B. Riley Farber announces the funding of a $4 million asset-based loan (ABL) to The Shumaker Group of companies. The transaction closed and was announced June 18, 2019.
B. Riley Farber acted as financial advisor for the retailer and wholesaler in structuring and sourcing a $4 million ABL for the purchase of inventory, in the acquisition of 20 new store locations throughout Ontario, and the financing of accounts receivable for their wholesale operations.
The Shumaker Group is a Mississauga based family-owned, vertically integrated, shoe retailer with a smaller wholesale arm. The family has extensive global expertise in the shoe industry. The Shumaker brand is positioned as a high-quality brand focused on comfort footwear.