PNC Bank closed a $140 million senior secured credit facility to support Maryland-based Ames Watson’s acquisition of Lids Sports Group. PNC Bank served as administrative agent on the transaction.
Founded in 1992 and based in Indianapolis, Lids is the largest omni-channel licensed sports retailer in North America. It sells fan and fashion-oriented licensed sports headwear and apparel across the U.S., Canada and Puerto Rico through 1,159 retail locations.
Ames Watson is a privately held diversified operating company that purchases, transforms and partners with middle market companies to create long term value. It is a permanent capital vehicle with committed assets and the resources to move quickly and the capabilities to help businesses reach long-term success.
“PNC did a sensational job understanding the deal and working with us on an aggressive timeline to get the deal done,” said Lawrence Berger, co-founder and partner at Ames Watson. “We are thrilled to have them as partners on Lids.”
Loan proceeds will be used to partially finance the acquisition, fund capital expenditures and provide for ongoing working capital needs. Treasury management products and services were also included in the transaction.
“The LSG financing further demonstrates PNC’s commitment and ability to provide customized financing solutions to national retailers,” said Marc S. Price, group head of PNC Business Credit Retail Finance. “The depth and breadth of PNC’s financial products and services allows retailers, large and small, to realize their unique financial goals as the retail industry continues to change and evolve.”
