Everlane, Inc., the retailer of sustainable apparel, accessories and footwear, has secured a $65 million revolving credit facility.
“This financing will provide acceleration for our business through new stores and product expansion and allow us to continue to extend our mission of sustainability at a much-needed time in the world,” said Michael Preysman, founder of Everlane. “We are proud to partner with CIT Northbridge and appreciate their expertise and partnership in this next chapter.”
The company sells products primarily through its e-commerce website, as well as its 10 retail stores in New York, Massachusetts, Texas, Washington, California, the District of Columbia and Pennsylvania.
CIT Northbridge serves as agent for the financing.
“With the trends, we’re observing in the apparel space and the heightened focus on sustainability and environmental impact, we are pleased to work with Everlane to be on the front lines of this transformation,” said Neal Legan, who leads CIT Northbridge. “We are excited to add this financing to our portfolio and look forward to supporting Everlane’s future endeavors.”
