THL Credit Closes Two New Investments
"Demand for junior capital from private equity sponsors " as well as from independent or unsponsored opportunities " remains robust. Our investments in Charming Charlie and Purple are examples of financing great companies built through strong relationships with the principals," said James K. Hunt, Chief Executive Officer of THL Credit. "We are pleased with this strong start to 2011 and remain focused on identifying and closing investments in durable investment opportunities."
RECAPITALIZATION OF CHARMING CHARLIE
THL Credit and its managed fund, THL Credit Greenway Fund LLC, provided the subordinated debt capital in the recapitalization of Charming Charlie, Inc., a portfolio company of Hancock Park Associates. Headquartered in Houston and operating in over 25 markets across United States, Charming Charlie is a fashion accessory boutique that offers unique fashion accessories, such as earrings, necklaces, bracelets, handbags, scarves and belts to a diverse female clientele.
"Charming Charlie has built a unique boutique concept in women's fashion accessories with a strong presence in large urban and suburban markets. We are pleased to be able to support the company's growth," said Sam Tillinghast, Co-President of THL Credit.
PARTICIPATION IN REFINANCING OF PURPLE
THL Credit provided capital in the refinancing of Purple. Headquartered in Rocklin, California, Purple is a provider of communications services for people who are deaf, hard of hearing and speech disabled. Purple operates its business along two primary relay business units: Video Relay "which includes VRS, on-site interpreting and video remote interpreting" and Text Relay.
"Purple offers a valuable service that aids, enables and empowers conversation among a large community of users. We are pleased to partner with a company that enriches the lives of its customers; we look forward to supporting Purple's growth and value creation for stakeholders," said Chris Flynn, Managing Director at THL Credit.
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston. THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment advisor registered under the Investment Advisers Act of 1940.
THL Credit, Inc.
Terrence W. Olson
COO & CFO
Sard Verbinnen & Co