CIT Northbridge Credit, as advised by CIT Asset Management, served as sole lead arranger on a $20 million senior lending facility for Davey Coach Holdings, a portfolio company of Progress Equity Partners and a provider of new and used shuttle bus and rental services.
Headquartered south of Denver in Sedalia, CO, with additional branch locations in California and Indiana, Davey Coach provides solutions in the small and mid-sized bus market, representing multiple manufacturer brands. It will use the credit facility to refinance existing debt, provide working capital and help finance future growth opportunities.
“As the travel industry rebounds from the pandemic, we expect to see an increase in demand for flexible and convenient regional transportation,” Mark Stenseth, president of Davey Coach, said. “We appreciate the expertise and agility of the CIT Northbridge team in arranging financing that will help us to meet the pent-up demand for shuttle bus sales and rental services.”
“Davey Coach is a leading shuttle bus dealer and fleet rental service provider in the United States and we’re pleased to have worked closely with them to understand their business needs and develop a financing package that advances their goals,” Neal Legan, who leads CIT Northbridge Credit, said.