Daily News: October 8, 2013

Victory Park Capital Provides $12.5MM to Joe’s Jeans

Victory Park Capital SBIC I funded $12.5 million of a $60 million first lien term loan to Joe’s Jeans. Joe’s also closed on a $50 million revolving credit facility and used the combined proceeds to complete the previously announced acquisition of Hudson Clothing Holdings.

The term loan will be secured by the non-working capital assets and intellectual property of both brands. Victory Park Capital was able to move quickly in response to the company’s desire to close the transaction on an expedited basis. Victory Park Capital said it looked forward to working with Joe’s proven management team and said it was encouraged by the synergies created by the Hudson acquisition.

Joe’s and Hudson design, manufacture, distribute and market premium denim jeans and apparel. The Joe’s acquisition of Hudson creates one of the largest premium denim companies in the world and provides operating and supply chain benefits to its operators. The company is focused on preserving the two brands and will maintain independent creative and marketing departments for both the Joe’s and Hudson brands.