Daily News: October 24, 2013

Salus Provides C$10MM Facility to John Forsyth Shirt Company

Salus Capital Partners announced it provided a C$10 million senior secured credit facility to The John Forsyth Shirt Company. The financing will be used to provide working capital for general corporate purposes as the company emerges from protection under Canada’s Companies’ Creditor Arrangement Act.

A premier shirt maker since 1903, Forsyth offers recognized brands including Pierre Cardin and Bill Blass to retailers and wholesalers in the U.S. and Canada. Forsyth’s clients include six of the top 10 Canadian men’s shirt retailers as well as major retailers and specialty stores in the U.S. where it has expanded its presence.

“Forsyth is very pleased to be working with Salus Capital Partners; their innovation and creativity gives us the financial flexibility we need to transition our business,” said Vic Tugwell, vice president of Finance, Forsyth. “The Salus team is extremely knowledgeable of the apparel industry and we look forward to working with them as we grow our business.”

Mark V. Sturrock, senior managing director and head of Originations & Corporate Strategy for Canada, Salus Capital Partners, commented, “At Salus, we pride ourselves on creating tailored asset-based lending solutions that unlock liquidity for the companies with which we partner. Forsyth has a legacy of superior product design and leadership in men’s dress shirts, and we look forward to working with the company’s veteran management team as they navigate through the restructuring process.”