has received an ABL and Term Loan Spin-Off Financing from
ABOUT THE COMPANY:
Directed is a leading designer and supplier of automotive
aftermarket technology solutions. They have a broad portfolio of products through many channels including leading national retailers and specialty chains throughout North America. Directed is headquartered in CA and also maintains a presence in
Canada.
SITUATION:
As part of a broader refinancing transaction at the corporate parent, the parent’s sponsor sought to divest and independently capitalize Directed, in order to provide flexibility for growth initiatives as well as support ongoing working capital needs. The negotiated carve-out timeline with the existing stakeholder group at the parent level required a very expedited process.
ENGAGEMENT:
G2 was engaged as the exclusive Financial Advisor to Directed in order to identify and engage multiple funding sources, aid in the overall spin-off process, and assist with the evaluation and negotiation of the ultimate transaction.
OUTCOME:
G2 assisted in the execution of an expedited financing and spin-off process – which, from start to finish, lasted fewer than 60 days. G2 closed both an asset-based facility and a term loan with PNC Bank.
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