Jonathan Adler has gained $16 million in working capital from Gordon Brothers and Rosenthal & Rosenthal, Inc., two financing firms. According to Gordon Brothers, the financing is in support of the launch and execution of an exclusive e-commerce brand and product partnership with a major online retailer.
Rosenthal, the senior lender, is providing a $12 million asset based loan against all Jonathan Adler assets, including accounts receivable and inventory. The junior lender, Gordon Brothers, is providing an additional $4 million loan against trademarks and other intellectual property.
Gordon Brothers also said the financing gives Jonathan Adler more borrowing base availability and frees up additional capital for the brand’s continued e-commerce expansion and other business development initiatives.
“Teaming up with Gordon Brothers allowed us to come to the table with a truly robust and resourceful financing deal that gives Jonathan Adler the working capital, stability and flexibility it needs to venture down this thrilling new path,” said Robert Miller, evp and head of asset based lending, Rosenthal & Rosenthal.
“We see tremendous value in this iconic brand with significant growth potential through this new partnership,” said Ramez Toubassy, president of Gordon Brothers’ brands practice. “We’re excited to be part of building the future of Jonathan Adler as the brand gains access to new channels and new customers as a result of this financing.”