GLOBAL advisory and investment firm Gordon Bros has announced a deal with Kings Transport Group to refinance the transport company’s incumbent bank value at around $8m.
Kings Transport Group, established in 1991, offers integrated supply chain solutions across Australia and New Zealand.
Gordon Brothers provided the asset-based lending structure which focused on the company’s assets rather than earnings.
The underlying collateral included 245+ motorised and non-motorised transport assets.
Gordon Brothers managing director Matt Aubrey said the deal showed business still could occur during the pandemic.
“But fortunately, this is where our business can help. We have the liquidity and we are able to support and advise companies with asset-rich balance sheets not just now during this pandemic, but as we have done for the last 100 years,” Mr Aubrey said.
“We are proud to have played a significant role in helping Kings Transport Group execute its transformation plan through our Asset-based Lending structure. Kings are now able to execute their plan with the support of a facility focused on the assets rather than earnings.”
Mr Aubrey said COVID-19, while disruptive, had allowed companies to take the time to think about their capital structure and business plan.
“For a number of asset and inventory rich businesses we are pleased to have played an instrumental part in providing these companies time and the runway to execute their transformation and turnaround plan,” Mr Aubrey said.
In May 2020, Gordon Brothers reported closing a first of its kind deal to disperse more than 100 heavy haulage assets from one of Australia’s largest national freight companies in partnership with leading asset management and disposition company, Ritchie Bros.