Carl Marks Advisors advised Mount Vernon Mills, throughout the difficult business environment created by the COVID-19 pandemic. During its engagement with the Company, Carl Marks Advisors primarily assisted with bank relations and cash and debt management. Additionally, CMA aided in business unit evaluation, marketing to potential buyers, and the creation of a new business plan for 2021 and beyond, which was integral to securing a new credit facility. Because of this healthier positioning, the company was able to find suitable lenders and secure for themselves a stronger credit vehicle to fuel continued growth.
The company is a diversified and integrated manufacturer of textile, chemical and related products for the apparel, industrial, institutional, and commercial markets. Mount Vernon Mills has been producing denim, piece-dyed and flame-resistant fabrics since 1845. Today, it is one of the largest producers of a variety of fabrics used by workwear, sportswear, and protective apparel manufacturers. The Company is headquartered in Mauldin, South Carolina, and has production facilities located throughout the Southeast, and sells its fabrics domestically and internationally.
“Mount Vernon Mills has a tremendous history as one of the country’s longest-running textile companies, and we are proud to have assisted them in finding a new pathway forward,” said Duff Meyercord, Managing Partner at Carl Marks Advisors. “We would like to thank the management team for their dedication to the Company during this difficult time.”
Over the course of the 14-month engagement, existing bank debt was reduced significantly and EBITDA improved significantly. Its new credit facility will enable growth and increased profitability going forward as the Company emerges from the Covid-19 pandemic.
“We are grateful to the Carl Marks Advisors team for their support and thoughtful guidance. The past 14 months were filled with challenges, and they helped us navigate our way through to the right solutions,” said Bill Duncan, CEO at Mount Vernon Mills. “We are looking forward to our next chapter of growth and to many more years as one of the country’s longest continually-operating textile manufacturers.”