Tabar Inc. refinances with Wells Fargo
SOUTHPORT, Connecticut, May 1, 2010 - Carter Morse & Mathias ("CMM") announced today the closing of a refinancing transaction for Tabar Inc, a market leading designer and importer of technically-advanced gloves, with offices in Bethel, CT, Bellingham, WA, and Hong Kong. Tabar provides gloves for four seasons of sports, including skiing, snowboarding, cycling, power sports, hunting/fishing, and water sports as well as tactical hand-ware for specialty applications. Its customers include several of the most respected outdoors sports brands including Mountain Equipment Co-op, Outdoor Research, REI, EMS, Mountain Hardwear, Columbia, Saucony, Eddie Bauer and a broad range of specialty brands.
Tabar's true differentiation is its understanding of market trends and its state-of-the-art design and international sourcing capabilities for high performance gloves, which has is technically difficult to manufacture Tabar is a three time winner of the Outside Magazine's Best Places to Work.
CMM was hired by Tabar Inc. in February 2009 to help review their strategic options following a challenging 2008. Tabar's lender, a New York based money center bank, had a renewed focus on their collateral coverage and ratio requirements as a result of the credit crunch, and subsequently moved Tabar to their special assets group. CMM worked with the Company to review its operations and financial position, devise a strategy to better manage its immediate cash needs, and create a tactical plan to manage its seasonal working capital needs.
As part of the plan, CMM served in a de facto CFO role for Tabar, and worked closely with management to negotiate a forbearance agreement, visited a number of key accounts to negotiate short term solutions, analyzed weekly cash flows, and helped execute the plan. Once over the seasonal peak, CMM led the discussions and negotiations with a number of potential lenders, and ultimately closed a combination of new credit facilities with both the Purchase Order Finance Group and the Trade Capital divisions of Wells Fargo Capital Finance.
Gary Schloss, President of Tabar, remarked "The team at CMM helped us accomplish what was seemingly impossible a year ago, and now we are stronger and wiser as a result. We would not be here today had it not been for them."
Ramsey Goodrich, Managing Director at CMM and head of the Consumer Industries Group, commented "We are pleased to be associated with such a dynamic company and help Gary and his team establish new credit relationships, especially in the face of the credit crunch. This new financing gives the Company a solid footing for its continued success and the resources it needs to resume its rapid growth."