First Niagara Financial Group announced it has closed a multi-million dollar credit package with Ibex Outdoor Clothing, a designer, distributor and retailer of premium wool outdoor and active apparel for men and women.

The financing package was arranged by First Niagara’s asset-based lending group, First Niagara Commercial Finance. The Commercial Finance Group provides financing solutions, tailored asset-based loans and working capital to assist its customers in meeting their expansion plans and growth opportunities.

“At Ibex Outdoor Clothing, we cultivate long-lasting relationships with the craftsman who help us design and create the highest quality wool clothing for our customers,” said CEO Ted Manning. “First Niagara recognized early on the value of our approach and our brand and provided us with a financing package that will enable our global expansion objectives.”

First Niagara’s credit package will help the company refinance outstanding debt and provide working capital to support several nationwide growth initiatives. The company plans include a campaign to increase brand awareness and the addition of new retail stores to its current retail locations in Boston and Seattle.

White River Junction, VT-based Ibex Outdoor Clothing is a portfolio company of North Castle Partners, a Greenwich-based private equity firm that invests in consumer-driven product and service businesses.

“North Castle Partners is committed to investing in companies that promote healthy and active lifestyles for people of all ages,” said David Weston, vice president at North Castle Partners. “First Niagara’s financing will provide Ibex Outdoor Clothing with the capital needed to provide even more people with high-quality apparel designed to complement all types of outdoor lifestyles.”

“First Niagara Commercial Finance is thrilled to work with Ibex Outdoor Clothing and North Castle Partners. We look forward to continuing to grow our relationships with both companies to help them achieve their growth and profitability goals for years to come,” said Keith Broyles, SVP and asset-based lending team leader at First Niagara.