Twin-Star International

Parameters

$27.5MM revolving credit facility and bridge loan.

Situation

Twin-Star International is a leading wholesale and e-commerce furniture manufacturer with a diversified product offering and national distribution footprint. PNC Bank served as the company’s asset-based lender, providing working capital to support ongoing operations and growth.

By early 2024, amid shifting market conditions and increased scrutiny of the facility’s risk profile, the incumbent lender reassessed its exposure and began evaluating strategic exit alternatives.

Tiger’s Role

In May 2024, Tiger reduced lender exposure by acquiring a 30% participation and implementing monthly collateral appraisals to enhance transparency and oversight. When the incumbent lender later elected to exit, Tiger stepped in as lead capital provider, refinancing the facility at par and assuming full control of the credit relationship.

Resolution

The transaction provided Twin-Star with continuity of capital and improved liquidity at a critical juncture. Consolidating the facility under Tiger’s direct management enabled faster decision-making, greater structural flexibility, and a more hands-on approach aligned with Twin-Star’s operating needs, while allowing the incumbent lender to exit cleanly.