NEW YORK — November 17, 2016 — Praesidian Capital, a leading provider of senior and subordinated capital for small and mid-sized businesses, announced today that it agented a $32.5 million senior debt investment and a $2.0 million equity co-investment to support the acquisition of Palmetto Moon (the “Company”) by Topspin Partners (“Topspin”) and Motivity Capital Partners (“Motivity”).
Headquartered in Charleston, Palmetto Moon is a specialty retail chain with 11 stores across South Carolina, Georgia and North Carolina. The Company sells a variety of brands within the “lifestyle retailing” market, which includes apparel and is one of retail’s largest and fastest growing segments. Over the past few years, the Company has experienced significant growth which has been driven by a combination of opening new locations and same store sales growth.
Steve Lebowitz, Managing Partner at Topspin commented: “It is a pleasure partnering with the Praesidian team again. They provided a tailored financial solution which will allow us to execute the Company’s growth plans and we appreciate their continued support.”
Martin Sobol, Partner at Motivity stated: “Praesidian listened to our needs and delivered flexible capital, which will be instrumental in continuing to expand the Palmetto Moon geographic footprint.”
Glenn Harrison, Partner of Praesidian Capital, commented: “We are very excited to have completed our second transaction with Topspin and our first with Motivity. We are confident that their combined industry expertise will drive the Company’s continued success for years to come.”
About Palmetto Moon
Founded in 2002 and headquartered in Charleston, SC, Palmetto is a specialty lifestyle retail chain with nine stores in South Carolina, one in Pooler, GA and one in Wilmington, NC. Palmetto sells a variety of top apparel brands including Vineyard Vines, Sperry and Simply Southern as well as brands such as Patagonia and Yeti that are geared towards outdoor enthusiasts. Palmetto also sells state and local pride merchandise such as Clemson University and University of South Carolina apparel and accessories. For more information, visit www.palmettomoononline.com.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established small and mid-sized companies, often in connection with management buyouts, recapitalizations, and refinancings. Based in New York with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
Topspin Partners is a suburban NY-based private equity fund that makes control investments in profitable and established lower middle-market businesses. The firm invests across a number of industries, including niche consumer, health and wellness, food and beverage, business services and security. The Topspin team has considerable operational expertise and collaborates with management teams to build businesses of varying stages and sizes. Further information on Topspin can be found at www.topspinpartners.com.
Motivity Capital Partners is a Texas-based private equity firm that invests in profitable retail chains with sales from $10 million to $250 million. Motivity’s partners have more than 100 years of experience in retail and a proven track record of growing retail businesses. Motivity focuses on the fastest growing segments, both demographically and within the industry and partner with established dynamic retailers with strong management teams that have proven an ability to adapt and to differentiate from the competition. Additional information about Motivity can be found at www.MotivityCapital.com.
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