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Capital One Leads Financing to Support Cortec’s Recapitalization of Groome Holdings, LLC

January 31, 2018, 07:10 AM
Filed Under: Transportation

Capital One N.A. Sponsor Finance announced that it led a senior secured credit facility to support the recapitalization of Groome Holdings LLC 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 high value-added, middle-market specialty service, consumer, healthcare, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Groome is a leading 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 is proud to co-lead this financing, providing a tailored funding solution to make this transaction a reality. Groome is truly a leader in their industry, and we’re pleased to work with them and Cortec to make this a successful acquisition,” said Bob McCarrick, Head of Middle Market Banking at Capital One.

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