Daily News: June 20, 2012

Salus Capital Partners Surpasses $100MM in New Loan Commitments

Salus Capital Partners, LLC, a subsidiary of Harbinger Group Inc., announced that it has recently surpassed $100 million in new loan commitments through May 2012. Salus has provided loans to ten companies throughout North America and in situations ranging from turnarounds to emerging growth stories.

Salus’ commitments typically range between $3 million and $30 million with the ability to lead and agent larger transactions. To date, the companies Salus has financed span a range of industries and include American Apparel, Big M, Inc., Brodkey Brothers, Inc., Frederick’s of Hollywood Group Inc., Miss Matched, Inc., Namco, LLC, Roomstore, Inc., SDA, Inc. and a company that acquires vintage or classic automobiles for the purpose of sale.

“The Salus lending platform was officially launched in January 2012 as part of Harbinger Group Inc. Together, we embrace a like-mindedness in how we approach credit risk and lead with a focus on execution and a delivery system designed to win business and serve our borrowers with best-in-class relationship management,” stated Andrew H. Moser, president of Salus Capital Partners. “We are excited about the momentum we’ve had in the short time since our launch and feel that our flexible, responsive, consistent and forward-thinking approach will continue to be very attractive to companies seeking creative capital solutions.”

“We could not be more pleased with the performance of Salus Capital Partners having closed on over $100 million in loan commitments only five months after formation,” said Phil Glass, vice president of Investments at Harbinger Group Inc. “Andy has done a terrific job leading his team in identifying and conducting thorough diligence on attractive loan opportunities that we believe present an exciting business opportunity for Salus Capital Partners and the Harbinger Group.”

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.