Distressed asset firm sets up in Sydney

Tiger Asset Group chief executive Damian McCarthy


By Wouter Klijn

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Distressed asset advisory company Tiger Asset Group has opened an office in Sydney, its first in Australia.

The company specialises in asset valuations, debt financing, industrial auctions and equity capital and provides advisory services to institutional investors, including private equity managers.

Tiger appointed Damian McCarthy as chief executive in Australia.

McCarthy joined the firm from business consultancy and executive search company HBZ Consulting Group, where he was chief executive.

He has also worked with Graysonline's industrial division, where he was an executive director.

Tiger Asset Group is backed by United States-based Tiger Capital Group and will offer distressed asset advisory services, asset valuations and dispositions from industrial machinery and mining equipment to factory production lines and retail inventories.

It would be involved in everything from industrial auctions to strategic retail store closings and chain liquidations, the company said.

“The Australian marketplace is in the midst of rapid change,” McCarthy said.

“We have assembled a great team of restructuring professionals, workout bankers, specialist valuers, e-commerce innovators and seasoned auction professionals to help shape the future of the asset disposal market.

“The exciting thing is that we are bringing the power, capital and expertise from the US to provide a unique solution to the ever-changing Australian market,” he said.

Tiger has also appointed Steven Laws as executive director.

Laws has 30 years’ experience in the appraisal and disposal of distressed assets and also worked for Graysonline, where he was an associate director.

Tiger said a number of other former Graysonline executives would be hired, including an asset financier and workout banker.

Tiger Group executive managing director Robert DeAngelis has been appointed as chairman of Tiger Asset Group’s board.

“Over the past few years, restructuring, advisory and private equity firms in Australia have been increasingly calling on Tiger for operational and strategic advice on a broad range of retail, wholesale and industrial opportunities,” DeAngelis said.

“After years of research and consultation, we have responded to the growing market need by partnering with seasoned, long-established disposition and advisory professionals in Australia.”

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