Sound Point Capital Management closed a senior secured term loan for a subsidiary of Perry Ellis, an owner of retail brands. Perry Ellis will use the funding to pay down existing debt.
Perry Ellis has been in business for 54 years and was formerly a public company before a take-private transaction in 2018. The company owns a suite of brands that generate cash flow through licensing to third-party manufacturers.
“Perry Ellis owns an array of iconic consumer brands which it has managed successfully for decades,” Marc Sole, portfolio manager and head of opportunistic credit at Sound Point Capital Management, said. “We are thrilled to partner with the talented team at Perry Ellis and the Feldenkreis family to support the business through its next stage of growth.”
“We believe Sound Point Capital is an ideal financial partner based on their keen expertise in brand and licensing development, as it provides additional opportunities for expansion of our domestic and international licensing business with our premier brands, such as Perry Ellis, Original Penguin by Munsingwear, Laundry by Shelli Segal, Gotcha, among others,” George Feldenkreis, chairman of Perry Ellis, said.
“This arrangement will enable us to progress on our brand portfolio’s future elevation journey, inspiring consumers globally while delivering sustainable long-term growth and continu[ing] to validate the value of our brands.” Oscar Feldenkreis, CEO and president of Perry Ellis, said.
