Cortec Group has made an investment in Pink Lily, an online women’s lifestyle brand.
Through its e-commerce platform, Pink Lily sells an assortment of women’s clothing, including tops, bottoms, dresses, and swimwear, as well as shoes, jewelry, hats, scarves, purses and bags. The company was founded in 2014 by the husband-and-wife team of Tori and Chris Gerbig. In 2019, Pink Lily shipped its one-millionth order and in 2020 it opened a new 160,000 sq. ft. warehouse facility at its headquarters in Bowling Green, Kentucky.
Harris Williams was the financial advisor to Pink Lilly with managing directors Ryan Budlong and Corey Benjamin leading the firm’s transaction team.
“The continued shift online in the apparel and accessories space has attracted significant interest from investors seeking to back differentiated brands of scale with clear runway to continue expanding. Tori and Chris have created a unique and authentic brand with deep knowledge of its core audience, and we look forward to watching Pink Lily’s continued success,” said Mr. Benjamin.
“Since its founding, Pink Lily has created a highly engaged social community to become one of the fastest-growing digitally native lifestyle brands in America. It has been a pleasure working with Pink Lily founders Tori and Chris Gerbig and the entire Pink Lily team to help find a growth-focused partner in Cortec to continue scaling the brand,” added Mr. Budlong.
Twin Brook was the administrative agent on debt financing to support Cortec’s investment in Pink Lily. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
Cortec invests in US and Canadian companies with revenues of $40 million to $300 million and EBITDA of $7 million to $35 million. Sectors of interest include healthcare products and services, business and consumer products, value-added distribution, and specialty services. The firm was founded in 1984 and is headquartered in New York City.
© 2021 Private Equity Professional | December 7, 2021
Cortec Group has made an investment in Pink Lily, an online women’s lifestyle brand.
