Tully & Holland Advises Patrick James, Inc. on a $5.0 million Debt Financing
May 31, 2011 - Tully & Holland, Inc. ("T&H") is pleased to announce its role as financial advisor to Patrick James, Inc. ( "Patrick James" or the "Company" ) in conjunction with its debt financing transaction. The Company received a new $5.0 million senior secured revolving credit facility from Wells Fargo Business Credit. The proceeds will be used by the Company to retire existing debt and provide working capital for growth.
Christopher Kampe, Managing Director of Tully & Holland's Retail practice commented "This represents the second retail transaction facilitated by T&H thus far in 2011." In March 2011, T&H advised one of the nation's largest publicly held retailers on the successful divestiture of a non-core specialty retail concept. "After two years of extremely difficult market conditions in the retail sector, we are seeing a markedly improved environment for both M&A and financings" reports Kampe.
About Patrick James, Inc.
Patrick James, Inc., founded in 1962, is a multi-channel retailer of men's lifestyle apparel. Merchandise includes sportswear, suits, jackets, denim, dress shirts, neckwear, shoes, and accessories. The Company operates 15 retail stores primarily in California, a highly successful national catalog/online business, and a unique division that plans and conducts inventory liquidation sales for other men's apparel retailers. For more information please visit www.patrickjames.com