Gordon Brothers, the global advisory, restructuring, and investment firm, recently closed a ground breaking syndicated acquisition financing of Best & Less using an Asset-Based Lending (ABL) structure, one of the first acquisition finance transactions using ABL technology in the Australian marketplace.
Gordon Brothers was engaged by the private equity firm Allegro Funds to provide the facility which included acquisition and working capital finance, and with the overall availability and sizing determined by reference to the underlying inventory and asset valuations as opposed to a traditional cashflow or earnings based financing. Best & Less, headquartered in Sydney, operates 195 discount department stores across Australia. The transaction was completed in just 17 days from commitment letter to final documentation.
The deal’s success is the result of the firm’s flexibility, retail expertise, ability to participate across asset classes, and willingness to collaborate as the borrower sought a long-term partner. You can learn more about Best & Less and similar deals at www.gordonbrothers.com.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston with 25 offices across five continents.