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Ellery
Homestyles, LLC, headquartered in New York, NY,
is a premier supplier of branded and private label home fashion
products to big box specialty retailers, mid-tier department stores and
discounters. The Company
designs, produces, markets and distributes window curtains, bedding,
seasonal throws, decorative pillows and specialty products. The private label segment of the
business traces its roots back to 1924.
Ellery has earned a reputation among its customers for offering
well-designed, value-added products, competitive pricing, excellent quality and superior supply chain
management. Over the years, the
owner and management team have built the business into a global entity
with in-house overseas sourcing, direct import program capabilities,
rigorous quality control and qualified overseas contract manufacturers
that are capable of producing high quality products in a timely manner.
Despite
a weak economic and retail environment, Ellery’s business experienced
significant growth beginning in mid 2008 and continuing into 2009 due
to market penetration and strong customer pull through. The growth, combined with an already
leveraged balance sheet, necessitated that the Company refinance its
working capital facility with a flexible lender who could support the
company’s needs today and in the future.
SSG
was retained by Ellery to raise new capital and restructure existing
debt. Professionals at SSG
solicited and obtained working capital proposals from multiple middle
market capital providers.
Ultimately, with the guidance of SSG and other professionals
involved in the transaction, the Company was able to close on a $25.0
million asset based facility provided by Wells Fargo Business
Credit. Upon closing, the
Company also restructured its mezzanine debt.
If you
would like to learn more about SSG or inquire about the Ellery Homestyles transaction, please contact one of the
SSG deal team members.
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Michael Jacoby of Phoenix
Management LLC also advised the Company on the transaction.
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