Fashion lender Capital Business Credit, which had been a part of Richard Perry’s hedge fund empire along with Barneys New York, has been acquired by San Francisco-based White Oak Global Advisors.

Perry moved to close his hedge fund in September, leaving the future of many of its assets, including Barneys, in question. “It was the right time for Richard and his fund to sell its investment, which they held for over 10 years,” said Andrew Tananbaum, who will remain executive chairman at CBC.

Tananbaum said the deal would bolster the lender, which had more than $300 million in loans out when it as acquired earlier this month.

Although times have been trying for many fashion companies and retailers, finance firms close to the companies they lend to can find lots of business.

“When times are tough, banks pull back and asset-based lenders and factors step up into more exposure,” Tananbaum said. “So with the background that White Oak has in asset-backed lending and the background we have, we probably are able to manage risk better than the banks and therefore we’re much more optimistic.”

He said that while some retailers are weak, balance sheets in the sector are generally “pretty good.”

With the new corporate structure, CBC will be able to lend out larger sums, up to $100 million, to borrowers.

Thomas Otte, managing director and partner of White Oak Asset Based Lending, said his company has about $3 billion in assets and employs 72 people.

“We look at this as an opportunity to build additional scale and broaden our footprint,” Otte said.

White Oak’s chief executive officer Andre Hakkak added, “The acquisition of CBC expands White Oak’s lending capabilities into the significant and growing asset-based lending market while providing White Oak’s investors with attractive alternative credit strategies. Capitalizing on acquisitions of platforms with disciplined lending practices, such as CBC, is an important component of White Oak’s overall strategy.”

Houlihan Lokey served as exclusive financial adviser to CBC on the deal.