Founded in 1992 by senior executives with entrepreneurial, line operating, and bulge bracket investment banking experience.
During the month of March 2010, Avalon, as the sole placement agent, raised Frederick's of Hollywood Group Inc. $3mm in common stock and warrants.
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Accounts Receivable Aging Report
Accounts receivable classified by length of time outstanding.
Accredited Investor
An SEC requirement for individuals and entities participating in Regulation D private placements. The designation for individual high net worth investors (not entities) generally requires one of the following:
- An individual net worth (or joint net worth with their spouse) of $1 million or more
- An individual income in excess of $200,000 (or $300,000 with spouse) in each of the two most recent years and a reasonably expected current year income of $200,000 (or $300,000 with spouse).
Accrual
An accounting procedure that records (recognizes) income or expense on a company's financial statement at the time the income or liability event happens (i.e., the exchange of goods or services) rather than when income is received or expenses are paid in cash.
Accumulated Dividend
A dividend that is not currently paid but.may be payable on a class of securities under certain circumstances. Dividends frequently accumulate for a fixed period to permit a company to retain cash to grow the business. Dividends may also be payable in full only in the event of a liquidity event (e.g., sale, IPO, or redemption) and accumulate until such time.
Acquisition Loans
Debt instruments used to finance the purchase of a business, a Merger or other acquisition transaction.
Agreement in Principle
An outline of the understanding among the parties which includes the price and major terms of a proposed transaction and is usually put into writing as a Letter of Intent.
All or None Offering
A securities offering that does not close unless all, but not less than all, of the securities offered are actually purchased. This compares with a Best Efforts Offering, in which no guaranteed minimum sale of securities must occur before the offering closes.
Annual Report (10-K)
A report that all public companies must file annually with the Security and Exchange Commission in a specified format. Companies may also issue a seperate annual report to shareholders containing much of the same information.
Annuity
A series of regular consecutive payments or receipts of equal amount.
Antidilution Provisions
Contractual provisions that protect an investor from certain consequences when a dilution event occurs, such as a subsequent sale by the company of additional equity securities. These contractual provisions usually provide either price protection or maintenance of proportionate ownership protection. The most frequent antidilution provisions are full ratchet or weighted average.
Appraisal
A professional opinion of the value of a business or other property. See also Valuation.
Articles of Incorporation
See Certificate of Incorporation.
Asset
An asset is an item of value owned by or due to company, including tangible assets (i.e., physical assets or obligations) such as cash in a bank, receivables, inventory, land, buildings, or equipment, and intangible assets (i.e., things a company has a legal right or claim to) such as patents or other intellectual property rights.
Asset Purchase
A type of transaction in which the buyer purchases assets from a company, rather than a Stock Purchase in which the buyer purchases the shares of a company. The existing ownership of the company itself is not transferred in an asset purchase.
Asset Utilization Ratios
Ratios, such as the inventory turnover ratio, that measure the speed at which a company is utilizing (or turning over) its assets.
Asset-based Analysis
A valuation methodology utilizing the fair market value, rather than book value, of items on a company's balance sheet. This method is frequently used for asset-intensive companies.
Auction
A sale that is to be accomplished by a process of requesting Bids for a business by a specified date.
Audited Statement
A financial statement on which, based on an audit, an independent auditor has expressed an opinion. An audit is designed to obtain reasonable assurance that the financial statements are free of material misstatements. It includes among other things: examining, on a test basis, evidence supporting the financial statement amounts and disclosures; assessing the accounting principles used and management's significant estimates; and evaluating the overall financial statement presentation. U.S. audits are conducted according to Generally Accepted Accounting Practices (GAAP). An audited statement represents a greater level of accountant involvement than a reviewed or compiled statement. Investors, banks and acquirers frequently require audited statements.
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