Tiger Finance and Encina Business Credit closed on $48.5 million in growth financing for Daytona Apparel Group, a portfolio company of Windsong Global.
The revolver/term loan, arranged by Tiger Finance, will strengthen the balance sheet and support the growth strategy for Daytona Apparel Group-owned and licensed brands, including Robeez, Ro+Me, Cloudveil, MISSION, Tommie Copper, Umbro, Real Tree, Stanley and Free Country, among others.
“The deal puts Daytona in a stronger position to capitalize on resurgent consumer spending as the pandemic eases,” Andy Cerussi, managing director of Tiger Finance, said. “In addition, Daytona’s direct-to-consumer business continues to grow. Windsong has a proven track record and we believe they will be successful in using this capital infusion to further grow the value of their popular brands across multiple channels.”
Daytona Apparel Group is a provider of apparel, socks, underwear, loungewear and sleepwear across a range of licensed and private label consumer brands. Its parent, Windsong Global, is led by a team of investors, operators and entrepreneurs focused on investing in the consumer industry.
“We have a long-term relationship with the Tiger team and, once again, they delivered at every step in the process,” Brian Cooper, a partner at Windsong Global, said. “We also greatly appreciate Encina’s strong support as we continue to strengthen our balance sheet and execute on our long-term growth strategy.”
“As a diverse capital provider, Tiger Finance is increasingly working on larger and more complex deals geared toward propelling the go-forward strategies of companies from a wide variety of sectors,” Bob DeAngelis, executive managing director at Tiger, said. “Many companies with strong growth prospects and business models are eager to ramp up their activity even more as the economy improves. For that, they need abundant working capital. Tiger Finance, along with our important strategic partners like Encina, are there for them as a resource.”
