Diplomat Direct Marketing Corp., Stony Point, NY, has raised $5 million from the sale of debentures to business development company Tandem Capital, Nashville, TN, which will be used to support future growth.
The debentures, securities with attributes of debt and equity, are repayable in five years and can be prepaid at any time. Diplomat plans to use the capital to support increased demand for its Brownstone Studio and Lew Magram apparel catalog merchandise.
Diplomat had gross sales of about $120 million in 1997.
