Tiger Finance closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB), an e-commerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.
“Based in Bloomfield Hills, MI, Outdoor Adventure Brands is an e-commerce leader in the snow sport equipment, apparel and paddle categories,” Andrew Babcock, managing director at Tiger Finance, said. “As OAB gears up for a busy 2022, this $8.2 million credit facility better positions its brands to capitalize on the expanding sporting goods market. We are thrilled to partner with OAB on its go-forward strategy.”
“We have a long history of partnering with Tiger with a number of our portfolio companies,” Steve Owen, vice president of Digital Fuel Capital, which is an investor in OAB, said. “Tiger recognized the value in the business and was able to move efficiently and think creatively to provide the necessary liquidity to support working capital growth.”
The financing arrangement, which closed on Sept. 29, comes at a time of increasing activity for Tiger Finance, particularly with respect to transactions that include an e-commerce platform or consumer brand as a collateral component. Examples from earlier this year include Tiger’s $48.5 million revolver/term loan for Daytona Apparel Group, a $30 million credit facility for TerraMar’s $18 million acquisition of Francesca’s and $6 million in funding for Nogin’s acquisition of ModCloth.
“Several factors have come together to drive up demand for Tiger Finance’s product among retail, e-commerce and wholesale companies,” Bob DeAngelis, executive managing director of Tiger Finance, said. “It’s everything from rising consumer demand to spillover effects from supply chain disruptions. As the need for liquidity increases, Tiger Finance is ready to respond.”
