Hickies

MidCap Funding engaged Hilco Streambank to run an Article 9 sale process with respect to its collateral, which included the popular no-tie shoelace brand, HICKIES, a portfolio of more than 100 internationally registered patents and patent applications, domain names, and social media assets, as well as internationally situated finished inventory and equipment

HICKIES disrupted a multibillion-dollar global footwear industry by creating a comfortable, convenient, and stylish no-tie shoelace alternative. Its products can be found on Amazon and were also sold globally at major retailers and through its ecommerce site, hickies.com.

Hilco Streambank ran a sale process over the course of 6 weeks, bringing 18 parties to the table. The process created multiple avenues of recovery for the secured lender, which ultimately chose to assign its interest in the loan to an acquirer. That acquirer subsequently retained Hilco Streambank to complete the Article 9 sale process already underway, which concluded with a public auction and acquisition of the collateral via credit bid. The transaction closed in May, 2021. Deal terms were not disclosed.