Daily News: January 31, 2018

Capital One Supports Cortec’s Groome Holdings Recap


Capital One Sponsor Finance led a senior secured credit facility to support the recapitalization of Groome Holdings by an affiliate of Cortec Group and the Groome family.

Capital One acted as joint lead arranger for the transaction, while TwinBrook Capital Partners acted as administrative agent.

“It was a pleasure working with a lender who really understands our business and our goals,” said David Schnadig, a managing partner at Cortec. “We appreciated both the certainty of execution Capital One provided as well as their responsiveness.”

“We have a long-standing relationship with Capital One, which gave me confidence that they could provide us with the competitive financing we needed to make this deal happen,” said Vince Groome, CEO of Groome.

Founded in 1984, Cortec invests in value-added, middle-market specialty service, consumer, healthcare and distribution businesses. Groome is a provider of specialty transportation services operating across 12 states and in two segments: Airport Shuttle, which offers medium- to long-haul scheduled van service between major airports and distant regional markets; and Contract, which partners with universities and hospitals across the U.S. to manage their campus transportation programs.

Capital One Sponsor Finance is a provider of financing, banking and capital markets services to the middle market private equity sponsor community.