GREENWICH, Conn. — First Niagara Financial Group has closed a multimillion-dollar credit package with Ibex Outdoor Clothing, a designer, distributor and retailer of premium wool outdoor and active apparel for men and women and part of the investment portfolio for Greenwich's North Castle Partners.
The money will be used to support several nationwide growth initiatives and to help the premium clothing company grow its nationwide brand.
Headquartered in White River Junction, Vermont, Ibex Outdoor Clothing is a portfolio company of North Castle Partners, a Greenwich-based private equity firm that invests in consumer-driven product and service businesses that promote healthy, active, and sustainable living.
“North Castle Partners is committed to investing in companies that promote healthy and active lifestyles for people of all ages,” said David Weston, vice president at North Castle Partners. “First Niagara’s financing will provide Ibex Outdoor Clothing with the capital needed to provide even more people with high-quality apparel designed to complement all types of outdoor lifestyles.”
The financing package was arranged by First Niagara’s asset-based lending group, First Niagara Commercial Finance Inc., which provides financing solutions, tailored asset-based loans and working capital to assist its customers in meeting their expansion plans and growth opportunities.
“At Ibex Outdoor Clothing, we cultivate long-lasting relationships with the craftsman who help us design and create the highest quality wool clothing for our customers,” CEO Ted Manning said in a statement. “First Niagara recognized early on the value of our approach and our brand and provided us with a financing package that will enable our global expansion objectives.”
First Niagara’s credit package will help the company refinance outstanding debt and provide working capital to support several nationwide growth initiatives. Ibex plans include a campaign to increase brand awareness and the addition of new retail stores to its current retail locations in Boston and Seattle.
Click here to sign up for Daily Voice's free daily emails and news alerts.