NewStar Business Credit Provides Frette Credit Facilities
NewStar Business Credit announced that it has provided senior credit facilities totaling $10 million to Frette North America. The credit facilities are comprised of a secured, revolving line of credit and a cash-flow term loan. The proceeds will be used to support the expansion of company’s retail presence in the United States.
Founded in 1860 in Milan, Italy and now headquartered in New York, NY, Frette is a leading provider of luxury Italian linens used in homes and hospitality companies, including hotels, luxury trains and ocean liners.
Frette is a portfolio company of JH Partners, a consumer-focused private equity firm located in San Francisco, CA.
“From day one I had a high level of trust in NewStar’s industry expertise and skills. I am confident that our long-term partnership will be a success, as NewStar has a strong understanding of our business and consumer and knows that Frette is a timeless, iconic brand,” said Anna Ermakova, CFO of Frette.
“We are pleased to be associated with a company like Frette that has such a rich history and a valued brand that reflects many enduring qualities developed over 150 years. As a financial partner, we look forward to working with the Company to support its continued growth in the U.S.,” said Milton Iskra, NewStar’s National marketing manager.
Lisa Adams, an SVP located in the NewStar’s San Francisco office, originated the transaction.