WYOMISSING, Pa., March 24 /PRNewswire-FirstCall/ -- Sovereign Bank
announced today that the bank's Asset Based Lending group provided a $20
million asset-based revolving credit facility to Industrial Renaissance, a
private equity firm based in Fairfield, CT, and the management team of BiFlex
Intimates Group, a private label and branded maker of women's intimate apparel
based in New York, NY. On January 27, 2006, Industrial Renaissance and BiFlex
management acquired BiFlex Intimates Group from the Kellwood Company of St.
Louis. Mo. The credit facility comprised of a Revolving Line of Credit,
including Letter of Credit and Seasonal Overadvance facilities, is being used
for financing the acquisition and ongoing working capital.
Eric Hamburg, president of Industrial Renaissance expressed, "Our decision
to partner with Sovereign was simple -- they took the time to deeply
understand the business, provided an intelligent financial structure to
support the business and its management team through years of continued
growth, have financed other successful companies in this industry segment, and
are sincerely interested, as are we, in a long-term relationship. They moved
quickly under an aggressive timeline and closed when they said they would."
"We are excited about the opportunity to work with Industrial Renaissance
on this project and look forward to many years of a successful relationship"
said Michael Maiorino, executive vice president and managing director of
Sovereign's Asset Based Lending group. "As often happens with acquisition
financing, remaining open and flexible to circumstances that present
themselves is essential. Our lending team, together with Industrial
Renaissance and its management team were able to be creative and overcome
obstacles to get to the right solution."
BiFlex specializes in designing, manufacturing and managing the
inventory/supply chain for its retail customers. Future plans for the company
include continuing to build the private label business, investing in branded
product initiatives to complement the IZOD brand currently in the BiFlex
portfolio and expansion into related categories within lingerie such as
sleepwear.
Industrial Renaissance Inc. ("IR") is a private equity firm in business
since 1996, whose business mission is to build large, dominant, successful
businesses in partnership with management. IR acquires companies with revenues
between $50 million and $250 million where business and operational
improvements can add significant value. For more information on Industrial
Renaissance, visit http://www.indren.com or call Eric Hamburg at 203-254-7420.
Sovereign Bank Asset Based Lending, with offices in Massachusetts, New
Jersey, New York, Pennsylvania and Rhode Island, provides specialty structured
financing for many types of businesses throughout the eastern United States.
Along with other divisions of Sovereign, including Business Alliance Capital
Co. ("BACC"), Capital Markets, International Trade Services, and Global Cash
Management, the Asset Based Lending team is expert at developing customized
solutions to help companies leverage their working and fixed assets to meet
significant financing initiatives.
About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company
of Sovereign Bank, a $64 billion financial institution headquartered in
Wyomissing, Pa., with more than 650 community banking offices, over 1,000 ATMs
and approximately 10,000 team members with principal markets in the Northeast
United States. Sovereign offers a broad array of financial services and
products including retail banking, business and corporate banking, cash
management, capital markets, wealth management and insurance. Sovereign is the
18th largest banking institution in the United States. For more information on
Sovereign Bank, visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign Bank
or its affiliates or subsidiaries in the United States and other countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
http://www.indren.com
CONTACT:
Ellen Molle of Sovereign Bank,
+1-617-757-5573, or Cell - +1-617-548-9932,
emolle@sovereignbank.com
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