GunBroker.com Closes Financing with Bank of America and Triton Value Partners

. March 18, 2009

GunBroker.com the world’s largest online auction site and community for firearms, accessories and hunting supplies, today announced it has closed $7 million in debt financing with Bank of America. The transaction was arranged by Triton Value Partners, an Atlanta based business advisory and private equity firm.

The new financing, which is comprised of a three-year term loan and a revolving credit facility, is the first permanent outside capital ever secured by GunBroker.com in its 10-year history. GunBroker.com, founded in 1999 by Atlanta entrepreneur Steve Urvan, had previously used founder’s capital and internally generated funds to become amongst the top 5 most-visited auction sites on the Internet.

The new capital will be used to provide additional liquidity for GunBroker.com to continue expanding its technology platform, pursue value added services and content for its large growing community, and explore new business opportunities which leverage its core assets. Triton Value partners acted as both the deal Arranger and Advisor to GunBroker.com on the transaction.

“In these difficult economic times it was a pleasure to expand our current relationship with Bank of America, who already provides a variety of cash and credit card services to GunBroker.com, to a new level of partnership” said Urvan who serves as GunBroker Chairman and CEO “We look forward to our continued strategic alliance with Bank of America and Triton Value Partners as my financial team to help drive the growth of the GunBroker.com businesses in the coming years.”

Paul H. Freischlag, Jr., Managing Director of Triton Value Partners commented “It was a privilege to bring together two of our closest strategic relationships, GunBroker.com and Bank of America, to construct a forward thinking financial transaction that speaks to the quality and vision of all parties involved. Notwithstanding much of the dire stories we see every day in the media, we firmly believe there is always capital available for solid companies from quality financial institutions to fund well conceived growth plans.”

About GunBroker.com

GunBroker.com is the world’s largest online auction of firearms and accessories. According to HitWise, GunBroker.com is among the top 3 most-visited auction sites on the Internet and Quantcast ranks GunBroker.com within the top 1000 web sites of any kind. GunBroker.com offers the firearm and hunting enthusiast a large selection of quality firearms and accessories in a state of the art, user friendly Internet auction environment. For more information about GunBroker.com visit www.gunbroker.com.

About Triton Value Partners

Triton Value Partners is a full-service management advisory and private equity firm that provides small and medium-sized enterprises with the mission critical experience, services and resources required to create and execute business plans that drive value. Triton’s team of Atlanta-based Partners boasts an average of twenty-five years of experience as corporate executives, business owners and professional investors. The firm draws upon this wealth of experience to provide a full range of advisory services including: strategic planning, business/market development, operations, and capital structure. Triton’s client service approach leverages its Partners’ functional expertise and industry skills to maximize the strength of each client’s organization and infrastructure. Triton Value Partners is based in Atlanta, Georgia, but serves a client base that operates across the U.S. and internationally. More information on Triton Value Partners is available on the company’s web-site at www.tritonvp.com.

Category: Auction News

Comments are closed.