Crystal Financial Provides Financing to The Gores Group
Crystal Financial, LLC announced that it has provided financing to The Gores Group, a Los Angeles-based private equity firm, to support its recent acquisition of Mexx International, a mid-market apparel retailer in Europe and Canada, from Liz Claiborne.
“This was a complex deal because it involved extensive international operations with all collateral and cash flow domiciled outside of the U.S.,” said Stephen Krawchuk, managing director at Crystal Financial. “It also was affected by the uncertainties of the divestiture of Mexx by Liz Claiborne. These unusual circumstances are typical of many of Crystal’s debt financings.”
“With its complications and unusual collateral, our capabilities were a perfect fit for the client’s needs,” concurred Colin Cross, senior managing director at Crystal Financial. “We are pleased to help The Gores Group take advantage of opportunities to build upon the strong positive attributes of the global Mexx brand.”
Mexx is an international lifestyle brand that designs clothes and accessories for men, women and children. Mexx Canada operates 90 locations and sells its clothing line through both wholesale and retail channels.
Crystal Financial is an independent commercial finance company that provides senior and junior secured revolvers and term loans for both asset-based and cash-flow financings to middle-market companies.
The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses that can benefit from the firm’s operating experience and flexible capital base.