Emanay Advisors · Confidential · Internal Use Only
Project Sprint
Deal
Memorandum
Sell-Side Advisory Engagement — The Gergel Group, LLC (All Shoes Nation)
Seller
Dani Gergel
Asking Price
$7,500,000
Multiple
~3.5x FY25 PF Adj. EBITDA
Status
Active — Pre-Market
Prepared by Emanay Advisors · July 3, 2026 · Doc Ref: PS-SM-DM-2026-07-03-v1 · Strictly Confidential
Section 01
Executive Summary

Dani Gergel is seeking to sell 100% of the equity in The Gergel Group, LLC — the holding entity for an Amazon-native footwear business operating publicly as All Shoes Nation — while retaining his affiliated B2B sourcing entity, Gelty. Emanay Advisors is serving as exclusive sell-side advisor across deal strategy, financial preparation (via Emanay Accounting), and legal structuring (via Dave Rosati).

Current Status: Quality of Earnings finalized June 29, 2026 and is now the sole source of truth for all financial figures used in market-facing materials. Go-to-market strategy has been locked as a roll-up / platform consolidation positioning, with a separate E2 visa cash-investor track running in parallel. No buyer LOI is currently active. CIM, teaser, and data room are being rebuilt from scratch on this basis.

Section 02
Client / Seller Profile
Verified Identity
SellerDani Gergel — 100% Owner, CFO
Sale VehicleThe Gergel Group, LLC
Public BrandAll Shoes Nation
Founded / Operating Since2016
Primary Contactdanigergel@gmail.com · dani@allshoesnation.com
Business & Ownership Context

Dani Gergel has operated the business since 2016, building a multi-account Amazon FBA footwear operation sourced through authorized US, Canadian, and European distributors. He is also 100% owner of Gelty, a separate B2B sourcing entity that will remain outside the sale perimeter but will contract with the buyer post-close via a Master Supplier Agreement.

Reason for Sale

The decision to sell is strategic rather than operational — the business continues to perform, with active inventory management underway for the 2026 selling season. Dani intends to monetize the enterprise value built over nearly a decade of operating history while retaining Gelty as an ongoing, independent business line.

Operating Team & Related-Party Notes

Michael Gergel (Dani's brother) serves as CEO/COO and runs day-to-day logistics, purchasing, and Amazon operations. Gelty — Dani's wholly owned B2B entity — currently supplies the Company at cost+5%, versus a market rate of cost+10% from third-party vendors; this related-party pricing is disclosed in the QoE and will be addressed directly (not obscured) in market-facing materials.

Section 03
Financial Profile — QoE Basis

All financial figures below are sourced exclusively from the June 29, 2026 Quality of Earnings and EBITDA calculation prepared by Emanay Accounting. This is the only financial source used across the CIM, teaser, and all outbound materials.

FY25 Pro Forma Adj. EBITDA
$2.118M
Headline basis for ask/multiple
Asking Price
$7.5M
100% equity sale
Implied Multiple
~3.5x
FY25 PF Adj. EBITDA
$ in thousandsFY23FY24FY25TTM26
Reported Revenue11,40311,92713,06411,762
PF Adjusted Revenue11,65912,22013,69312,009
Reported EBITDA2,1152,2121,6621,545
Adjusted EBITDA2,0562,0671,8861,677
Pro Forma Adjusted EBITDA2,1122,1412,1181,743
PF Adj. EBITDA Margin18%18%15%15%

Note: A prior CIM draft used a different, unreconciled headline ($8.98M revenue / $1.89M EBITDA). That pairing has been retired. Working capital peg is not yet finalized — three inconsistent figures are on record ($4.19M cited in the prior CIM, $1.491M from September 2025 buyer talks, and a June 2026 internal instruction to zero it out pending clarification) and must be reconciled before it appears in any buyer-facing document.

Section 04
Deal Strategy & Positioning

Go-to-market strategy is locked as a roll-up / platform consolidation story, targeting platform aggregators, roll-up sponsors, and PE-backed e-commerce consolidators.

