D.A. Davidson & Co. announced today that it served as exclusive financial advisor to leading trading card marketplace PWCC Marketplace, LLC, together with its affiliates PWCC Services, LLC and PWCC Vault, LLC (collectively PWCC) on a new $175 million asset-backed credit facility (the Financing) led by WhiteHawk Capital Partners, LP as sole lead arranger and book runner and Wingspire Capital LLC serving as revolver agent.
PWCC will use the proceeds of the Financing to create further liquidity for its growing commercial financing business, which provides loan and cash advance offerings to clients using trading cards as collateral. Founded in 1998, PWCC is a leading technology innovator in the auction world constantly offering new products and services, including leading-edge bidding technology, third-party auction security, high-resolution images, and sales history data, that allow its clients to better buy, sell, and securely store assets.
“The demand for PWCC’s commercial financing 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 performance financing program in an emerging sector. It’s a strategic partnership that is exciting for all parties.”
“This partnership will help shape the future landscape of collectibles asset-backed lending,” said Chad Fister, Chief Financial Officer at PWCC. “We are extremely grateful to the D.A. Davidson team for their endless dedication and professionalism, and we couldn’t be happier to be partnering with WhiteHawk.”
PWCC 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.
“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 in the Technology Investment Banking Group at D.A. Davidson. “We are very happy to have worked with the PWCC management team on this transaction and see a bright future for the company as it grows and expands its global footprint.”
“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, Head of Debt Advisory and Managing Director at D.A. Davidson. “We are pleased to have worked with PWCC and WhiteHawk on this pivotal institutional debt capital raise for the company.”
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,525 employees and offices in 27 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.
Deal Team Contacts
Amy Johnson, Head of Debt Advisory and Managing Director | New York | [email protected]
Brad Gevurtz, Managing Director, Technology Investment Banking Group | Portland | [email protected]
Steven Fleisher, Vice President, Debt Advisory | New York | [email protected]
Andreea Popa, Head of Equity Capital Markets Marketing | [email protected]