Last week, Prospect Capital Corporation announced that it had provided $100 million of senior secured debt financing to support the recapitalization of supplier Broder Bros. (UPIC: BRODER).
Founded in 1919 and headquartered in Trevose, Pennsylvania, Broder operates eight facilities providing t-shirts, fleece, sport shirts, and other imprintable soft goods. Littlejohn & Co., LLC, a middle-market private equity firm, is Broder’s largest stockholder. David Simon, a managing director of Littlejohn, says, “Prospect impressed us with its diligent and efficient underwriting process, helping to recapitalize Broder to position the company for long-term success.”
Richard Carratu, a managing director of Prospect Capital Management, LLC, adds, “With our scale team, one of the largest and most experienced in the middle-market, coupled with our deep credit expertise, we are pleased with completing the Broder transaction to support Littlejohn and Broder’s experienced management team.”