Overview

A global cosmetics company.

Opportunity

Advent invested significant funds to carve out the brands from their corporate parent and create a new standalone entity.  A year post acquisition with much of the infrastructure in place, the business needed a working capital facility.

Solution

SLR Credit Solutions provided $15.0MM of a $125.0MM senior unitranche ABL facility agented by Wingspire and secured by a first lien on all assets and the stock.

The borrowing base included stretch advance rates on the working capital assets and an advance on the value of the brands/intellectual property.

Advent anticipates increasing the facility to provide incremental capital for add on acquisitions.