SANTA MONICA, Calif.--(BUSINESS WIRE)--Careismatic Brands, LLC (“CBI” or “the Company”), the world’s largest medical apparel provider, today announced that it has emerged from Chapter 11 following confirmation of the Company’s Plan of Reorganization on May 31, 2024. The completion of the financial restructuring process marks a pivotal milestone in Careismatic’s corporate transformation and positions it for long-term growth.
"The completion of our financial restructuring process will enable us to better serve all of our stakeholders in the retail and healthcare communities,” said Sid Lakhani, CEO of Careismatic Brands. “We enter our next chapter with strong financial footing and the resources to invest in the innovations that enhance the comfort and confidence of those who wear our uniforms. As I look to our bright future ahead, I am deeply grateful to our team for their dedication during this process and to our customers and suppliers for their continued loyalty and support.”
Through its financial restructuring process, Careismatic has significantly strengthened its capital structure by eliminating all of its third-party debt. With a strong financial foundation, the Company is well positioned to invest in product innovation and operational excellence, enhancing its ability to serve its global customer base. Careismatic moves forward under new ownership with a group of investment funds, led by Nexus Capital Management, who have been dedicated partners to the Company through the restructuring process.
“Careismatic now has a solid foundation for future growth, profitability, and continued industry leadership,” said Evan Glucoft, Managing Director of Nexus Capital Management. “We look forward to partnering with CBI’s leadership to realize their strategic objectives and continue the Company’s legacy of excellence in the healthcare apparel industry."
Advisors
Kirkland & Ellis LLP and Cole Schotz P.C. served as legal counsel, PJT Partners LP served as investment banker and AlixPartners LLP served as financial advisor to the Company. Milbank LLP and Houlihan Lokey served as legal and financial advisors, respectively, to an ad hoc group of first lien lenders who are now the Company’s new shareholders.
About the Company
Careismatic Brands, Inc. is a trusted global leader in medical apparel with a distribution platform that spans more than 75 countries. Its extensive portfolio of premium brands includes Cherokee Uniforms, Dickies Medical, Infinity, Healing Hands, MedCouture, and Scrubstar, among others. Careismatic is proud to support several nonprofit organizations, including The DAISY Foundation, U-VOL Foundation, and Mercy Ships.
