Supports Middle West Partners Acquisition of David Webb Including $30M in Financing
Summary
Gordon Brothers, the global asset experts, has provided Middle West Partners (MWP) $30 million in financing and advisory work to support the private equity firms majority stake acquisition of the luxury jewelry brand David Webb.In addition to the acquisition, MWP will use the financing, consisting of a $25 million revolving credit facility and $5 million accordion feature, for working capital to support the brands business operations.With an extensive jewelry background and over a century of industry expertise, Gordon Brothers supported MWP in an advisory role prior to the acquisition. In addition to the financing package, the firm will continue to provide consulting services to support David Webbs operational strength and go-forward strategy.Having established a comprehensive working partnership with David Webb and MWP, we worked side by side on the initial investment diligence and are pleased to support this acquisition and ensure a seamless transition, said Kyle C. Shonak, Chief Transaction Officer, North America at Gordon Brothers. In addition, the lending team leverages all aspects of the firms asset expertise to provide advisory services and holistic solutions to clients.The firms history in the fine jewelry category and clear understanding of David Webbs value and importance in the industry made partnering with Gordon Brothers on this investment an easy decision, said Kevin Kelleher, Partner at MWP. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide liquidity solutions to clients beyond its market-leading disposition and appraisal services.Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. Hand hammered gold work, colorful enamel, and signature animal pieces distinguish David Webb jewels, which are highly sought after by leading tastemakers and style icons.27 long-tenured master jewelers create each piece in the David Webb workshop, which sits above the flagship boutique on New Yorks Upper East Sidemaking it the only fine jewelry house exclusively made in America.