Tiger Finance provided a $6 million term loan to support Nogin’s acquisition of digitally native fashion retailer ModCloth. Additionally, Tiger Valuation Services provided inventory analytics support to Nogin.
Nogin, which is a provider of outsourced e-commerce for fashion and consumer product companies, used the financing to help fund its purchase of ModCloth assets from brand investment platform Go Global Retail for an undisclosed sum.
Founded in 2002, ModCloth offers women’s clothing, shoes, handbags and accessories for 18- to 35- year-old women. Go Global acquired ModCloth from Walmart in January 2020 in a transaction that also included financing from Tiger, which specializes in the provision of secured debt financing and equity investments as well as appraisals for the asset-based lending industry and dispositions of consumer and industrial assets.
“We are pleased to have been able to assist Nogin in its first acquisition of a consumer brand as this fast-growing company looks to diversify beyond its traditional role of managing the e-commerce operations of major brands,” Andrew Babcock, managing director of Tiger Finance, said. “This was a natural step in the company’s progression and provided the perfect opportunity for Nogin to step in and buy an established online retailer with a very loyal and passionate following.”
Originally founded as Branded Online, Tustin, CA-headquartered Nogin has provided enterprise-level solutions and technology for Honeywell, Hurley, Bebe, Lululemon, True Religion, Yeezy and, most recently, Charming Charlie’s.
“We have a huge advantage of being able to get brands to be world class and profitable within 90 days of putting them on our platform. It’s what we have always done. Investing where we see great potential is a natural extension,” Jan-Christopher Nugent, CEO of Nogin, said. “The seamless partnership with Tiger paves the way for ModCloth to focus on delivering great products and stories to the brand’s community of passionate consumers while staying true to its core values that champion female empowerment and inclusivity.”
“The Nogin transaction represents a continuation of Tiger’s growing presence in e-commerce asset-valuation, monetization and capital-infusion,” Bob DeAngelis, executive managing director at Tiger Finance, said. “This is a natural outgrowth of our long history in brick-and-mortar retailing. Like their brick-and-mortar counterparts, e-commerce companies have to constantly review their assets to support their go-forward strategies, which might include acquiring or selling brands or selectively liquidating online inventories. Our team at Tiger is well equipped to meet all of those needs for this ever-growing industry.”
