a designer, manufacturer and marketer of specialty fabrics for open furniture systems and commercial interiors. Proceeds of the facility were used to repay True Textile’s existing debt and to fund its working capital needs.
“We are excited to work with another Sun Capital portfolio company and provide True Textiles with a financing solution to pursue its growth strategy,” said Joe Davisson, regional manager, Capital One Leverage Finance Corp. “We look forward to building a long-term relationship with the True Textiles team by offering specialized financing and banking solutions to support its additional business needs.”
Headquartered in Grand Rapids, MI, with manufacturing facilities in Maine and North Carolina, True Textiles’ fabrics are used primarily by contract office furniture manufacturers, with other end uses for hospitality, healthcare and wall coverings markets. The company markets a line of environmentally friendly fabrics manufactured from 100% post-industrial or post-consumer recycled, recyclable or compostable materials under the Terratex brand.
“Capital One Bank has been a great partner through this transaction,” said Marc Pescosolido, vice president of Finance, True Textiles, Inc. “The team offered deep industry expertise and was committed to helping our company find the right financing solution to meet our objectives. We anticipate a strong, ongoing relationship with Capital One Bank.”