Daily News: April 26, 2012

Essex Arranges Recapitalization for Flagship Brands


Essex Capital Group, Inc. announced that the firm arranged $833,000 in new financing for Flagship Brands, LLC (d/b/a Feetures!), a North Carolina-based designer and distributor of performance athletic socks.

The funding was provided in the form of an asset-based working capital line of credit from a private specialty finance company as well as a subordinated debt piece. Deal proceeds were used by the company to pay off existing debt and provide operating capital.

Flagship CEO, Hugh Gaither, stated, “Essex was a great partner in this refinancing transaction. They found exactly the right lender for our current needs and then completed the transaction in a very timely and efficient manner. This positions our company for continued growth.”

Essex Capital acted as Flagship Brands’ exclusive advisor in this transaction.

Essex Capital Group, Inc. is a corporate finance advisory firm serving small- and middle-market privately held companies located throughout the United States.