US-based apparel company Marolina Outdoor has secured $16m asset-backed revolving credit facility from Second Avenue Capital Partners (SACP), a subsidiary of SB360 Holdings, and White Oak Commercial Finance.
The company will use the funding to expand its presence to reach a wider customer base.
Marolina Outdoor chief financial officer Danny Ricard said: “Our company was looking for lenders who were able to maximize our availability and keep up with our growth.
“SACP and White Oak know consumer products and were able to get right to the heart of our needs. They saw the value in our brands and were willing to lend aggressively on our inventory. This new source of working capital will allow Marolina to continue to bring our premier products to the outdoor world.”
Established in 2013, Marolina Outdoor is a portfolio company of New York-based private equity firm Goode Partners.
It offers performance apparel, including technical shirts, jackets, footwear and other accessories under the Huk and Nomad brands.
The company sells its products through sporting goods retailers, independent specialty stores, as well as directly to consumers through the online platforms of both the brands.
Second Avenue Capital Partners president Chris O’Connor said: “We are excited to work with Goode Partners in supporting the tremendous growth of Marolina.
“The company has built two of the most exciting brands in outdoor apparel: Huk and Nomad. Our team at SACP has avid hunters, fishermen and boaters who have worn the brands for years for its performance and modern aesthetic.
“With this new credit facility, the company will have additional working capital, enabling the brands to reach an even wider customer base.”
In January last year, Goode Partners closed a growth equity investment in Marolina Outdoor.