Industry: Sporting Goods Parameters: JV Supplementary Inventory; Consignment Augmentation Situation Prior to Sports Authority’s bankruptcy filing, Tiger Capital was approached by PJT Partners to help their clients, the Junior Secured Term Lenders, better understand both the operating and liquidation options available to Sports Authority.The Term Lenders were owed in excess of $240MM, junior to the traditional borrowing base structured ABL and FILO working capital facility.In addition to a second lien on all of the working capital assets, the Term Lenders also had a 1st lien on the furniture, fixtures and equipment and intellectual property.PJT leveraged Tiger’s knowledge as both lender and liquidators to help them better understand both the asset values and likely liabilities of a bankruptcy. Tiger's Role Tiger performed a thorough review of the company’s inventory, FFE and leases. Additionally, Tiger provided market perspective on lease values and mitigation costs savings, IP values realized on similar transactions, and historical expenses and wind-down costs on like-sized businesses.Tiger also helped PJT and the bank group understand the potential upside value in the various asset classes, and the impact of various liquidation structures; Fee vs Equity, Augmentation, etc.Tiger then worked with the company in liquidating 132 stores pre-bankruptcy, with proceeds utilized to pay-down the senior revolver. Industry: Fashion & Apparel Parameters: $6MM Term Loan; Acquisition Financing Situation Walmart elected to exit its ModCloth assets and negotiated a sale to Go Global Retail. The transaction required a fast turnaround to fund working capital and acquisition financing. The Company contacted Tiger as a lender that could quickly assess the business plan and the asset value. Tiger's Role Within weeks of engagement, Tiger’s appraisal team evaluated the inventory and intellectual property assets, and the transaction team negotiated the terms and documents with Walmart and Go Global.Tiger met the aggressive deadline and closed the transaction within 10 days of an executed term sheet. Resolution Go Global now has the liquidity necessary to remake the brand in its vision. Industry: Fashion & Apparel Parameters: Term Loan: $10.0MM FILO, working capitalDIP Loan: $25.0MM Revolver: $25.0MM RevolverTerm Loan: $6.0MMEquity Investment Situation After experiencing several years of rapid growth and profits, the company encountered several years of financial setbacks due to over-expansion, and challenges due to the rapidly changing women’s fashion apparel retail marketplace. The company engaged a well-respected strategic consulting firm along with a new management team to help reposition the company’s product offering, operating platform and capital structure as part of an overall turnaround business plan. Tiger's Role Tiger has a long history in both valuing and monetizing retail assets, with a vast level of experience working with retailers like Francesca’s, such as Aéropostale, Rue21 and Forever 21. As a result, Tiger had a tremendous level of knowledge in the company’s business model, and the underlying working capital assets supporting the term loan, along with a historically long-term, trusted relationship with the senior lender.Working closely with the company advisors and its senior lender, Tiger funded a $10 million junior secured term loan to supplement the amendment to the existing $40 million revolving working capital facility. Industry: Sporting Goods Parameters: Joint Venture Equity Acquisition Situation ASE/ Performance Bikes sold Fuji, Kestrel, SE and Joe Beezer bikes through a chain of Performance Bikes retail stores, as well through a wholesale network of 750 independent bike shops located throughout North America. Driven largely to mounting losses of the retail bike locations, ASE filed bankruptcy and liquidated the Performance Bike retail stores, while at the same time looking for a solution on the wholesale business line. Tiger's Role Tiger teamed up with the Taiwanese manufacturer and a third-party real estate entity to purchase all the wholesale assets, IP, and owned real estate of ASE to preserve the ongoing wholesale distribution channels. Tiger is the acting general partner on the transaction and is currently operating the wholesale business line.Our competitors were unwilling to bid on the wholesale working capital assets and IP, other than on a fee basis. Resolution Tiger’s purchase price resulted in the full repayment of the senior lender debt and all administrative expenses. Industry: Fashion & Apparel Parameters: Revolver: $7.0MM FILO (within $45.0MM Revolver), 2nd on working capitalTerm Loan: $3.5MM, 1st Lien on IP, 2nd Lien on working capital Situation The Company underwent an Article 9 strict foreclosure sale in early 2020. The Company’s current private equity owner, Windsong Brands, acquired the business alongside their largest creditor and supplier. Windsong realized portions of the business were