Ibex Outdoor Clothing, LLC has closed a multi-million dollar credit package with First Niagara Commercial Finance Inc., which provides financing solutions, tailored asset-based loans and working capital to help its customers expand and grow.
“At Ibex Outdoor Clothing, we cultivate long-lasting relationships with the craftsman who help us design and create the highest quality wool clothing for our customers,” said CEO Ted Manning. “First Niagara recognized early on the value of our approach and our brand and provided us with a financing package that will enable our global expansion objectives.”
First Niagara’s credit package will help the Ibex refinance outstanding debt and provide working capital to support several nationwide growth initiatives. The company plans include a campaign to increase brand awareness and the addition of new retail stores to its current retail locations in Boston and Seattle.
Headquartered in White River Junction, VT, Ibex Outdoor Clothing is a portfolio company of North Castle Partners, a Greenwich-based private equity firm that invests in consumer-driven product and service businesses that promote Healthy, Active, and Sustainable Living.
“North Castle Partners is committed to investing in companies that promote healthy and active lifestyles for people of all ages,” said David Weston, Vice President at North Castle Partners. “First Niagara’s financing will provide Ibex Outdoor Clothing with the capital needed to provide even more people with high-quality apparel designed to complement all types of outdoor lifestyles.”
“First Niagara Commercial Finance is thrilled to work with Ibex Outdoor Clothing and North Castle Partners. We look forward to continuing to grow our relationships with both companies to help them achieve their growth and profitability goals for years to come,” said Keith Broyles, SVP and Asset Based Lending Team Leader at First Niagara.
First Niagara Commercial is a unit of First Niagara Financial Group, which though its wholly owned subsidiary First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $39 billion in assets, $28 billion in deposits. The company's approximately 5,300 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts.
Founded in 1997 and headquartered in White River Junction, VT, Ibex is a designer of year-round Merino wool outdoor clothing and cycling apparel. The company blends wool with technical innovation and inspired design to create apparel for a diverse range of outdoor and active pursuits and passions. Men’s and Women’s items are divided into Peak, Live, Ride, ETC and Base categories, and are made from the best Merino wool fabrics sustainably sourced from New Zealand, Australia and the United States.
