Boxercraft Inc., a manufacturer of spiritwear and collegiate licensed apparel based in Atlanta, has undergone a recapitalization through River Associates Investments, LLC and Boxercrafts management. The recapitalization was supported by a $21 million “one-stop” financing from Patriot Capital Funding, which was comprised of senior and subordinated debt, and a $1 million equity co-investment. Total funded capital at close totaled $18.7 million.
Founded in 1985 by Jon Carroll, Boxercraft offers American-made pants and shorts, including team-colored flannel, sports and novelty prints for men, women and youth. In 2006, the company acquired Boxer Rebellion, a Virginia Beach-based spiritwear manufacturer. With the acquisition, the Boxercraft Girl line expanded to include matching top and bottom outfits and custom rhinestone transfers.
“Given the unprecedented turmoil in the current financial markets, we were very pleased with Patriots unwavering commitment to support us in this acquisition,” said River Associates Partner Patten Pettway, Jr.
“We are excited to partner with River Associates and Boxercrafts management team on this transaction,” said Richard Buckanavage, President and CEO of Patriot Capital Funding. “With a focus on investing in companies with EBITDA between $2-$10 million, River is a clear Tier 1 sponsor for us. Given their strong track record of investing in the lower middle market, we hope this is the first in a long line of successful transactions together.”
