Dreams, Inc., a licensed sports collectibles and memorabilia business, has entered into an $18 million loan and security agreement with Comerica Bank that will improve the liquidity and working capital structure for its newly AMEX-listed company.
Dreams said it will transition from its current $10 million asset-based credit facility and move towards a more traditional cash-flow lending arrangement with Comerica providing $18 million in credit facilities; $15 million in a working capital revolver and $3 million earmarked for the cash portion of future strategic acquisitions.
“We believe Comerica will be an excellent long term partner for our company as we seek to be a consolidator in this highly fragmented industry,” said Ross Tannenbaum, president & CEO of Dreams. “This move will also allow for meaningful costs savings with better pricing. In addition, we will seek to improve our entire treasury management landscape by working with the Comerica team and their market-leading products and technology.”
Based in Plantation, FL., Dreams Inc.'s subsidiaries include:
- Mounted Memories, its wholesale division, is a leader in production of authentic sports and celebrity autographed memorabilia and collectibles.
- Field of Dreams, its exclusively licensed franchise system, has retail stores located in 29 premier shopping malls across the country, thirteen of which are company-owned through Dreams Retail Corporation.
- The Greene Organization organizes promotional and personal appearance events for current and former athletes to Corporate America.
- Malcolm Farley Art features the artwork of the famous sports and celebrity artist Malcolm Farley.
- FansEdge.com and ProSportsmemorabilia.com are the leading providers of licensed sports products and autographed memorabilia via the Internet.
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