Private equity firm Huron Capital recently committed $40m to recapitalize Sock & Accessory Brands Global LLC (SABG), a Mocksville, NC-based designer and marketer of fashion casual and athletic socks.
Fifth Third Bank provided senior debt financing for the transaction.
Following the investment, which was made through Huron’s most recent private equity fund, the $350m Huron Fund III, L.P., SABG will continue to be led by its founder and CEO, Jeff Arnold.
Huron Operating Partner Jim Clegg has joined SABG as Executive Chairman and President. Both, Arnold and Clegg now hold significant ownership stakes in the business.
SABG’s products are sold under company-owned brands, licensed brands such as Eddie Bauer, Crocs, and others, and as private label socks under retail store brands.