A Year in Review

As we end a year unlike any other in our history, Gordon Brothers reflects on 2020’s dynamic and unique challenges. Despite 2020’s global obstacles we found new ways to work, minimizing risk and maximizing opportunity to help our clients move forward through change. We welcomed new talent and delivered complex multi-asset and multi-jurisdictional solutions. As always, Gordon Brothers strives to give back and support our local communities, and this past year we focused on supporting charities across the globe impacted by COVID-19 and working to better the lives of people challenged medically and financially by the pandemic. 

 

New faces

Gordon Brothers welcomed over 50 new hires in 2020 including the following individuals:

  • David Swift, Director, Commercial & Industrial
    Leeds, United Kingdom
    David Swift joined Gordon Brothers in January as head of the Leeds, U.K. office. He is responsible for developing and maintaining business relationships with restructuring and insolvency professionals, accountants, private clients, clearing banks, private equity houses and asset-based lenders. Read David’s full bio.
  • Nick Schofield, Senior Director, Commercial & Industrial
    London, United Kingdom
    Nick joined Gordon Brothers in March as a Senior Director of Commercial & Industrial. He has over 35 years of experience in the industrial valuation and disposition business and is regarded as one of the foremost experts in this field. Read Nick’s full bio.
  • Richard Ansell, Director, Retail
    Sydney, Australia
    Richard Ansell also joined Gordon Brothers in March as a Director of Retail. He is responsible for leading Gordon Brothers retail advisory business in Australia and South East Asia. Read Richard’s full bio.
  • Steve Holstein, Head of Business Development
    Boston, United States
    Steve joined Gordon Brothers in April as the Head of Business Development and is responsible for building, driving and leading Gordon Brothers’ global business development, which includes research, sales and marketing. Read Steve’s full bio.
  • Evren Ozargun, Managing Director, Corporate Development & Credit
    Boston, United States
    Evren also joined Gordon Brothers in April as the Managing Director of Corporate Development & Credit. He is a trusted adviser to senior leadership helping to set and execute the strategic agenda for the firm, identifying and supporting new initiatives, pursuing and integrating new alliances and structuring complex transactions. Read Evren’s full bio.
  • Kyle Shonak, Managing Director, Retail
    Boston, United States
    Kyle joined Gordon Brothers in May as the Managing Director of the retail division and formed part of the team responsible for enhancing our firm’s retail growth strategy and managing retail client engagements. Read Kyle’s full bio.
  • Dennis Bolton, Managing Director, Commercial & Industrial
    Charlotte, United States
  • Dennis Bolton also joined Gordon Brothers Commercial & Industrial division in May as Managing Director. Dennis is responsible for assisting clients in evaluating remarketing methods for various types of industrial assets, as well as the sourcing and facilitating large equipment deals in a multitude of sectors including construction, mining, energy and aviation industries. Read Dennis’ full bio.
  • Cindi Giglio, Associate General Counsel
    New York, United States
    Cindi Giglio joined the Gordon Brothers legal team in June as Associate General Counsel serving as our front-line transactional counsel in North America primarily for our Retail and Commercial & Industrial businesses. She advises on legal strategy, transaction structuring and negotiation, managing deal documentation and execution, and related corporate matters. Read Cindi’s full bio.
  • Brendan Smyth, Director, Valuations
    Sydney, Australia
    Brendan Smyth joined Gordon Brothers in July as the Director of Valuations. He is responsible for leading the Valuations business in Australia to deliver comprehensive asset valuations to the restructuring/insolvency sector and lending community, including asset-based lenders, private equity firms, corporate management teams, investment funds and professional advisers. Read Brendan’s full bio.
  • Samantha Findley, Director, Special Situations
    Sydney, Australia
    Samantha also joined Gordon Brothers in July as the Director of Special Situations. She is responsible for special situations investments and lending opportunities across all industries in Australia overseeing transactions from initial concept and origination to deal execution and portfolio management. Read Samantha’s full bio.
  • Thomas Pedulla, President, Real Estate
    Boston, United States
    Tom Pedulla also joined Gordon Brothers in July as the President of Real Estate and is responsible for developing, driving and executing the firm’s expanding real estate investments and services. Read Tom’s full bio.
  • Greg Zaharewicz, Director, Commercial & Industrial
    London, United Kingdom
    Greg Zaharewicz joined Gordon Brothers in December and is responsible for deploying capital on asset acquisitions in the European market. He has over 25 years of experience in commercial and industrial assets deal structuring. Read Greg’s full bio.
  • Keith Tatterton, Director, Valuations
    Leeds, United Kingdom
    Keith Tatterton also joined Gordon Brothers in December and is responsible for delivering asset valuations to the lending market at Gordon Brothers. He has over 30 years of experience within the plant and machinery sector. Read Keith’s full bio.

