Daily News: November 21, 2013

Salus Capital Closes $4MM Term Loan For Naartjie Kids

Salus Capital said it has provided a $4 million senior-secured term loan to Naartjie Custom Kids. The financing will be used as ongoing working capital for general business needs of Naartjie’s U.S. and Canadian divisions.

Founded in 1989 in Cape Town, South Africa by designer Anne Eales, Naartjie is a retailer and manufacturer of children’s clothing for newborns through ten years old. Naartjie operates 91 retail stores worldwide (53 in U.S.) with a growing e-commerce platform which serves customers in more than 30 countries.

“The Naartjie Kids brick and mortar expansion required a working capital arrangement to support and complement our strategic plan,” said Glenn Wood, CEO of Naartjie Kids, “Salus understood our needs and believed in our business and is a most welcome and aligned business partner. We look forward to a mutually beneficial business partnership.”

“Naartjie is a growing retailer of children’s apparel that differentiates itself by using distinctive designs and colors to bring original and cutting edge clothing lines to the marketplace,” said Andrew H. Moser, president & CEO of Salus Capital. “Salus has extensive experience in the children’s apparel market, having provided credit facilities to six companies operating within the industry. These transactions have helped us develop a dedicated competency in underwriting and an expertise in monitoring collateral in this industry.”