Ares Commercial Finance (ACF), serving as administrative agent, closed an asset-based financing in which Ares Management Credit funds and Great Rock Capital have provided a $150 million senior secured revolving line of credit to Fossil Group, a Richardson, TX-based designer, manufacturer and distributor of watches and fashion accessories. Proceeds from the new credit facility will be used to support Fossil’s ongoing business transformation and support working capital needs.
“Our goal was to provide a tailored ABL credit facility, in conjunction with a debt exchange, to ensure that Fossil has adequate liquidity to execute their strategic plan,” Mitch Drucker, partner at Ares Commercial Finance, said. “We look forward to supporting the company as they position themselves for future market strength.”
“We are excited to be working with the team at Ares and are grateful for their support and belief in Fossil Group as we continue to make progress against our turnaround efforts,” Randy Greben, chief financial officer of Fossil, said.
“Fossil is an iconic brand with a strong global market position, and we are thrilled to work with them during this pivotal stage in their business transformation,” Ian Maccubbin, managing director of Ares Commercial Finance, said. “The credit facility will provide enhanced financial flexibility to support the company’s long-term growth.”
