OGDEN, Utah, Nov. 03, 2020 (GLOBE NEWSWIRE) — TAB Bank is pleased to announce it has entered into a multi-year agreement with Diff Eyewear to provide a $4 million revolving credit facility. The facility was used to refinance the company’s existing senior debt and provide for the company’s ongoing working capital needs as it continues to expand the reach of its growing brand.
Based in Los Angeles, Diff Eyewear provides premium eyewear while giving the gift of sight to those in need. Since 2015, Diff has donated over 1,500,000 pairs of reading glasses to individuals in need around the world. Every pair of Diff’s sold helps to provide eye exams, surgeries, glasses, and medicine through their partnership with Sightsavers.
Designed in their Southern California studio, each pair of frames is hand-cut from a single piece of acetate, making them more comfortable and flexible than lesser quality injection-molded frames.
“It was my pleasure working with TAB to secure our facility. We found the TAB team to be remarkably flexible, creative and competitive throughout the process,” said Bob Ross, CEO Diff Eyewear. “This facility will help continue to grow the Diff brand, including both our online channel, www.diffeyewear.com. and our wholesale channel which sells to over 2,000 customers including Nordstrom and Dillard’s. It will also enable us to launch new brands including the recently launched Dime Optics and further our licensing reach around the world.”
”TAB is excited to partner with the Diff team and support their important charitable mission. It became clear in early discussions with the management team and their investment banker that the company needed a custom solution to support both their traditional retail and e-commerce channels to market. The e-commerce channel has experienced hyper growth as a result of the currently shifting retail environment. TAB was able to deliver a unique flexible solution that will enable the company to take advantage of opportunities for growth in both areas. TAB has a growing portfolio of mission-oriented brands focused on wellness, sustainability, and making a positive impact. This is something we are passionate about and proud to promote and support,” stated Brett Horwitz, TAB’s Managing Director and Head of Originations in their Western Region.
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including Asset-Based Revolving Loans, Accounts Receivable Financing, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services.
Brett Horwitz is TAB Bank’s Managing Director & Head of Originations for the Western Region based in Los Angeles. Brett has years of experience developing client relationships and structuring credit facilities in the asset-based lending arena. Brett can be reached at 949.466.5255 or at brett.horwitz@tabbank.com.
