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 Augustas 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 LinCaps ownership, resigned. He was replaced by Letzler, who joined Augusta Sportswear in April 2007 as president.