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BofA Business Capital Provides $20MM ABL in LiveDeal Acquisition

July 16, 2015, 08:07 AM
Filed Under: Manufacturing

Live Ventures Inc., a wholly-owned subsidiary of Live Deal Inc., announced the closing of its first acquisition based on its strategy to acquire diversified and profitable companies:  Georgia-based Marquis Industries, Inc., a specialty, high-performance carpet yarn manufacturer, hard-surfaces re-seller, and top 10 high-end residential carpet manufacturer in the United States. 

The acquisition was financed using $6 million in bridge financing from Isaac Capital Fund I, LLC, a company controlled by our President and CEO Jon Isaac, and $20 million from Bank of America Merrill Lynch.

Bank of America Business Capital President Jeff McLane, said "Our relationship with Live Ventures' subsidiary Marquis is a great example of the capability of Bank of America Merrill Lynch to deliver seamless and efficient credit solutions to our clients. We look forward to helping them during this period of growth and in the years to come."

In 2014, Marquis's sales reached $60M (unaudited), and it is experiencing a record year in 2015 with nearly an $8m in TTM (trailing 12 months) EBIDTA, based on third-party advisory accounting estimates. The acquisition adds about $35m in assets to LiveDeal's balance sheet, including the latest technology machinery and equipment, and seven parcels of developed real property, totaling nearly 500,000 square feet of state-of-the-art manufacturing and industrial facilities.

"Acquiring Marquis, by our estimates, will immediately make LiveDeal a profitable company, and significantly contribute to stockholder value," said LiveDeal CEO, Jon Isaac.  "With this acquisition, we expect LiveDeal to generate close to $100m in revenue on an annual, consolidated basis and add around $8m in EBITDA to our bottom line.  We look forward to working with Marquis' management, which has maintained the company's profitability for more than 20 years."

LiveDeal Inc. provides marketing solutions that boost customer awareness and merchant visibility on the Internet. LiveDeal operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers.

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