Second Avenue Capital Partners (“SACP”), a Schottenstein affiliate, along with Alpha Wave Global and Sagard Credit, announced the closing of a new term loan and revolving credit facility for True Religion Apparel, Inc. SACP once again served in various roles for this transaction including as Sole Arranger, Revolver Agent, Sole Revolver Lender and Term Loan Lender.

The new credit facilities supported the recently announced acquisition of a controlling stake in True Religion by ACON Investments, L.L.C. and its affiliates (“ACON”), along with strategic partner SB360 Capital Partners (“SB360”). SACP was the incumbent lender.

“This transaction underscores the strength and versatility of the Schottenstein platforms in empowering both retailers and sponsors,” said Michael Sullivan, Managing Director of Second Avenue Capital Partners. “SACP and SB360 seamlessly combined debt and equity solutions to partner with True Religion and ACON to bring this transaction to fruition.”

Founded in 2002, True Religion disrupted the denim scene and has been recognized for innovation for more than two decades. The iconic global lifestyle, apparel, and accessories brand enjoys widespread popularity among athletes, musicians, artists, and devoted customers worldwide. An omnichannel retailer with a rapidly expanding e-commerce platform, True Religion also boasts 51 branded locations and a strong network of long-term wholesale partnerships.

The acquisition of True Religion was supported by both new and continuing limited partners of ACON, including strategic partner SB360, a seasoned investor in the apparel and retail sectors. Leveraging their combined resources and deep industry expertise, ACON and SB360 will empower True Religion’s plans for growth, expand its geographic footprint, and continue the diversification of its product offerings.

Michael Buckley, a significant minority shareholder and True Religion’s CEO, stated, “We have a well-established and strong working relationship with SACP as our current lender. Their continued support of our business and the resources they brought to this acquisition will help us advance our goals as True Religion embarks on the next phase of our journey.”

“We are thrilled to continue our partnership with Michael Buckley and the talented team at True Religion,” said Michael Russell, Managing Director of Second Avenue Capital Partners. “This new chapter of our relationship and the collaboration with ACON and SB360 is an exciting opportunity for our platform, and we look forward to playing a role in the Company’s continued success.”