Sound Point Capital Management closed on a senior secured term loan financing to a subsidiary of Perry Ellis International. Funding provided by Sound Point will be used to pay down the Company’s existing debt. The Company has been in business for 54 years and was formerly a public company before a take-private transaction in 2018. Perry Ellis owns a diversified suite of brands which generate ample cash flow through licensing to third-party manufacturers. “Perry Ellis owns an array of iconic consumer brands which it has managed successfully for decades,” said Marc Sole, Portfolio Manager and Head of Opportunistic Credit at Sound Point. “We are thrilled to partner with the talented team at Perry Ellis and the Feldenkreis family to support the business through its next stage of growth.”
“We believe Sound Point Capital is an ideal financial partner based on their keen expertise in brand and licensing development, as it provides additional opportunities for expansion of our domestic and international licensing business with our premier brands such as Perry Ellis®, Original Penguin by Munsingwear®, Laundry by Shelli Segal®, Gotcha®, among others,” stated George Feldenkreis, Chairman of Perry Ellis International. “This arrangement will enable us to progress on our brand portfolio's future elevation journey, inspiring consumers globally while delivering sustainable long-term growth and continue to validate the value of our brands,” stated Oscar Feldenkreis, CEO and President of Perry Ellis International.
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $28.9 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc., are strategic investors in our business.