FGI Provides a $7MM ABL for Malin + Goetz
Established in 2004 by Matthew Malin, a former buyer at Barneys, and Andrew Goetz, who came from an architectural and design background, Malin + Goetz is a unique range of luxury skincare. The emphasis is firmly on the brand value and what the products can do. Every sensory element is considered in extensive detail from the external packaging through to the composition and effectiveness of the individual products. Malin + Goetz supplies its products in the US and internationally through retailers, on-line channels and its own retail outlets. In 2015, Malin + Goetz was acquired by Manzanita Capital which has worked closely with the business to grow the brand.
Malin + Goetz is a dynamic business which is looking to the future to develop new products and enhance its brand further. Whilst it has been well supported by Manzanita, the business had reached a stage where it needed its own working capital facility to facilitate growth. Such a facility would need to finance international AR and inventory and cope with seasonal highs and lows, and, additionally, provide flexibility for the future. Malin + Goetz had not worked with an ABL facility before. An essential ingredient for both Malin & Goetz and Manzanita was to find a lender who would be a real partner to the business. All of these conversations were conducted with Covid-19 in the background which created an additional dynamic.
FGI has extensive experience of financing seasonal businesses closely associated to the retail sector. As a boutique, cross border ABL lender, FGI was able to establish an initial $5m facility with a further $2m to provide Malin & Goetz with flexibility for the future. All of this process was achieved inside of 60 days and during Covid.