Crystal Financial Provides Acquisition Financing to TMS
Crystal Financial said it has provided a $33 million loan facility to support the acquisition of certain assets and operations of Coach America Holdings by Transportation Management Services (TMS).
Headquartered in Sandy Springs, MD, TMS is a transportation management firm that provides transportation logistics and technology solutions for complex events in the commercial and government sectors.
The loan facility, which includes a $23 million term loan and a $10 million revolver, will be used to purchase Coach America’s intra-city units, which provide contract transportation work for events, tours and cruise ships. With this acquisition, TMS becomes the third largest charter bus company in the U.S.
“The acquisition of the intra-city units of Coach America provides TMS the opportunity to accelerate plans to increase its market position as a large-scale contract and charter bus operator,” commented Andrew Hettinger, managing director with Crystal Financial. “In addition, TMS has regularly subcontracted with Coach America over the past several years, so the management team was very familiar with the company’s operations.”