Gordon Brothers Provides Academy Bus $72.5M Credit Facility to Support Growing Business


BOSTON, Sept. 21, 2022 (GLOBE NEWSWIRE) — Gordon Brothers, the global consulting, restructuring and investment firm, has provided Academy Bus LLC with a $72.5 million credit facility to support its growing business to support the bus company.

The facility will support Academy Bus’s debt refinancing and continued growth to meet increased demand for transit, charter and commuter traffic as the transportation service returns to pre-pandemic levels.

“After decades of steady growth and profitability, Academy Bus has faced significant pandemic-related challenges as transportation demand has declined,” said Kyle C. Shonak, Gordon Brothers’ head of lending, North America. “We are proud to provide working capital to support the largest privately owned and operated transportation company in North America and new bus growth to accommodate significant business expansion.”

“Gordon Brothers have extensive knowledge of the transportation industry and we are pleased to work with them as their tailored, rapid funding has enabled us to continue and grow our business,” said Francis Tedesco, CEO of Academy Bus.

Gordon Brothers provides both short and long-term capital to clients undergoing transformation. The firm loans and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both collectively and individually, to provide clients with liquidity solutions that go beyond its market-leading disposition and valuation services.

READ:  Monster tax cuts to stay despite budget pain, Treasurer says

Gordon Brothers works with management teams, private equity sponsors, strategic buyers and asset-based lenders worldwide to provide its expertise and additional capital in special situations. The company’s tailored solutions provide clients with 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 been helping lenders, management teams, advisors and investors move forward through change. The firm offers clients a powerful combination of expertise and capital, developing customized solutions on an integrated or standalone basis across four service areas: Valuations, Divestments, Financing and Investing. Whether driving growth or facilitating strategic consolidation, Gordon Brothers works with companies across the retail, commercial and industrial sectors to provide maximum liquidity, make the best possible use of assets and mitigate liabilities. The firm completes more than $100 billion in divestitures and appraisals annually, providing both short and long-term capital to clients in transition. Gordon Brothers loans and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both collectively and individually, to provide clients with liquidity solutions that go beyond its market-leading disposition and valuation services. The company is headquartered in Boston and has more than 30 offices on five continents.

READ:  myAir blends technology with food as medicine to tackle growing stress pandemic

About academy bus
Based in Hoboken, NJ, Academy ranks as the largest privately owned transportation company in New Jersey and the largest privately owned ground transportation company in the United States. With over 50 years of experience and a fleet of over 1,000 high-quality buses in 20 markets from Boston to Miami, the company offers a wide range of charter, commuter and contract services. Academy also offers intercity service between New York City, Boston and the Washington, DC metro areas under the Go Buses brand name. Whether you’re moving 20 or 20,000, Academy has the expertise to keep every client happy. For more information about the Academy, visit www.academybus.com.

READ:  Banks Raise Decarbonization Benchmark Standard in Poseidon Principles

About B.Riley Securities Inc.
B. Riley Securities offers a full range of investment banking, corporate finance, advisory, research, sales and trading services. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, mergers and acquisitions (M&A) advisory, SPACs, corporate restructuring and recapitalizations. B. Riley is nationally recognized and ranked highly for its proprietary small-cap equity research.

About Okin Hollander LLC
Okin Hollander LLC has extensive experience representing and advising 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 recapitalizations, asset-based lending and mortgage transactions. Okin Hollander’s representation of clients on both sides of the table in a variety of financial transactions allows the firm to anticipate potential problems and develop practical solutions to effectively achieve each party’s goals. The firm’s integrated approach enables clients to achieve strategic success while managing related corporate governance and compliance matters.

CONTACT: Lauren Nadeau Gordon Brothers +1.617.422.6599 [email protected]



Source link