Founded in 2004 and headquartered in Nashville, TN, Essex Technology Group, LLC (dba Bargain Hunt or “the Company”) is an extreme value retailer with 91 locations throughout the southeast. Essex Technology Group is one of the leading providers of reverse logistics and excess inventory solutions to manufacturers, retailers, and e-commerce operators. With strong sourcing capabilities and enhanced inventory processing systems, the Company offers their customer “crazy savings on amazing brands” across a wide assortment of everyday consumables in addition to exceptional values on apparel, home furnishings and various other merchandise categories.
ACON Investments acquired the Company in 2020 and has invested in enhancing the Company’s systems, processes and management team. Their objective was to refinance the existing lender with a new financing source that could provide more liquidity against the assets and a larger facility to facilitate growth.
SLR Credit Solutions provided $40.0MM senior secured asset-based credit facility comprised of a $20.0MM Revolver and a $20.0MM Term Loan. Our structure maximized the value of the inventory and generated a borrowing base that provides for increased levels of liquidity.