NewSpring Capital has invested $11 million in Sock and Accessory Brands Global Inc. Headquartered in Advance, North Carolina, SABG is a hosiery and accessories design, product development and distribution company.
Radnor, PA – November 24, 2015 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital (“NewSpring”), the firm’s dedicated mezzanine fund, has made an $11 million investment in Sock and Accessory Brands Global, Inc. (“SABG”) in partnership with NewStar Business Credit and Huron Capital Partners. SABG utilized the proceeds from the investment to refinance its existing capital structure.
Founded in 1999 and a Huron Capital Partners portfolio company since 2011, SABG is a designer and importer of fashion and athletic socks, accessories and children’s apparel sold principally through specialty footwear and sporting goods stores, department stores, discount retailers and mass retailers. SABG offers products featuring a portfolio of major licensed brands including John Deere, NBA and BearPaw as well as thirteen of its own proprietary brands. In 2012, SABG was named to Inc. Magazine’s lists of the fastest-growing private companies in America and the Top Companies in North Carolina.
“We are excited to add SABG to the NewSpring Mezzanine portfolio and are thrilled to partner with SABG’s strong management team and Huron Capital Partners,” said Kristin Lee, NewSpring Principal. “We are confident that the Company’s strong leadership team, diverse brand portfolio, customer-focused design, and operational capabilities will continue to drive success in the business.”
“SABG is pleased with the addition of our new financial partners and we look forward to working with them as we continue to execute on our growth initiatives,” said Tom O’Riordan, CEO of SABG.
Sock and Accessory Brands Global, Inc. is a hosiery and accessories design, product development, and distribution company headquartered in Advance, NC. With a four person trend forecasting team and ten full-time designers, the Company is strongly focused on performance, style, innovation, and development. The SABG team has thorough technical expertise in product, promotional material and retail display. Mocksville, NC houses the 239,000 square foot state-of-the-art warehouse facilities, which ship over 1.3 million units of goods every month to hundreds of customers domestically and internationally. For more information, please visit www.wearsabg.com