{"anonymized_title":"North America Third Party Online Merchant Senior Secured Term Notes","anonymized_description":"Technology enabled platform that seeks to acquire and aggregate a diverse portfolio of retail assets. ","min_target_irr":"14.0","min_cash_interest_rate":"14.0","max_cash_interest_rate":"18.0","min_pik_rate":"0.0","disclaimer":null,"performance_fee":"0.0","management_fee":"0.0","expense_fee":"0.0","day_one_draw":"0.0","interest_rate_type":"Floating","anonymized_overview":"<p><span style=\"background-color: transparent;\">The Company is a tech enabled platform that seeks to acquire and aggregate a diverse portfolio of retail assets which are sold primarily via e-commerce marketplaces. The Company primarily targets Amazon Marketplace third-party sellers (“TPS”) with (i) leading market positions in respective product categories, (ii) a defensible “moat” from customer reviews and SEO and (iii) $2-15 million in sales and $500,000 - 6 million in contribution margin (or “Asset-Level EBITDA”). The Company aims to acquire underlying brands/seller at 3-6x earnings, and drive value through post-acquisition brand management initiatives and underlying multiple expansion (as comparable aggregator platforms have been valued as high as 20x+ PF Asset-Level EBITDA). </span></p><p><br></p><p><span style=\"background-color: transparent;\">﻿The Company aims to differentiate itself from other TPS aggregators in the novel ecosystem by investing heavily and early in its technology and analytics capabilities thereby allowing the company to easily identify and optimize operating improvements within its portfolio at scale.</span></p>","base_currency":null,"cash_interest_benchmark_rate":null,"cash_interest_spread":null,"kyc_metadata":{"kyc_type":"tradable_kyc","max_aml_risk_score":1,"allowed_countries":["US"],"entity_type":"Any","investor_status":"Any"}}