Daytona

Parameters

Revolver: $7.0MM FILO (within $45.0MM Revolver), 2nd on working capital
Term 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.