Fasturn to Announce $40-Million Infusion

Fasturn, which operates an online business-to-business marketplace for the apparel industry, is expected to announce today that it has raised $40 million in a second-round private placement.

Lehman Bros. Venture Partners is the lead investor, along with CIT Venture Capital, a large apparel industry finance company; Tarrant Venture Partners, a fund sponsored by the principals of Texas Pacific Group, a private equity investment firm that owns retailers J. Crew and Bally; and five other companies. Los Angeles-based Fasturn says it can cut costs for garment suppliers, agents and buyers up to 40% by eliminating intermediaries.