Wednesday saw the last chapter of an operation involving VF Corporation, retailer John Varvatos and equity firm Lion Capital LLP. Cit.com, a leading provider of financing to small businesses and middle market companies just announced that it provided a senior secured asset-based credit facility to John Varvatos Enterprises, Inc.
The financing was completed in conjunction with the acquisition of the Company by Lion Capital LLP, a consumer focused private equity firm, from VF Corporation. In late April, Lion Capital LLP on Monday completed its purchase of the majority ownership interest in John Varvatos Enterprises Inc. from VF Sportswear Inc. and John Varvatos.
Varvatos launched his namesake brand in 2000 with a collection of tailored clothing and sportswear. It now includes an entire men's lifestyle collection that is distributed in 10 freestanding John Varvatos boutiques across the United States and online, as well as in specialty stores and high-end department stores worldwide.
VF acquired the brand in 2003 as part of its purchase of the Nautica brand.