Primary PositioningAmazon-native footwear platform with proven multi-account infrastructure — buyer inherits a template for adding further accounts, not just a single asset.
Secondary / Parallel TrackE2 visa cash-investor buyers (Canada-focused) — run separately, not merged into the roll-up narrative. Different buyer profile, documents, and pacing.
DeprioritizedBroad, generic strategic-buyer marketing under the old CIM framing — superseded by the roll-up positioning as of July 2026.

Reference: Full narrative and rationale captured in Project_Sprint_Roll-Up_Press_Release_DRAFT.md (internal strategy document — not for public release, given current confidentiality posture with employees, customers, and competitors).

Section 05
Sale Mandate & Deal Structure
Transaction Type100% equity sale
Entities IncludedThe Gergel Group, LLC (holdco/sale vehicle) · T&D Trades, LLC (rolls in at/before close) · Sterling Footwear (rolls in at/before close)
Entity ExcludedGelty — retained by Dani Gergel; contracts with buyer post-close via Master Supplier Agreement, currently being drafted to be favorable to the buyer
Working CapitalPeg to be negotiated — see Section 03 reconciliation note
Transition PeriodSeller committing to full transition support; Michael Gergel's post-close availability still TBD
Engagement TermsEmanay Advisors — exclusive financial advisor to seller; Emanay Accounting — QoE and financial preparation; prior fee dispute over invoice ASN-2026-001 resolved
Target Close90–120 days from CIM distribution (pending CIM rebuild and data room population)
Section 06
Engagement Timeline
Dec 2024
Initial buyer inquiry — Ryan Gnesin
Meeting to discuss potential acquisition of All Shoes Nation; buyer questions on business operations, financials, and structure.
Mar 2025
Introductory call — All Shoes Nation
General introductions call; early-stage relationship building.
Aug 2025
Legal counsel introduced
Alexandre Camus brings Dave Rosati into the engagement to support deal structuring.
Sep 2, 2025
LOI negotiation — working capital & valuation Superseded
Buyer (Ryan) proposed $6–6.5M using a 3-year average approach; Dani's ask started at an unrealistic $18M before settling near $7M. Working capital peg calculated at $1.491M. Deal structured as a share sale for Dani's QSBS tax benefit. This negotiation did not close and pricing approach has since been superseded by the QoE-based ask.
Feb 6, 2026
Accounting engagement scoped
Emanay to finalize Gergel Group's 2025 financials in support of a ~$7M sale target.
May 27, 2026
CIM content review — corrections identified Actioned
Internal review found the CIM required correction: remove "authorized distributor" claims (business sources through distributors, not direct brand relationships); update brand list (remove Nike, Under Armour, Columbia, Merrell, Keen); a preliminary model had shown negative 2024 adjusted EBITDA (-$398K) requiring reclassification of personal expenses. Strategic pivot floated toward E2 visa Canadian investors and a roll-up structure.
Jun 7–8, 2026
Invoice dispute — resolved Resolved
Dani disputed invoice ASN-2026-001; corrected invoice issued and payment processed.
Jun 8, 2026
Pre-sale prep review call
QoE nearing completion; credential-accuracy question raised regarding QoE attribution and clarified directly.
Jun 23–25, 2026
Financial cleanup & MSA drafting
Dani's CPA (Tal Aviv) flagged outstanding items on Gergel Group & T&D financials, including line-of-credit confirmation. Emanay requested a drafting quote from counsel for the Gelty Master Supplier/Service Agreement.
Jun 29–30, 2026
Quality of Earnings finalized Milestone
Signed QoE report and supporting EBITDA/working-capital databook delivered by Emanay Accounting. Established as the sole financial source of truth going forward.
Jun 30, 2026
"Project Sprint" internal codename adopted; NDA executed
