Gordon Brothers loans 25 million dollars to Everlane to support growth
Global advisory firm Gordon Brothers has announced that it has provided American clothing retailer Everlane with a 25 million dollar term loan secured by the brand and its working capital assets.
In a release, the company said the brand would use the loan to support “over a decade of continued growth”.
Speaking on the agreement, Tobias Nanda, president of brands at Gordon Brothers, said the firm had admired Everlane since its founding and recognises the “significant brand value” it has built.
Nanda continued: “So, when presented with the opportunity to work with the team and Everlane’s sponsor, we immediately saw how our multi-asset approach to lending could be a perfect fit for all parties.”
Gordon Brothers, which owns the likes of Laura Ashley and Nicole Miller, has been actively investing in brands since 2003, offering both short and long term capital to clients undergoing transformations.
Chief financial officer of Everlane, Bill Wafford, added: “Gordon Brothers’ flexible approach will help build a better capitalised business that matches the strength of Everlane’s underlying brand.
“Everlane is poised for continued expansion as it resonates with an increasing number of consumers who are making active decisions around the effect of their purchases – and want to look great while doing so.”
It follows a recent additional funding into the brand by CIT Northbridge Credit, which served as an agent on a 65 million dollar revolving credit facility for Everlane.