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Equity Partners HG Closes Asheboro Elastics Corp Refinancing

 

For Immediate Release | October 18, 2019

Equity Partners HG announced it acted as the exclusive investment banker to Asheboro Elastics Corp in the placement of its new senior secured debt.

Asheboro Elastics Corp (“Asheboro” or the “Company”) is a privately-held, leading producer of knitted and woven narrow fabrics for the apparel and bedding industries. The credit facility will be used to support ongoing working capital needs for the Company’s operations in North Carolina and Central America.

Charles Adams, Asheboro’s CEO, commented “This new lending relationship will allow the Company to continue its growth initiatives and provide the level of service and products our customers have come to expect from us over the past 33 years.”

Rob Hubbard, Chief Restructuring Officer for Asheboro, added, “The Company is well positioned to continue serving customers and working with vendors moving forward. Having been involved with the people at Asheboro for so long, I am pleased with this outcome that will allow them to continue doing great work.”

Over the past three years, Asheboro had completed a strategic reorganization which involved divesting non-core assets to refocus on the apparal and bedding segments and improve profitability. As a result of these efforts, Asheboro retained Equity Partners HG to contact a broad range of lenders and investors to discuss strategic options that would allow the Company to achieve its long-term growth objectives. Matt LoCascio, managing director for Equity Partners HG, said “After reviewing proposals from multiple groups, the decision was made to proceed with a new senior secured facility that would best position the Company for continued success. We believe this provides a great solution for Asheboro moving forward.”

Other professionals who worked on the transaction include:

  • Rob Hubbard, Hub Management Group, Chief Restructuring Officer to Asheboro Elastics Corp
  • Charles Ivey III, Ivey McClellan, counsel to Asheboro Elastics Corp
  • Pete Palladino, Choate Hall & Stewart, counsel to incumbent secured creditor