Salus Capital Partners provided a $21.5 million senior-secured credit facility to a newly created company to purchase certain assets from one of North America’s leading retailer of apparel and accessories. The financing will also be used as working capital for general corporate purposes. The new company will sell children’s apparel, footwear, and accessories through retail stores and direct to consumer via a proprietary website.

“This transaction is one that demonstrates our forward thinking and creative approach; while embracing a best-in-class management team where together, we can execute efficiently and at the highest levels when opportunistic situations present themselves,” said Benjamin S. Hildreth, Vice President, Underwriting and Portfolio Management at Salus Capital.

“Together with our investors, this new credit facility was structured in an expedited manner that provided management a flexible capital solution which ultimately led to a successful asset purchase and plan for continued growth. We are thrilled to partner with the principals of the new company, and are fortunate to be involved in their new venture,” added Daniel F. O’Rourke, chief credit officer at Salus.