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| ABL team supply cross border solution |
SHM’s Asset-Based Lending team has once again completed a large and intricate appraisal of a German table, floor coverings and leisure products business to help it agree a secured ABL facility with finance company GMAC Commercial Finance.
Friedola Living is a successful plastics processor that manufacture and purchase merchandise for a wide variety of products for the domestic and leisure sectors, including tableware, floor coverings and outdoor, beach and camping accessories.
It supplies products to a variety of sectors, including Germany’s leading discount stores, DIY stores, department stores, independent retailers, wholesale distribution firms, mail order and online stores as well as exporters.
This was an intricate deal, both in nature and scale, and consequently SHM were able to use all parts of our offering and provide GMAC CF and Friedola Living with a complete appraisal service, encompassing plant and machinery, property and inventory.
By their very nature, cross border deals like this often entail some extra complexities, especially when it comes to inventory and property, and this occasion was no different. In terms of inventory, we were dealing with ready saleable goods and a large percentage of the market share is in Germany. We focussed our research on sales, sectors, sales strategy, customer base and defined exit routes in order to offer realisable liquidity opinions.
Following our detailed appraisal, GMAC CF provided a high level senior credit facility to Friedola Living in December 2007. Friedola Living employs around 400 staff at its manufacturing and warehousing facilities in Meinhard, which is north east of Frankfurt.
The company has a substantial manufacturing complex comprising some 29,000 sq m, a warehousing site of 10,000 sq m and a further 8,000 sq m production plant, as well as four residential blocks and parcels of land within the region.
The plant and machinery included plastics, powder and colour mixing plant, die cutting and rolling machines, Polypropylene and PVC coating machinery, silk screen and gravure print machinery, embossing and rolling equipment.
The appraisal was carried out following a detailed site inspection, when a property, plant and inventory schedule was produced as well as an overview of the business. |
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