Allied Capital Commits $68 Million to Augusta Sportswear

February 8, 2008
SGB Update

Allied Capital Corporation said it has invested $68 million of secured second lien debt plus a minority equity co-investment to support the buyout of Augusta Sportswear Group by private equity firm Quad-C Management. As reported, Linsalata Capital Partners sold Augusta to Quad-C and members of Augusta’s management led by Jon Letzler, the firm's president and new CEO.


“We are pleased to support Quad-C Management in its buyout of Augusta, one of the leading players in a highly fragmented market, known for its large product offering, high fill-rates, quick turnaround times, and high level of customer service,” said Mike Grisius, Managing Director of Allied Capital. “We look forward to working with the management team and sponsor to continue to build the company's strong market share both organically and through acquisitions,” he added.


As part of the acquisition, Brian Marks, original founder of Augusta Sportswear and CEO throughout LinCap’s ownership, resigned. He was replaced by Letzler, who joined Augusta Sportswear in April 2007 as president. 


Founded in 1977, Augusta is among the largest suppliers of blank athletic uniforms in the U.S. The company sells over 52,000 SKUs of team uniforms, athletic apparel, outerwear and school-inspired products to over 40,000 customers, consisting of uniform suppliers, custom decorators and promotional products distributors. Augusta's brands include Augusta, Holloway, High Five, Jones & Mitchell and Bomark.

 

Allied Capital Commits $68 Million to Augusta Sportswear

SGB Update

Allied Capital Corporation said it has invested $68 million of secured second lien debt plus a minority equity co-investment to support the buyout of Augusta Sportswear Group by private equity firm Quad-C Management. As reported, Linsalata Capital Partners sold Augusta to Quad-C and members of Augusta’s management led by Jon Letzler, the firm's president and new CEO.


“We are pleased to support Quad-C Management in its buyout of Augusta, one of the leading players in a highly fragmented market, known for its large product offering, high fill-rates, quick turnaround times, and high level of customer service,” said Mike Grisius, Managing Director of Allied Capital. “We look forward to working with the management team and sponsor to continue to build the company's strong market share both organically and through acquisitions,” he added.


As part of the acquisition, Brian Marks, original founder of Augusta Sportswear and CEO throughout LinCap’s ownership, resigned. He was replaced by Letzler, who joined Augusta Sportswear in April 2007 as president. 


Founded in 1977, Augusta is among the largest suppliers of blank athletic uniforms in the U.S. The company sells over 52,000 SKUs of team uniforms, athletic apparel, outerwear and school-inspired products to over 40,000 customers, consisting of uniform suppliers, custom decorators and promotional products distributors. Augusta's brands include Augusta, Holloway, High Five, Jones & Mitchell and Bomark.

 

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