M&A Deal Summary

Cortec Group and Twin Brook Capital Partners Acquire Groome Transportation

On January 8, 2018, private equity firm Cortec Group and mezzanine finance firm Twin Brook Capital Partners acquired transportation company Groome Transportation

Acquisition Highlights
  • This is Cortec Group’s 1st and Twin Brook Capital Partners’ 1st transaction in the Transportation sector.
  • This is Cortec Group’s 35th and Twin Brook Capital Partners’ 5th transaction in the United States.
  • This is Cortec Group’s 1st and Twin Brook Capital Partners’ 2nd transaction in Virginia.

M&A Deal Summary

Date 2018-01-08
Target Groome Transportation
Sector Transportation
Buyer(s) Cortec Group
Twin Brook Capital Partners
Deal Type Recapitalization
Advisor(s) Harris Williams (Financial)
Williams Mullen (Legal)

Target

Groome Transportation

Richmond, Virginia, United States
Groome Transportation is a specialty ground transportation provider operating across numerous 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 provides contracted closed-loop campus shuttle services to academic and institutional clients. Groome Transportation was founded in 1934 and is based in Richmond, Virginia.

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Buyer(S) 2

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 36 of 49
Sector (Transportation) 1 of 1
Type (Recapitalization) 2 of 11
State (Virginia) 1 of 2
Country (United States) 35 of 48
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-15 Cranial Technologies

Tempe, Arizona, United States

Cranial Technologies engages in treatment of plagiocephaly, or flat head syndrome, which typically manifests itself in infants 3 to 18 months of age. The Company’s skilled clinicians provide superior patient outcomes through a network of 37 treatment centers using a proprietary FDA-cleared cranial orthotic helmet, which is custom manufactured in-house. Cranial Technologies was formed in 1988 and is based in Tempe, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Window Nation

Fulton, Maryland, United States

Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

Buy -
Buyer
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 24
Sector (Transportation) 1 of 1
Type (Recapitalization) 1 of 5
State (Virginia) 2 of 3
Country (United States) 5 of 23
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-31 Double E

West Bridgewater, Massachusetts, United States

Double E is a manufacturer of highly-engineered components for web converting applications. The company's product offering includes critical wear components such as chucks, brakes, shafts, slitters, web guides, core cutters, and roll movers. These products secure, straighten, apply tension, cut, and move rolled raw materials through continuous manufacturing processes. Double E was established in 1972 and is headquartered in West Bridgewater, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Window Nation

Fulton, Maryland, United States

Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

Buy -