New York, NY, Feb. 08, 2022 (GLOBE NEWSWIRE) -- 5 Star Apparel, which styles and manufactures many of the best-known names in fashion, announced a new $125 million credit facility to support its existing operations and continued expansion. IDB Bank was the lead agent and one of three banks financing the credit facility.
The home of brands includes but is not limited to True Religion, Lee Jeans, IZOD and Eddie Bauer. 5 Star Apparel has worked with IDB Bank since its inception in 2003. The Oved, Betesh and Pardo families are owners of 5 Star Apparel. Additionally, the Oved Brothers have been customers of IDB Bank for over 40 years.
“In the apparel business, IDB Bank is the only bank we’ve ever used,” says Isaac Oved. “For over forty years, they have been responsive partners, listening to our needs as the business changed, and our needs evolved.”
“Our longstanding relationship with 5 Star Apparel has given us a front-row seat for its spectacular growth. Even in challenging times, we’ve been there with cash flow and financing solutions,” says IDB First Vice President Barry Solomon. “This credit facility will support 5 Star Apparel as it continues to expand and evolve.”
“With a sophisticated lending platform, and a dedication to relationships based on listening closely to our clients, we pride ourselves on being able to provide and execute complex strategies tailored to each situation,” says IDB Executive Vice President & Chief Lending Officer Lissa Baum.
5 Star Apparel is a privately held business offering more than 20 different clothing brands for men, women and children, selling some of the largest retailers in the U.S.
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About IDB (www.idbny.com)
IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. Headquartered in Manhattan, IDB operates branch offices in Brooklyn, NY, Staten Island, NY and Short Hills, NJ, and full-service branches in Southern Florida and Southern California. The bank offers a full-service lending platform for personal and commercial banking, trade services and deposit products to U.S.-based and international clients. Its areas of expertise include Middle Market, Asset Based and Commercial Real Estate Lending, Factoring, Trade Finance, Apparel and Consumer Products, Healthcare, Food and Beverage, High-Tech, Education and Non-Profit and U.S. and International Private Banking. IDB also operates a syndication desk that enables administration of complex transactions.
