PWCC Marketplace, together with affiliates PWCC Services and PWCC Vault, established a $175 million asset-based credit facility led by WhiteHawk Capital Partners as sole lead arranger and book runner and Wingspire Capital serving as revolver agent. D.A. Davidson served as exclusive financial adviser to PWCC for the financing.
PWCC will use the proceeds of the financing to create further liquidity for its growing commercial financing business, which provides a menu of loan and cash advance offerings to clients using trading cards as collateral.
“The demand for PWCC’s commercial financing services has reached the level where partnering with industry leaders in asset-based financing solutions makes strategic sense for all involved,” Brent Huigens, founder and CEO of PWCC, said. “Our clients now have additional capital options presented to them as part of their PWCC Vault accounts, the company can continue to innovate around its capital practices, we gain access to experts in the financing field, and WhiteHawk gains exposure to a high performing financing program in an emerging sector. It is a strategic partnership that is exciting for all parties.”
“The PWCC management team has built a best-in-class full-service auction, storage, and lending platform,” Rob Chimenti, managing director of WhiteHawk, said. “We are excited to be part of their growth and success as an innovative industry leader in the emerging collectible sector.”
“PWCC is a global market leader in the trading card and related collectibles industry and has successfully transitioned to a dynamic, software-enabled technology company,” Brad Gevurtz, managing director at D.A. Davidson, said. “We are very happy to have worked with the PWCC management team on this partnership. We see a bright future for PWCC as it grows and expands its global footprint.”
“This Financing further validates the trading card asset class as a liquid market with a growing universe of buyers and sellers in which PWCC continues to be a leader and innovator,” Amy Johnson, managing director and head of debt advisory at D.A. Davidson, said. “We are pleased to have worked with PWCC and WhiteHawk on this pivotal institutional debt capital raise for the company.”
“This partnership will help shape the future landscape of collectibles asset-based lending,” Chad Fister, CFO at PWCC, said. “We are extremely grateful to the Davidson team for their endless dedication and professionalism, and we couldn’t be happier to be partnering with WhiteHawk.”
