Boston, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory, restructuring and investment firm, has provided Academy Bus LLC a $72.5 million credit facility to support the bus company's growing business.
The facility will support Academy Bus' debt refinancing and continued growth to meet the increased transit, charter and commuter demand as transportation service returns to pre-pandemic levels.
"After decades of steady growth and profitability, Academy Bus faced significant pandemic-related challenges as transportation demand fell," said Kyle C. Shonak, Head of Lending, North America at Gordon Brothers. "We're proud to provide working capital to support the largest privately-owned and operated transportation company in North America and new bus growth to accommodate the significant increase in business."
"Gordon Brothers has a deep understanding of the transportation industry, and we're happy to partner with them as their customized rapid financing has allowed us to continue to run and grow our business," said Francis Tedesco, CEO at Academy Bus.
Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.
Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm's tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.
Academy Bus was advised by B. Riley Securities Inc. and represented by Okin Hollander LLC.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About Academy Bus
Based in Hoboken, NJ, Academy is recognized as the largest private carrier in New Jersey and the largest privately owned ground transportation company in the United States. With over 50 years of experience and utilizing a fleet of over 1,000 top quality buses across 20 markets from Boston to Miami, the company maintains a diverse set of service offerings in charter, commuter, and contract operations. Academy also offers intercity service between New York City, Boston, and Washington, D.C. metro areas under the Go Buses brand name. Whether moving 20 or 20,000, Academy has the expertise to satisfy every customer. For more information on Academy please visit www.academybus.com.
About B. Riley Securities Inc.
B. Riley Securities provides a full suite of investment banking, corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. B. Riley is nationally recognized and highly ranked for its proprietary small-cap equity research.
About Okin Hollander LLC
Okin Hollander LLC has extensive experience representing and advising both lenders and borrowers in achieving their financial goals. The firm provides strategic advice on a wide range of financing options available in complex business situations, including recapitalization, asset-based lending and mortgage transactions. Okin Hollander's representation of clients on both sides of the table in a wide variety of finance transactions enables the firm to anticipate potential issues and develop practical solutions to effectively meet the goals of all parties. The firm's integrated approach allows clients to achieve strategic success while managing related corporate governance and compliance matters.
Lauren Nadeau Gordon Brothers +1.617.422.6599 firstname.lastname@example.org
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