BOSTON — August 6, 2018 — Gordon Brothers Finance Co. and Gordon Brothers announced today that they have closed on a refinancing deal to Cherokee Global Brands. The term loan is secured by the company’s intellectual property, including the Cherokee, Hi-Tec, Magnum, Tony Hawk, Sideout and Liz Lange brands.
“We are excited to assist Cherokee in this refinancing. We have a strong conviction in the value of the company’s brand portfolio, the effectiveness of their uniquely hands-on approach to building value, and their prospects for future growth,” stated Ramez Toubassy, President of Gordon Brothers’ brands practice.
Cherokee Global Brands plans to use the loan to refinance its existing debt and increase liquidity.
“We are pleased to close on this financing, which will allow us to redouble our efforts on realizing the value in the portfolio and deliver against the opportunities ahead of us,” stated Henry Stupp, CEO and director, Cherokee Inc. “We’re grateful for the flexibility provided by Gordon Brothers Finance Company and Gordon Brothers.”
“We have spent a lot of time in the brand space and have a great appreciation for the brand platform model Cherokee has helped pioneer. The company is in a better position to evolve the model further as a result of this refinancing,” stated Larry Klaff, senior managing director, Gordon Brothers Finance. “We are looking forward to a long and successful relationship with Cherokee.”
Gordon Brothers specializes in valuing, acquiring, restructuring and investing in brands, to help build value. The group frequently partners with Gordon Brothers Finance, which specializes in asset-based term loans providing liquidity to middle-market companies against brand or other assets.
Posted August 6, 2018
Source: Gordon Brothers