Ares Commercial Finance Provides a $25 Million Credit Facility to Pegasus Home Fashions
September 5, 2024
Source: Ares Commercial Finance
NEW YORK – September 4, 2024 – Ares Commercial Finance announced today that it has provided a $25 million senior secured revolving line of credit to Pegasus Home Fashions Inc. (“Pegasus” or the “Company”). The Company is one of the largest manufacturers and distributors of bedding products in the United States. Specializing in the manufacture of fiber and foam-filled bed pillows, the Company also wholesales a selection of ancillary bedding basics such as mattress pads, toppers, and pillow protectors. Pegasus serves well-known customers within the mass-market, warehouse club, off-price, dollar store and other specialty channels. Proceeds from the financing enabled Pegasus to refinance existing indebtedness and will provide additional capital for working capital purposes.
About Pegasus Home Fashions
Founded in 1990 and headquartered in New Jersey, Pegasus is one of the largest manufacturers and distributors of bedding products in the United States. Specializing in the manufacture of fiber and foam-filled bed pillows, the Company also wholesales a selection of ancillary bedding basics such as mattress pads, toppers, and pillow protectors. Products are marketed under the Company’s proprietary brands, including EZ Dreams®, ISO-Pedic®, America’s Pillow, and Essence of Bamboo, among others, as well as a broad portfolio of leading licensed brands – including Beautyrest®, Martha Stewart® and a number of Perry Ellis® labels – and private store brands. Pegasus serves well-known customers within the mass-market, warehouse club, off-price, dollar store and other specialty channels.
About Ares Commercial Finance
Ares Commercial Finance (“ACF”) is the commercial finance platform of Ares Management Corporation. ACF provides credit facilities up to $300 million to middle market and lower-middle market companies. ACF addresses a wide scope of industries including manufacturing, distribution, wholesale, retail and consumer products, and service. Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to deliver creative, flexible, and customized financing solutions for a variety of financing needs: general refinancing, working capital/growth, acquisitions, restructuring/turnaround situations, debtor-in-possession/exit financing, and special accommodation financing. For more information on ACF visit www.arescommercialfinance.com.
About Ares Management Corporation
Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2024, Ares Management Corporation's global platform had over $447 billion of assets under management, with more than 2,950 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
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