5 Star Apparel closed a $125 million credit facility to support its existing operations and continued expansion. IDB Bank was the lead agent and one of three banks financing the credit facility.
The home of brands includes but is not limited to True Religion, Lee Jeans, IZOD and Eddie Bauer. 5 Star Apparel has worked with IDB Bank since its inception in 2003. The Oved, Betesh and Pardo families are owners of 5 Star Apparel. Additionally, the Oved Brothers have been customers of IDB Bank for more than 40 years.
“In the apparel business, IDB Bank is the only bank we’ve ever used,” Isaac Oved, co-owner 5 Star Apparel, said. “For over forty years, they have been responsive partners, listening to our needs as the business changed, and our needs evolved.”
“Our longstanding relationship with 5 Star Apparel has given us a front-row seat for its spectacular growth. Even in challenging times, we’ve been there with cash flow and financing solutions,” Barry Solomon first vice president of IDB, said. “This credit facility will support 5 Star Apparel as it continues to expand and evolve.”
“With a sophisticated lending platform, and a dedication to relationships based on listening closely to our clients, we pride ourselves on being able to provide and execute complex strategies tailored to each situation,” Lissa Baum, executive vice president and chief lending officer at IDB, said.
