Carl Marks Advisors, an investment bank providing financial and operational advisory services to middle-market companies, has advised Mount Vernon Mills throughout the business environment created by the COVID-19 pandemic. During its engagement with the company, Carl Marks Advisors primarily assisted with bank relations and cash and debt management. Additionally, Carl Marks Advisors aided in business unit evaluation, marketing to potential buyers and the creation of a new business plan for 2021 and beyond, which was integral to securing a new $58.1 million credit facility. Because of this positioning, Mount Vernon Mills found suitable lenders and secured the credit facility.
Mount Vernon Mills is a manufacturer of textile, chemical and related products for the apparel, industrial, institutional and commercial markets. Mount Vernon Mills has been producing denim, piece-dyed and flame-resistant fabrics since 1845. Today, it is a producer of a variety of fabrics used by workwear, sportswear and protective apparel manufacturers. The company is headquartered in Mauldin, SC, has production facilities located throughout the Southeast and sells its fabrics domestically and internationally.
“Mount Vernon Mills has a tremendous history as one of the country’s longest-running textile companies, and we are proud to have assisted them in finding a new pathway forward,” Duff Meyercord, managing partner at Carl Marks Advisors, said. “We would like to thank the management team for their dedication to the company during this difficult time.”
Over the course of the 14-month engagement, existing bank debt was reduced and EBITDA improved for Mount Vernon Mills. Its new credit facility will enable growth and increased profitability.
“We are grateful to the Carl Marks Advisors team for their support and thoughtful guidance. The past 14 months were filled with challenges, and they helped us navigate our way through to the right solutions,” Bill Duncan, CEO of Mount Vernon Mills, said. “We are looking forward to our next chapter of growth and to many more years as one of the country’s longest continually-operating textile manufacturers.”
