Daily News: August 11, 2014

Tiger Announces Launch of Sydney-Based Firm

Tiger Capital Group announced the launch of an Australian-based venture focused on bringing leading-edge asset advisory, valuation and liquidity services. The launch of Tiger Asset Group marks the first time a U.S. asset advisory firm has established a permanent presence in Australia to offer consulting and capital liquidity services, said Daniel Kane, Tiger Group’s principal and managing member.

“Over the past few years, restructuring, advisory, and private equity firms in Australia have been increasingly calling on Tiger for operational and strategic advice on a broad range of retail, wholesale and industrial opportunities,” said Kane. “After years of consultation, we have responded to this growing market need by partnering with seasoned, long-established restructuring professionals in Australia.”

Tiger Asset Group, which is headquartered in Sydney and plans to open offices across the country, will offer consulting services, formal appraisals, asset disposition services and capital infusions for operating businesses ranging from mining and factory equipment to luxury retail inventories. In addition to providing equity capital and debt financing as needed, the new entity will work to help Australian operators respond to rising competition from ecommerce and the influx of global chains. Appraisals will cover all categories of consumer goods and industrial assets, including machinery and equipment and intellectual property. In addition, Tiger will provide liquidity to businesses with excess or non-productive assets through auction advisory services, lease renegotiations, and wind-down services when needed.

“The Australian marketplace is in the midst of rapid change,” noted Damian McCarthy, CEO of Tiger Asset Group and former executive director of GraysOnline, the Australian online retailer and auctioneer. McCarthy has more than 23 years of experience as a chartered accountant, restructuring professional and director of distressed asset advisory firms.

“As a direct result of rising competition, companies now see an acute need to expand their borrowing bases,” he said. “With its multidisciplinary team of experts on the ground in Australia and the support of Tiger’s U.S. professionals and financing, Tiger Asset Group is uniquely positioned to help these companies aggressively leverage the value of their underutilized or unproductive assets, including inventory, machinery and equipment, real estate, and intellectual property.”

In addition to McCarthy, key Australian executives include another GraysOnline alumnus, Steven Laws, who has 30 years of experience in working with distressed assets, and Fraser Ronald, an experienced restructuring professional, workout banker and financier, who most recently served as head of Asset Management for GE Capital in Sydney. Ronald has also held senior positions with Grant Thornton and KordaMentha, both major players in the Australian restructuring scene. Bob DeAngelis, Tiger Capital Group executive managing director, will serve as chairman of the new venture’s board of directors.