Ellery Homestyles, LLC
Ellery Homestyles, LLC, (“Ellery” or the “Company”)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. This 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.
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.|