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New York | March 2005
Mezzanine Debt Provider Agents $16 Million Subordinated Debt Investment
Praesidian Capital, a provider of mezzanine debt for middle market companies, today announced that it has lead a $16 million Subordinated Debt investment in Life is good, Inc. ("LIG") to support the acquisition of The Shirt Factory ("TSF"), a t-shirt finishing and distribution company currently operating under a license agreement from LIG. LIG designs, licenses, and markets men's, women's and children's apparel, accessories, and recreation products under the Life is goodŽ brand.
"With our previous experience in the apparel sector, we were able to discern the intrinsic value and great potential of the business," said Jason D. Drattell of Praesidian . "Life is good is led by a dynamic management team with a solid, viable plan to engineer a new era of growth for the Company."
About Praesidian Capital
Praesidian provides mezzanine debt for middle-market companies. The firm provides growth capital for established, historically profitable companies as well as for management/leveraged buyouts, recapitalizations and refinancings. Praesidian's executives have overseen successful exits for over 60 deals in the past 20 years and have been involved in all aspects of the deal life-cycle. For more information, visit www.praesidian.com
LIG designs, develops, sources, and licenses apparel, accessories, and beach products that spread a fresh outlook on life through its optimistic cultural hero, Jake(r), on the Life is good(r) brand. LIG was founded in 1989 by Bert and John Jacobs. LIG sponsors 3-4 festivals annually to raise funds for children facing unfair challenges. For more information on LIG, please visit www.lifeisgood.com
Media Contact: Chris Tofalli
Broadgate Consultants, LLC
Phone: 212 232 2222
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