Excelsior Capital Partners, a private investment firm, announced today that its portfolio company Artissimo Designs LLC (“Artissimo”), has closed on a $15 million revolving ABL credit facility with PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (“PNC”).The credit facility will help Artissimo fund new growth initiatives and the working capital demands as the company looks to expand its product offering and capabilities.
Headquartered in El Segundo, California, Artissimo is the industry leader in trend-setting wall art at major retailers in the United States and Canada. Artissimo operates in three segments: Wall Décor, which focuses on fashionable wall art; Sports, which has licenses with the major sports leagues to produce innovative and captivating wall art of all major sports franchises in North America; and Entertainment, which focuses on important studios such as Disney, Marvel, and DC Comics and key properties including Star Wars, Frozen, and the Avengers.
New investments in state of the art manufacturing equipment has enabled Artissimo to get product to market quickly, with no minimum quantities, and respond to opportunities generated by current events and sports championships (i.e. World Series, Super Bowl, Final Four, Stanley Cup, etc.).
“We are developing several new product formats, and upgrading our manufacturing processes with state-of-the-art equipment and information systems to streamline our operations, expand our capabilities and make us more cost efficient ” said Keith Weller, Executive Vice President at Artissimo. “PNC’s credit facility will help fuel these initiatives and gives us a flexible capital source that will support our growth under Excelsior Capital Partners’ ownership. We are very grateful for Lisa Westhafer and the PNC team’s tireless efforts to structure the credit facility to meet our unique needs.”
Excelsior Capital Partners invests in special situations and specialty lending opportunities in operating companies and commercial real estate.