 

COMPLETED PROJECTS

Gordon Brothers completed numerous projects expanding our services within our divisions and globally with the completion of our first project in Singapore.

Valuations & Appraisals

  • L Brands
    Gordon Brothers appraised the inventory of L Brands’ iconic Victoria’s Secret and Bath & Body Works brands.

Dispositions

Including Inventory, FF&E, Machinery & Equipment and Real Estate

  • Akebono Brake
    Gordon Brothers assisted the U.S. subsidiary with the closure of two plants.
  • Bardot
    Gordon Brothers was appointed by the company’s Administrator to conduct an inventory realization program for $25 million Australian of inventory and sell the furniture, fixtures, and equipment of 56 stores. Our firm worked with the Administrator and the balance of the business was sold as a going concern. Read more in our case study.
  • Galeria Karstadt Kaufhof
    Gordon Brothers was engaged by Galeria, a heritage German department store, to support its restructuring proceedings and disposition of over 50 big-box department stores across Germany.
  • Honda
    Gordon Brothers was appointed as the exclusive asset selling agent of Honda’s machinery and equipment from its fully integrated automotive manufacturing plant in Swindon, England, one of Europe’s largest automotive plants. The sale began in October with multiple online auctions and ongoing private treaty sales prior to the scheduled plant closure in July 2021.
  • Honokuni Department Store
    Gordon Brothers conducted the store closing sale of the Japanese department store. Read more in our case study.
  • Karstadt Sports
    Gordon Brothers was engaged by Karstadt Sports, Germany’s leading sportswear retailer, to assist with its restructuring proceedings and disposition of more than 16 large sports stores across Germany.
  • Le Chateau
    In a joint venture, Gordon Brothers was retained to conduct store closing sales for Le Château Inc, a Canadian retailer.
  • Le Tote and Lord & Taylor
    In a joint venture, Gordon Brothers helped lead the going out of business events for the two iconic American department stores.
  • Bose
    Gordon Brothers served as an adviser to the audio technology company’s retail real estate portfolio.
  • Crabtree & Evelyn
    Gordon Brothers served as a strategic real estate adviser for the U.K. quality fragrance, gift and bath and body collections company.
  • Crunch Fitness
    Gordon Brothers served as an adviser to the retail real estate portfolio of the New York-based chain of 325 fitness clubs worldwide.
  • Pier 1 Imports
    In a joint venture, Gordon Brothers managed the going-out-of-business sales at more than 350 U.S. Pier 1 stores and disposed of the home decor retailer’s inventory across five locations in the U.S.
  • Robinsons
    Gordon Brothers was engaged to manage the store closure program of Robinsons, a heritage department store retailer in Singapore, with $25 million Singaporean of retail inventory by its provisional liquidators KordaMentha.
  • Stage Stores
    In another joint venture, Gordon Brothers managed the going-out-of-business sales at more than 720 Stage Stores, Inc. locations in the U.S. and appraised the retail inventory for this specialty department store chain.