Internal alignment call set next steps: submit LOI, rebuild CIM on QoE data, populate data room, complete full deal package by end of week. Seller-side NDA executed via PandaDoc same day.
Jul 3, 2026
Go-to-market strategy locked; Deal Bible established Current
QoE confirmed as sole financial source; brand/sourcing corrections applied per seller instruction; roll-up/platform positioning locked as primary go-to-market strategy with E2 track running in parallel; internal roll-up press release drafted; Deal Bible and this Deal Memorandum created as living reference documents.
Section 07
Data Room Status
Documents In Hand
QoE Report (signed)June 29, 2026 — final
EBITDA Calculation DatabookJune 29, 2026 — final
Net Working Capital AnalysisDelivered June 30, 2026 — under review, not yet reconciled
Seller-Side NDAExecuted June 30, 2026 via PandaDoc
2025 / 2026 LMA StatisticsReceived from seller June 25, 2026
Pending Collection / Action
Buyer-Facing Data RoomNot yet populated — flagged as open action item
Working Capital ReconciliationThree inconsistent figures on record; needs single resolved number
Gelty MSA — Executed VersionCurrently in drafting with counsel
Deal Brief (internal template)Not yet completed
HubSpot Deal RecordNot yet pulled into deal documentation
Section 08
Emanay & Client Deal Team
Deal Lead
Alexandre Camus
Managing Director, Emanay Advisors — exclusive buyer point of contact
alex@emanay.io · +1 (786) 835-7342
Financial Preparation
Evan Chandonnet, CPA
Emanay Accounting — QoE and EBITDA analysis
evan@accounting.emanay.io
Accounting Support
Brandon O. / Maria S. / Richard
Emanay Accounting — trial balance cleanup, financial reconciliation
Legal / Structuring
Dave Rosati
Emanay — deal structuring, Gelty MSA drafting
Seller
Dani Gergel
Owner & CFO, The Gergel Group, LLC
danigergel@gmail.com
Operations
Michael Gergel
CEO/COO — logistics, purchasing, Amazon ops. Primary contact for operational diligence.
Brand Leadership
Maor Amar
CEO, All Shoes Nation brand
Seller's CPA
Tal Aviv
AS Wealth Solutions — reviewing financials on seller's behalf
Section 09
Risk Register
R-01
Working Capital Peg Unreconciled — Medium
Three different figures on record across documents and dates. Must be resolved to a single number before it appears in any CIM, teaser, or buyer communication.
R-02
Related-Party Sourcing (Gelty) — Medium
Company currently sources from Gelty (seller-owned) at cost+5% vs. market cost+10%. Disclosed accurately in the QoE; MSA being drafted to be buyer-favorable but not yet executed. Monitor until signed.
R-03
Data Room Not Yet Populated — Medium
Buyer-facing data room remains an open action item; blocks readiness for management meetings and diligence once outreach begins.
R-04
Team Roster Completeness — Low
Shai (CTO) and Blesson Thomas (Warehouse Manager) are operationally relevant per internal notes but currently absent from CIM leadership content. Confirm inclusion before finalizing.
R-05
Historical Valuation Swings — Low (Mitigated)
Prior ask ranged from $18M (unrealistic) to $6–7M in 2025 buyer talks. Mitigated going forward by anchoring exclusively to the QoE-based $7.5M / ~3.5x ask; avoid referencing prior figures externally.
R-06
Buyer Strategy Alignment — Low (Resolved)
Roll-up/platform positioning locked as of July 3, 2026, with E2 track running in parallel. Confirm this remains the sole primary angle before outreach lists are built.

This Deal Memorandum has been prepared by Emanay Advisors for internal use and is a living document — update it whenever a material fact changes or a new document (CIM, teaser, LOI, MSA) is drafted. It should be read alongside Project_Sprint_DEAL_BIBLE.md, which holds the locked financial and content-correction reference data this memorandum summarizes. Doc Ref: PS-SM-DM-2026-07-03-v1 · Prepared July 3, 2026 · Emanay Inc. · 1221 Brickell Ave Suite 900 · Miami FL 33131 · advisors@emanay.io · Strictly Confidential — Not for Distribution.