Knights Apparel, Inc. (“Knights”), headquartered in Spartanburg, South Carolina, is a designer and supplier of licensed sports apparel. Knights is a licensee for colleges and universities, professional leagues, and professional teams, often under arrangements providing some level of exclusivity. Knights’ products include apparel across a number of categories, including t-shirts, fleeces and sweatshirts, and shorts for men, women, and infant/toddler consumers. Its products are sold to big box retailers, specialty sporting goods stores and bookstores.
Merit invested both subordinated debt and equity, in partnership with Knights’ management, in support of the acquisition.