Investment & Financing

Within Special Situations

  • Bench
    After Gordon Brothers acquired the Bench brand, the iconic British streetwear brand, and all its related intellectual property assets in 2018, our firm successfully sold Bench to Wraith, an affiliate of Apparel Brands Limited, for all territories outside of the Americas in April. Read more in our case study.
  • Brooks Brothers
    Gordon Brothers provided Brooks Brothers with $32.5 million in financing in May, which was secured by unencumbered intellectual property to help meet the American retailer’s liquidity needs. Read more in our case study.
  • Companhia Mineira de Açúcar e Álcool
    Gordon Brothers, in partnership with a Brazilian agricultural and biofuel machinery dealer, acquired 67 units of farm equipment from energy firm Companhia Mineira de Açúcar e Álcool. This marked the second deal Gordon Brothers completed in Brazil in 2020 focused on the agricultural industry.
  • Jose Sanchez Peñate
    Gordon Brothers purchased the machinery and equipment of the four plants of Jose Sanchez Peñate in the Canary Islands, which will be leased back to the company. Read more in our case study.
  • Kings Transport Group
    Gordon Brothers provided an asset-based lending facility to refinance Kings’ incumbent bank, which enabled the company to execute their transformation plan. The underlying collateral induced Kings’ fleet of motorized and non-motorized assets with a sculpted amortization profile to support operational cashflows.
  • Laura Ashley
    Gordon Brothers acquired the global brand, archives and related intellectual property from the Laura Ashley group’s U.K. Administrators in April. In October, Laura Ashley chose to partner with NEXT plc to reintroduce their home products online and in stores nationwide. Read more in our case study.
  • McWilliam's Wines
    Gordon Brothers provided a loan facility to help bolster the Administration and support the KPMG Administrators within an accelerated timeframe as they undertook the sale of this Australian winemaker.
  • Mothercare
    Gordon Brothers provided a new £19.5 million secured term loan facility to Mothercare Global Brand Limited (“Mothercare”). The new facility, secured against the brand, replaced Gordon Brothers’ existing exposure of £11.6 million to Mothercare, providing the U.K. retailer with additional liquidity of approximately £7.9 million.
  • Odebrecht
    Gordon Brothers acquired a large fleet of pipe-laying and related heavy equipment located in Argentina, Bolivia and Uruguay from engineering firm Odebrecht. This was the first deal engagement for Gordon Brothers in the three countries, representing our continued growth into the Latin American market. Read more in our case study.
  • Splend
    Gordon Brothers provided Splend Pty Ltd with critical bridge financing enabling the timely refinance of approximately 50% of its car fleet. Read more in our case study.

 

COMPANY ANNOUNCEMENTS

This past year was unlike any other in Gordon Brothers’ history, and we’d like to highlight a few announcements from 2020.

  • Wendy Eng
    Wendy Eng, Managing Director, Consumer and Industrial Valuations, was profiled in The Secured Lender's fifth Women in Secured Finance issue as one of the industry’s leading female executives in the secured finance industry. Read more.
  • Mosana Khan
    Honored with 40 Under 40 Award Mosana Khan, Business Development, Canada, was honored as a recipient of the Secured Finance Network’s 40 Under 40 Award. Read more.
  • Laura Ashley Begins NEXT Chapter
    Gordon Brothers announced Laura Ashley® has chosen to partner with NEXT plc to reintroduce their home products online and in stores nationwide. NEXT has over 500 stores in the U.K. and Eire and an online presence in over 70 countries making them an ideal retail partner to continue Laura Ashley’s story. Read more.
  • A Worldwide Commitment to Emergency COVID-19 Relief
    In March 2020, Gordon Brothers and its shareholders collaborated with employees to establish the $1 million Global COVID-19 Emergency Relief Fund and together carefully selected over 60 philanthropic organizations working to better the lives of people challenged medically and financially by the pandemic. In the spirit of Giving Tuesday, Gordon Brothers’ shareholders completed $1 million in donations to these charities in November. Read more.

    Although the 27th Annual Charity Golf Tournament was deferred to 2021 because of the ongoing pandemic, the Family Support Fund to benefit Boston’s Children’s Hospital held it first ever virtual fundraiser, raising more than $445,000.

    Additionally, Gordon Brothers doubled the number of volunteer days in 2020 so all employees could take time off to support their local communities.