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

September 22, 2022, 08:00 AM
Filed Under: Transportation
Related: Gordon Brothers

Gordon Brothers provided Academy Bus a $72.5 million credit facility to support the bus company’s growing business.

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

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

“Gordon Brothers has a deep understanding of the transportation industry, and we’re happy to partner with them as their customized rapid financing has allowed us to continue to run and grow our business,” said Francis Tedesco, CEO at Academy Bus.

Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.

Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients 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.

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