Investec Growth & Acquisition Finance has provided a £16 million debt facility to UK-based Carmel Clothing.
The facility includes a revolver and amortising loan facilities. The financing will provide Carmel with working capital to support future investment and expansion of the company’s, Investec said in a statement confirming the deal.
Carmel has revenues of £30 million, and supplies UK and European high street retailers including Next, Primark, New Look and Arcadia Group (which includes Top Shop) with “catwalk-inspired” clothing. It has facilities in China and Vietnam, and employs more than 100 people.
Investec Growth & Acquisition Finance is part of Investec Specialist Bank. The unit provides finance to entrepreneurs, management teams and private equity groups operating in the UK mid-market. It has the capability to provide financing across the capital structure.