Essex Arranges $1.5 Million Subordinated Debt Financing
Essex Capital Group, Inc. announced that it arranged $1.5 million in new financing for Flagship Brands, LLC (d/b/a Feetures!), a North Carolina-based designer and distributor of performance athletic socks. Essex Capital acted as the company’s exclusive advisor in this transaction.
The funding was provided in the form of a mezzanine loan from a private specialty finance company. Deal proceeds will be used by the company for expansion capital.
Hugh Gaither, president of Feetures, commented, “Essex Capital played a crucial role in helping our company obtain the capital we needed to continue to grow. In less than 12 months, they assisted us in putting in place an asset-based loan program that provides us with working capital necessary for us to continue our revenue growth, and also executed a longer-term financing program that gives us the financial strength we need to take advantage of market opportunities that exist for us both now and in the future.”
Robert D. Swain, president of Essex, said, “We were pleased to arrange this tranche of growth capital for Feetures, and the transaction marks our second successful capital raise for the company this year. Feetures is now extremely well capitalized to support the growing market potential for its brand.”
Essex Capital Group, Inc. is a Tampa, FL-based corporate finance firm serving small- and middle-market privately held companies located throughout the United States.