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H.I.G. WhiteHorse Supports Suitsupply’s Buyout of Minority Shareholders
LONDON – October 27, 2015 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged a €35 million holding company PIK loan financing for Suitsupply, a leading men’s clothing retailer. Founded in 2000 in Amsterdam, Suitsupply operates through its own extensive retail network in Europe, North America and Asia. Suitsupply’s revenues are in excess of €150 million, and have been growing at more than 25% per year.
H.I.G. WhiteHorse has provided a flexible financing structure, supporting the company’s management in buying out their minority shareholders and the business for the next stage of its growth and international expansion. The management team now controls 100% of the equity.
Haseeb Aziz, Managing Director at H.I.G. WhiteHorse, said: “Suitsupply is a very successful men’s clothing retailer with a unique market position and strong potential for continued growth. We are delighted to provide a customized financing solution to support management to take full ownership of their company. This transaction demonstrates our ability to provide bespoke, flexible and deliverable financing solutions in a timely manner.”
Fokke De Jong, Founder and CEO of Suitsupply, commented: “H.I.G. WhiteHorse made a very thorough analysis of our business and understood our growth drivers and markets. The creative financing solution they put in place will help fuel further growth in the US, Asia and Europe.”
Suitsupply is a leading men’s wear retailer providing high-quality suits, shirts, jackets and other items at attainable prices. Headquartered in Amsterdam, Suitsupply started operating in 2000 and has since expanded its store portfolio outside of the Netherlands to the US, China, UK and other European countries. In addition, the company has franchise stores, store-in-stores and operates a successful webstore.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with €17 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €22 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.