$6.7M Ecommerce Acquisition Closed – Fishing Tackle Company Florida

We just helped a fishing reel & tackle ecommerce acquisition in Southern Florida get funded using a Pari-Passu structured deal even though there were very few hard assets. Here is the story.

This fishing company does most of its business online through a website. Although they have a retail location in Southern Florida, the bulk of their income is from ecommerce.

This means that the acquisition has very few hard assets and no real estate. With that being said, we still helped finance $6.71 million for the deal!

As we hear other banks are cutting back on these pari-passu-sized deals, especially when there is no real estate involved…..Our funding source is still going full force!

This was just a great business with great margins and solid management. We felt confident that the new regime coming in was qualified and brought a lot of value. Solid company, solid buyers, great cash flow… What more do you need?

Here is the capital structure below on this ecommerce acquisition:

• $4,665,000 7A (combined with LOC maxing out exposure limit for SBA)
• $500,000 7A Express Line of Credit
• $1,710,000 Conventional Note in Pari-Passu position
• $2,700,000 Seller Note
• $1,200,000 Cash Infusion from Buyer

$10,775,000 Total Project Cost