In June 2020, Hilco Capital provided a £13 million working capital facility to world renowned British audio equipment manufacturer, Bowers & Wilkins. Against the background of significant global uncertainty, the business was exploring a sale to Sound United LLC and the incumbent lender was looking to exit on an accelerated basis.
Within a month of the introduction, Hilco had put in place a covenant-lite facility with availability being driven by the global asset base.
The facility provided B&W with additional liquidity to ensure business continuity and gave them the time and stability to allow the sale to Sound United to be fully negotiated, resulting in completion in October 2020 and full repayment of the facility.
Geoff Edwards, CEO of Bowers & Wilkins, said: “Thank you to Nick and his team, the quick, friendly and pragmatic way you operated with our team it really helped keep the funds flowing and allowed the business to recover.”
Read our Bowers & Wilkins case study