Tiger Asset Group launches in Australia
- Written by Justin Kelly
Backed by powerful U-S based Tiger Capital Group
Specialising in distressed asset valuation and disposition services
Specialising in distressed asset valuation and disposition services
Tiger’s Australian operation is backed by U.S. powerhouse TIGER CAPITAL GROUP, which has over 40 years’ experience in providing asset valuation, advisory and disposition services to a range of retail, wholesale and industrial clients.
TIGER ASSET GROUP will offer distressed asset advisory services, asset valuations and dispositions from industrial machinery and mining equipment to factory production lines and retail inventories. TIGER ASSET GROUP will be involved in everything from industrial auctions to strategic retail store closings and chain liquidations.
In addition to providing equity capital and financing on selected opportunities, the new company will work to help local retailers strategically respond to rising competition from e-commerce platforms and the continued influx of overseas retail giants and global chains into the Australian market.
CEO of TIGER ASSET GROUP is Damian McCarthy, a former Executive Director of Graysonline's industrial division. Mr McCarthy has nearly 25 years’ experience as a Chartered Accountant, restructuring professional and director of distressed asset advisory and disposal firms.
“The Australian marketplace is in the midst of rapid change, We have assembled a great team of restructuring professionals, workout bankers, specialist valuers, e-commerce innovators and seasoned auction professionals to help shape the future of the asset disposal market,” Mr McCarthy said.
“We will still be providing great valuation and auction services like we have done for years. The exciting thing is that we are bringing the power, capital and expertise from the U.S. to provide a unique solution to the ever-changing Australian market. TIGER sees a significant growth opportunity in the Asia Pacific Region,” he said.
“As a direct result of rising competition, companies now see an acute need to expand their borrowing base by aggressively levering the value of under-utilised or unproductive assets.
“With its multidisciplinary team of experts on the ground here and the support of TIGER’S U.S. based experts and financing, TIGER ASSET GROUP is uniquely positioned to work behind the scenes to help financiers, restructuring professionals and corporates deal with challenging situations and under-performing assets.
“One of the advantages we have over our rivals is that we provide a unique capital solution, allowing us to provide certainty around financial outcomes.
“Our clients will include major restructuring firms, corporates with surplus plant, retailers, financiers and restructuring professionals. Our suite of sale channels will include: online, webcast and traditional auctions, retail closeouts and international tender campaigns.
"We have already had great feedback from our long term clients. Restructuring firms recognise that we can help them win work with our plant advisory and retail expertise and solve complex problems for their stakeholders. The banks, private equity firms and hedge funds love the certainty of financial outcomes. This is all very new in the market.
“With TIGER's access to capital, we also see ourselves providing a wider range of options to retailers quitting underperforming stores and corporates closing major manufacturing plants,” he said.
Managing Principal and CEO of Tiger Capital, Dane Kane said there were incredible opportunities in the Australian market across all asset classes.
“We considered a number of entry options into the Australian market, but settled on Damian and his team due to their established credibility and deep local connections,” Mr Kane said.
Joining Mr McCarthy on the new TIGER team will be former Graysonline executive Steven Laws, who has 30 years’ experience in the appraisal and disposal of distressed assets, a number of other former Graysonline executives and a yet to be announced, asset financier and workout banker.
Bob DeAngelis, Chairman of new Board of Directors, said the venture represented the first time a U.S disposition firm had established a serious permanent presence in Australia.
“Over the past few years, restructuring, advisory and private equity firms in Australia have been increasingly calling on TIGER for operational and strategic advice on a broad range of retail, wholesale and industrial opportunities,” Mr DeAngelis said.
“After years of research and consultation, we have responded to the growing market need by partnering with seasoned, long-established disposition and advisory professionals in Australia.
TIGER ASSET GROUP's head office is in Sydney and it will have a national footprint.
About Tiger Capital Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger’s seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger’s collaborative, straightforward approach is the foundation for its many long-term ‘partner’ relationships and decades of success. Tiger operates main offices across the United States and now in Sydney, Australia. To learn more about Tiger, please visit www.TigerAssetGroup.com.
Source
M&C Partners
Level 1, 71 Macquarie Street
Sydney,NSW2000
Australia