Burdale Capital Finance, Inc., a member of Bank of Ireland Group, (“Burdale”), announced the appointment of Scott Elliotto and Phillip Webb to its expanding asset based lending business in the US and the completion of a Lead Arranged transaction for Merren Inc. for $22 million.
Scott Elliotto, Director, will focus on lead arranged funding opportunities in the US asset based lending market. He joins the team from GE’s Corporate Lending Group and has over 12 years of industry experience. Phillip Webb, Vice President - Underwriting, joins the team from Fortress Investment Group and has 7 years of industry experience.
Merren Inc, is the second largest distributor in the U.S. of bicycle helmets and related accessories. It is headquartered in Coral Gables, Florida with regional offices throughout the U.S. with a distribution center in Rancho Cucamonga, CA. Burdale won the mandate from Merren Inc to be its sole provider of senior financing. The $22 million credit facility will allow the business sufficient financing to meet its working capital requirements and to drive the business forward.
David Grende, Chief Executive of Burdale added: “Since starting business in the US in April 2006, Burdale has been increasingly active across the US asset based lending market and our growing prominence and expertise has been demonstrated by our successes to date. This transaction, managed and arranged by Burdale highlights our capabilities in delivering a financial solution for Merren to support its working capital needs. In addition, the appointments of Scott and Phillip will enable us to capitalize on these successes as well as support our growth ambitions within the US market.”
Burdale offers senior secured asset based loans in the $20-$75 million range with the capability to underwrite loans of up to $200 million. Financings are provided for early- and mid-stage turnarounds, restructurings, leveraged buyouts and general refinancings. Burdale also has the unique capability to seamlessly finance trans-Atlantic middle market transactions.
Burdale’s sister company, Burdale Financial Limited, has been providing asset based financing facilities in the UK and Europe since 1992.
