NEW YORK--(BUSINESS WIRE)--Sound Point Capital Management (“Sound Point”) is pleased to announce that it closed on a senior secured term loan financing to a subsidiary of Perry Ellis International (“Perry Ellis” or the “Company”), an owner of well-established retail brands. Funding provided by Sound Point will be used to pay down the Company’s existing debt. The Company has been in business for 54 years and was formerly a public company before a take-private transaction in 2018. Perry Ellis owns a diversified suite of brands which generate ample cash flow through licensing to third-party manufacturers. “Perry Ellis owns an array of iconic consumer brands which it has managed successfully for decades,” said Marc Sole, Portfolio Manager and Head of Opportunistic Credit at Sound Point. “We are thrilled to partner with the talented team at Perry Ellis and the Feldenkreis family to support the business through its next stage of growth.”
“We believe Sound Point Capital is an ideal financial partner based on their keen expertise in brand and licensing development, as it provides additional opportunities for expansion of our domestic and international licensing business with our premier brands such as Perry Ellis®, Original Penguin by Munsingwear®, Laundry by Shelli Segal®, Gotcha®, among others,” stated George Feldenkreis, Chairman of Perry Ellis International. “This arrangement will enable us to progress on our brand portfolio's future elevation journey, inspiring consumers globally while delivering sustainable long-term growth and continue to validate the value of our brands,” stated Oscar Feldenkreis, CEO and President of Perry Ellis International.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $28.9 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor, and licensor of a broad line of high quality men's and women's apparel, accessories, and fragrances. The company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses, and men's and women's swimwear is available through all major levels of retail distribution. The company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, An Original Penguin by Munsingwear®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben Hogan®, Savane®, Grand Slam®, John Henry®, Manhattan®, Axist® and Farah®. The company enhances its roster of brands by licensing trademarks from third parties, including: Nike® for swimwear, and Callaway®, PGA TOUR®, and Jack Nicklaus® for golf apparel. Additional information on the company is available at www.pery.com.