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Jun
12
2018
The Company: Privately owned manufacturer of premium artisanal Greek yogurt, handmade from a proprietary family recipe. Financial Profile: Revenue: $21MM | EBITDA: $2MM The Financing Situation: The Company had engaged a middle market investment bank to secure a large round of growth equity capital. During this process, the Company required additional working capital to help complete the ...
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May
30
2018
Link to article here The simplicity and speed required to put together a unitranche facility has made it a popular option for borrowers and lenders. However, the façade of the split-lien solution is beginning to crack as first and second lien lenders find themselves in a tug of war over intangibles. Charlie Perer explores the ways lien fighting is imploding a once beautiful friendship. The harm...
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May
22
2018
The Company: Publicly held (OTC) provider of telecom & engineering services and solutions. Financial Profile (Consolidated): Revenue: $32mm | EBITDA: $2.7mm The Financing Situation: The Company was seeking subordinated debt to help finance the acquisition of a telecom staffing company that would expand its geographic footprint and service offerings. Given the consolidated EBITDA profile ...
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Apr
18
2018
Link to article here The past few years a battle has been taking place between the nation’s largest banks, regional banks and non-bank asset-based lenders (ABLs), all focused on $30-50 million ABL facilities. This competition has pitted the big banks vs. the regional banks and a new crop of non-bank ABLs that were formed to serve this market. At the same time, a new crop of non-bank ABL firms...
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Mar
28
2018
The Company: Sponsor-backed, cloud-based software platform primarily marketed to outbound sales organizations. The Financing Situation: The Company raised over $3MM in a Series A equity round and experienced significant growth over the prior three years. The Company needed growth capital to execute on its sales pipeline, but did not want to raise additional equity before its Series B round due ...
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Mar
22
2018
Link to article here The soaring stock market has resulted in a frothy ABL market with competition at an all-time high and liquidations, outside of retail, at a low. Appraisals from the Big Four firms have held up. Charlie Perer looks into his crystal ball to envision the ABL scenario when the next recession hits. When the next recession hits, we are all going to find out whether the emperor...
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Mar
07
2018
The Company: Provider of a SaaS based system that assists K-12 educators and administrators in managing, overseeing and enhancing their students’ engagement in digital learning environments. The Financing Situation: Due to the cyclical nature of education-based budgeting and spending in school districts, cash flow in the EdTech space is highly seasonal. Contracts are paid on an annual b...
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Mar
02
2018
Company: A fast-growing insurance broker specializing in selling affordable self-insured health plans to municipalities and businesses with 100 plus employees. The Financing Situation: The Company was quickly seeking expansion capital to open 3 new office locations and hire new employees to support new clients it recently enrolled. The Solution: Super G specializes in funding busine...
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Feb
21
2018
The Company: Family-office backed U.S. manufacturer and supplier of specialty textiles. The Financing Situation: The Company was in the process of refinancing its existing senior credit facility with a lower cost ABL facility. However, there was insufficient collateral availability to pay off the entire senior credit facility balance. The Company’s M&E was already levered so the shortfa...
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Feb
07
2018
The Company: Leading producer of perennials, annuals and tropical plants and one of the largest greenhouse operations in the United States. The Financing Situation: The Company needed additional working capital for its low season (fall – winter), when sales volumes are at their lowest and preparations for the spring high-volume period begin. The Company has an asset based lending facility i...
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