White Oak and Tiger Finance Provide $90 Million Asset-Based Loan to Support TerraMar
NEW YORK–(BUSINESS WIRE)–White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that it has provided a $80 million revolver to a Midwest-based distributor and value-added service provider of specialty metal products with operations throughout the United States (“Company”). Additionally, Tiger Finance, LLC, a subsidiary of Tiger Capital Group, LLC, provided a $10 million term loan to the Company. The proceeds were used to support the Company’s working capital growth, and to finance its acquisition by TerraMar Capital LLC (“TerraMar”), a Los Angeles-based investment platform providing debt and equity capital to middle-market businesses. The financing provided availability against the Company’s accounts receivable, inventory and equipment.
“White Oak’s corporate finance creativity and deep collateral insight were critical to this deal in maximizing the Company’s borrowing capacity,” said Mark Smith, Managing Director at White Oak. “When combined with a long-standing presence in the metals sector and proven experience structuring unitranche transactions, we were able to execute with speed and certainty to turn a time-sensitive and sizable transaction into an efficient process for the borrower.”
“We are excited to complete this acquisition. The Company is well positioned for continued growth and we are excited to begin working with them to support its next chapter,” said Joshua Phillips, Founder & Managing Partner at TerraMar. “White Oak and Tiger Finance operated as highly supportive and flexible counterparties in financing the transaction, and I would welcome the opportunity to work with them again in the future.”
“Tiger Finance is pleased to participate in the provision of working capital in this transaction,” said Andy Babcock, Managing Director of Tiger Finance. “White Oak and TerraMar have been great partners in the past and we look forward to continued growth for this Company.”
About White Oak Commercial Finance, LLC
White Oak Commercial Finance, LLC (WOCF) is a global financial products and services company providing credit facilities to companies at every stage of their growth. WOCFs solutions include asset-based lending, full-service factoring, lender financing, invoice discounting, government contract financing, supply chain financing, inventory financing, US import/export financing, trade credit risk management, account receivables management and credit and collections support. The firm has offices and personnel throughout the US, UK, and Australia, including New York, San Francisco, Charlotte, Washington D.C., Atlanta, Los Angeles, London, Glasgow, and Sydney. WOCF is an affiliate of White Oak Global Advisors, LLC and its institutional clients. More information can be found at www.whiteoaksf.com/commercialfinance.
About White Oak Global Advisors, LLC
White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in originating and providing financing solutions to support small and middle market enterprises at every stage of their lifecycle. WOGA and its financing affiliates optimize capital structure based on available assets and cash flow and provide over twenty lending products to the market that include term, asset-based, and equipment loans. Since its inception in 2007, WOGA and its affiliates have deployed over $10 billion across its product lines, utilizing a hands-on, disciplined investment process that focuses on delivering risk-adjusted investment returns to investors, while establishing long-term partnerships with its borrowers. More information can be found at www.whiteoaksf.com.
About TerraMar Capital LLC
TerraMar Capital LLC is an investment platform headquartered in Los Angeles that provides debt and equity capital to middle-market businesses facing an inflection point. We offer customized capital solutions for complex situations where speed and certainty are often important considerations.
About Tiger Finance, LLC.
Tiger Finance is a division of Tiger Capital Group, which specializes in the provision of secured debt financing and equity investments, as well as comprehensive appraisals for the ABL industry and the disposition of consumer and industrial assets. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger’s seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto.