Outdoor Adventure Brands (OAB) which is an online and retail company renowned for its Austin Canoe & Kayak shops in Texas and Summit Sports outlets in Michigan has secured 8.2 million dollars of funding to expand by using Tiger Finance.
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DigitalFuelCapital, a private equity firm that focuses on physical and online items, owns an interest in the specialty sports products retailer.
As per Andrew Babcock, Managing Director of Tiger Finance, outdoor Adventure Brands is based within BloomfieldHills, Michigan, and is a market leader online in the winter paddling equipment, sports equipment, and gear industries. “This 8.2 million dollars facility for credit will help place OAB’s brands in a better position to profit from the rapidly growing athletic products sector as the company gears up for an active 2022. We are delighted to work with OAB in its long-term strategy.”
“With many of the portfolio companies that we manage, we have a long tradition of working together with Tiger,” said SteveOwen, VP of DigitalFuel Capital. “Tiger was aware of the business’s value and was able to act quickly and creatively to secure the funds needed to finance the development of working capital.”
SummitSports is a well-known firm located in Michigan with locations situated in Belmont, EastLansing, Brighton, and Bloomfield Hills. Kayak & Austin Canoeis an American-based business with New Braunfels, Houston, San Antonio, and Austin locations.
The financing agreement that was which was signed on the 29th of September is at a time when Tiger Finance sees an increase in transactions, particularly for deals that make use of platforms on the web or popular brands to secure. Tiger’s 48.5 million dollars term loan and revolver DaytonaApparelGroup, TerraMar’s 18 million dollars purchase of Francesca’s ModCloth, and Nogin’s purchase of $6 million of ModCloth are just some of the deals that were announced at the beginning of this year.
“A range of factors have led to an increase in the demand for Tiger’s product across online, retail wholesale, and retail businesses,” stated Bob DeAngelis, the Executive Director of the Managing Department. “Everything from the increased demand of consumers to supply chain problems are causing ripple impacts. TigerFinance is prepared to respond to the ever-growing demands of cash.”
Tiger Finance is a part of Tiger CapitalGroup, specializing in secured loan finance as well as capital investments within the ABL sector as well as thorough evaluations as well as the selling of consumer and industrial assets.