highly fragmented from an operating perspective and saw significant potential to leverage their existing relationships to stabilize and grow the business platform, particularly as it related to the Walmart business and certain IP assets. Tiger's Role Leveraging the team’s long-standing relationship with the Company’s CEO and Windsong, Tiger was selected to arrange a full capital structure refinance including upsizing the Company’s existing Revolving Credit Facility and Term Loan Facility to support the liquidity and growth needs of the Company. Resolution Through Tiger’s creative capital solution, the Company has bolstered its liquidity, allowing them to grow working capital and expand upon the existing Walmart relationship, as well as expanding into new product lines with new customers. Industry: Oil & Gas; Construction Services Parameters: $11MM Term Loan (all asset lien); Equity Investment Situation A lower middle market pipe trader had an opportunity to purchase the inventory from a cancelled pipeline. The opportunity was 10x the size of their typical project. Tiger's Role Tiger has completed several pipe liquidations and was able to quickly assess the opportunity. Tiger acted and closed quickly enabling the operator to secure the product amidst increasing prices, providing both debt and equity. Resolution Tiger and its partners are liquidating the pipe through a structured finance facility. Tiger’s accounting staff has provided the additional administrative services to accommodate the increase in volume for the broker. Tiger’s Commercial and Industrial division has provided additional sales and marketing support and is responsible for 35% of sales. Industry: Construction Services Parameters: Revolver: $13.75MM Term Loan (all asset lien) Situation Due to Covid, Laney Directional Drilling had significantly missed sales plans and was underperforming. The Company’s existing facility with a senior bank group was in workout with the debt coming due, and they needed a new financing partner. A broker brought the situation to Tiger’s attention as all other potential lenders had not yet been able to get comfortable with the assets of the Company. Tiger's Role Tiger’s Commercial and Industrial team was able to quickly identify the asset value of the M&E assets, and Tiger was able to step in late in the process to offer a financing solution. Resolution On a compressed timeline, Tiger provided financing that allowed for a refinancing of the senior lender before maturity and provided liquidity for 2022. Industry: Real Estate Parameters: $17.2MM Term Loan; 1st on Real Estate Situation Velocity Ventures had purchased a neighboring property from one of Tiger’s borrowers in the last two years. Assets were being auctioned off through a 363 process, including a piece of property Velocity Ventures was interested in acquiring. Velocity needed to find financing quick in order to purchase the real estate and equipment. Tiger's Role Tiger Finance worked with the Borrower to complete diligence and documentation in two weeks to meet the bankruptcy court mandated milestones. Resolution Velocity Ventures was the successful buyer of the parcel during auction at an attractive price. Industry: Apparel Parameters: $38MM Working Capital Finance Situation Alpha 6 Distributions, creator of the outdoor apparel brand Arctix, was looking for additional capital to support the working capital needs of their rapidly growing brand. Tiger's Role Tiger has a deep understanding of the seasonal nature and predictability of winter sports apparel and cash flows. Tiger is also well versed in Amazon marketplace lending and collateral monitoring. The Merchant wanted a partner that could help provide additional insights regarding the heath of the Company’s working capital, and Tiger Finance was a natural partner. Resolution As the primary lender to Alpha 6, Merchant Financial Group tapped Tiger Finance to provide an additional $15.2 million in growth capital for the Company, based in Locust Valley, NY. Tiger’s contribution brings the total credit facility to $38 million. Industry: Amazon Aggregator Parameters: $20MM Growth Financing Situation Pilot Wave E-Commerce Holdings, LLC (PWE) is a consumer goods subsidiary of Pilot Wave Holdings, which acquires established businesses and implements proprietary analytics to ramp up their performance. PWE’s current facility with a local bank undervalued their Amazon Inventory and Amazon Receivables, and they sought a more dynamic structure. Tiger's Role Tiger’s broad experience valuing, liquidating, and lending on Amazon Inventory and Receivables led to a natural fit with PWE to provide a flexible facility which traditional lenders would not accommodate. Resolution Tiger provided a $20MM credit facility, providing a flexible structure to support PWE’s data-driven approach to acquiring, operating, and scaling e-commerce businesses. The credit facility was comprised of a $10MM term loan with an accordion of up to $10MM.