Daily News: June 13, 2012

Salus Capital Partners Closes $20 Million Facility for Namco

Salus Capital Partners, LLC announced it has provided a $20 million senior secured working capital facility to Namco, LLC, a multi-channel home recreational products retailer specializing in the sale of above ground swimming pools and related products. The financing will be used to provide working capital for general corporate purposes.

“I am excited to be working with Salus’ senior management and the entire Salus Capital team. They are an ideal partner for Namco and we are looking forward to working with Salus for many years to come,” said Mark Scott, president and CEO of Namco, LLC. “They showed great flexibility, industry knowledge and financial acumen during our negotiations and I have the utmost respect for the entire team.”

“This credit facility encapsulates our outside-of-the-box approach when contemplating prospective transactions,” said Andrew H. Moser, president of Salus Capital. “Namco is a highly seasonal business which necessitated a forward-thinking approach to our credit structure. As a subsidiary of Harbinger Group, Inc., we understand every business is unique and pride ourselves in tailoring customized solutions that address the borrower’s specific needs.”

Salus Capital is a provider of senior secured asset-based loans to the small- and middle-market across a variety of industries with additional complementary financing throughout the capital structure.