Gordon Brothers, the global asset experts, has provided Middle West Partners(MWP) $30 million in financing and advisory work to support the private equity firm’s majority stake acquisition of the luxury jewelry brand David Webb.
In addition to the acquisition, MWP will use the financing, consisting of a $25 million revolving credit facility and $5 million accordion feature, for working capital to support the brand’s business operations.
With an extensive jewelry background and over a century of industry expertise, Gordon Brothers supported MWP in an advisory role prior to the acquisition. In addition to the financing package, the firm will continue to provide consulting services to support David Webb’s operational strength and go-forward strategy.
“Having established a comprehensive working partnership with David Webb and MWP, we worked side by side on the initial investment diligence andare pleased to support this acquisition and ensure a seamless transition,” said Kyle C. Shonak, Chief Transaction Officer, North America at Gordon Brothers. “Our deep asset expertise, retail background, and in-depth knowledge of the jewelry business positioned us well to not only provide the financing, but also engage with our partners to provide inventory consulting services, appraisals and field exams on a go-forward basis.”
Gordon Brothers’ lending platform provides revolving credit facilities in addition to first-in, last-out loans, split-lien or stretch financing, bridge financing and in-transit financing, enabling the firm to offer creative liquidity solutions tailored to companies’ needs at any point in the business lifecycle. In addition, the lending team leverages all aspects of the firm’s asset expertise to provide advisory services and holistic solutions to clients.
“The firm’s history in the fine jewelry category and clear understanding of David Webb’s value and importance in the industry made partnering with Gordon Brothers on this investment an easy decision,” said Kevin Kelleher, Partner at MWP. “We look forward to building on this historic brand’s legacy and entering the next chapter of the brand’s success and growth.”
