White Oak Commercial Finance, an affiliate of White Oak Global Advisors, provided a $25 million ABL facility to Saadia Group for the acquisition of two women’s apparel brands from e-commerce retailer RTW Retailwinds, which is undergoing bankruptcy proceedings.
The funding supports Saadia Group’s acquisition of RTW’s e-commerce brands, New York & Company and Fashion to Figure, and their related intellectual property. Saadia Group plans to incorporate and promote the legacy brands to further increase its online retail footprint.
“White Oak is pleased we were able to provide a timely financing solution that will result in the continuation of two well-known brands that will contribute to Saadia Group’s expansion of its e-commerce platform,” Charles Shard, managing director at White Oak, said.
“We are delighted to have successfully closed on the purchase of this business. We believe in the New York & Company and Fashion to Figure brands and the opportunity to use these e-Commerce platforms to continue to grow the business as we move forward. Finally, I want to thank our team at the Saadia Group, our legal team at Armstrong Teasdale and Robinson and Cole, and especially White Oak Commercial Finance, who all supported us through this process and helped us close this extremely complicated transaction,” Jack Saadia, CEO of Saadia Group, said.