Tom Greco, CEO of Hilco Valuation Services announced the opening of a new valuation services office that will be located in Sydney, Australia. This new office will be led by Brendan Smyth, a Hilco Valuation Services veteran who has been with the company since 2007. Until relocating to his native country of Australia, Brendan had been working out of Hilco’s operations in London.
With an extensive knowledge of inventory and machinery and equipment appraisals and having worked for all major asset based lenders, Smyth has been involved with and has a deep understanding of numerous sectors including; Retail, Food & Beverage, Electronics, Textiles, Automotive, Aerospace, Metals & Other Commodities, Packaging, Construction, Cosmetics, Agricultural, Pharmaceuticals, Transport, Home Goods, Toys, Giftware, Luxury and Sporting Goods. Smyth spent the last seven years working for Hilco Valuation Services Europe where he provided independent asset valuations for financial providers specializing in asset based lending based on orderly liquidation values. Smyth has conducted over 300 appraisals in 13 countries throughout Europe and Australasia.
In Australia, Hilco Valuation Services will be focused on executing inventory, machinery and equipment and intellectual property appraisals for the emerging asset-based lending community. In addition, Hilco will deliver business valuations and valuation work for financial reporting, insolvency and dispute resolution purposes. The Australian lending market has experienced a recent shift to true asset-based lending offerings with some sizable retail and industrial transactions having been completed over the past two years and increasing regulatory pressure for lenders to have independent appraisals conducted.
“Given the recent trends we have seen in Australia with regards to the expanding capital markets and Asset-Based lending in particular, it was an easy decision to grow our valuation practice in that region. Brendan Smyth is the ideal person to lead our team in Australia given his long track record of success at Hilco and his desire to grow this business in his native land,” said Greco.
“We are very committed to the Australian marketplace and are pleased to expand our organization in Sydney by adding another business practice to the current Hilco Merchant Australia and ReCapital business units that have been successfully serving clients on the ground since 2011,” said Jeffrey B. Hecktman, chairman and CEO of Hilco Global.