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A Passion for Fashion: Cerberus Buys Rafaella, May Bid for Saks Chain

Cerberus Capital Management, a New York-based private equity firm, is set to close on an acquisition of Rafaella Sportswear at the end of the month.

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As first reported in WWD, Blass hired UCC Capital Corp. as its banker and financial adviser in the sale of the company. A deal is expected to close sometime in the next 60 days, said a source familiar with the sale process.

Robert D'Loren, president and ceo at UCC, said, "There is strong interest in the company. It is still up for sale and there is interest from both strategic and financial players."

D'Loren declined further comment on the process, but others familiar with the negotiations said there have been several offers put on the table for Blass. Those offers ranged from $35 million to the $80 million range. One source close to the fashion house said, "Those offers have already been rejected." The source declined to disclose the asking price for Blass.

UCC did the securitization of the Blass trademarks several years ago. His most consumer branded deal is acting as lead agent to complete the financing for the MacGregor Golf Co., a $30 million senior debt facility that includes a $12 million revolver followed by an $18 million Term A loan, which closed this month. MacGregor is a sporting goods and apparel firm.
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