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WhiteHawk Arranges $175MM Asset-Based Credit Facility for PWCC Marketplace

September 13, 2022, 07:09 AM
Filed Under: Specialty Industries

PWCC Marketplace, the leader in the trading card investment market—together with affiliates PWCC Services, LLC and PWCC Vault, LLC (collectively, "PWCC"), has established a $175 million asset-based credit facility led by WhiteHawk Capital Partners, LP as sole lead arranger and book runner and Wingspire Capital LLC serving as revolver agent. D.A. Davidson & Co. served as exclusive financial adviser to PWCC for the Financing.

PWCC will use the proceeds of the Financing to create further liquidity for its growing commercial financing business, which provides a menu of loan and cash advance offerings to clients using trading cards as collateral.

"The demand for PWCC's commercial financing services has reached the level where partnering with industry leaders in asset-based financing solutions makes strategic sense for all involved," said Brent Huigens, Founder and CEO of PWCC. "Our clients now have additional capital options presented to them as part of their PWCC Vault accounts, the company can continue to innovate around its capital practices, we gain access to experts in the financing field, and WhiteHawk gains exposure to a high performing financing program in an emerging sector. It is a strategic partnership that is exciting for all parties."

"The PWCC management team has built a best-in-class full-service auction, storage, and lending platform," said Rob Chimenti, WhiteHawk Managing Director. "We are excited to be part of their growth and success as an innovative industry leader in the emerging collectible sector."

"PWCC is a global market leader in the trading card and related collectibles industry and has successfully transitioned to a dynamic, software-enabled technology company," said Brad Gevurtz, Managing Director at D.A. Davidson. "We are very happy to have worked with the PWCC management team on this partnership. We see a bright future for PWCC as it grows and expands its global footprint."

PWCC leads the industry in the approach to treating trading cards as a tangible asset class. The company has developed multiple market indices – the PWCC 100, PWCC 500, and PWCC 2500 – to track trading card performance as an alternative investment. The PWCC 500 is up 902 percent from January 2008 through March 2022.

PWCC was founded in 1998 and has developed itself into a leader in the trading card and collectibles field. This growth culminated in the launch of a standalone marketplace in 2021 featuring innovative lending and collection management tools integrated into the platform. In the year since launching its platform, PWCC has added more than 150,000 registered clients, launched a series of new technologies to benefit users, and seen the value of assets stored in its vault rise to more than $750 million.

"This Financing further validates the trading card asset class as a liquid market with a growing universe of buyers and sellers in which PWCC continues to be a leader and innovator," said Amy Johnson, Managing Director and Head of Debt Advisory at D.A. Davidson. "We are pleased to have worked with PWCC and WhiteHawk on this pivotal institutional debt capital raise for the company."

"This partnership will help shape the future landscape of collectibles asset-based lending," said Chad Fister, Chief Financial Officer at PWCC. "We are extremely grateful to the Davidson team for their endless dedication and professionalism, and we couldn't be happier to be partnering with WhiteHawk."
About PWCC:

PWCC Marketplace, LLC provides the trading card investment market with cutting-edge analytic tools, multiple marketplace offerings perfect for every asset class, secure vault storage with asset appraisal and insurance, and a robust menu of capital lending services. PWCC customers benefit from access to the PWCC Vault – a highly secure, bank-style vault located in Oregon, a sales-tax-free state – a unique mailing address for each Vault account, a digital portfolio of their trading card assets, one-click selling across each PWCC Marketplace, and access to capital loans using their trading card collection as collateral.

Founded in 1998, PWCC retains its status as the leading innovator in the auction world by constantly offering new technologies, products, and services that make the hobby better for investors and collectors looking to buy, sell, and securely store assets.

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