M&A Deal Summary

Patriot Capital Acquires Central States Bus Sales

On February 15, 2024, private equity firm Patriot Capital acquired distribution company Central States Bus Sales from Capital For Business and Diamond State Ventures

Acquisition Highlights
  • This is Patriot Capital’s 6th transaction in the Distribution sector.
  • This is Patriot Capital’s 107th transaction in the United States.
  • This is Patriot Capital’s 5th transaction in Missouri.

M&A Deal Summary

Date 2024-02-15
Target Central States Bus Sales
Sector Distribution
Buyer(s) Patriot Capital
Sellers(s) Capital For Business
Diamond State Ventures
Deal Type Recapitalization

Target

Central States Bus Sales

Fenton, Missouri, United States
Central States Bus Sales is an authorized dealer of Blue Bird Corporation (“Blue Bird”) school buses in the United States, exclusively serving Missouri, Illinois, Kentucky, Tennessee, Arkansas, and Alabama. CSBS has a longstanding relationship with Blue Bird, a leading school bus manufacturer with gas, diesel, low- and zero-emission school buses fueled by propane and natural gas, and electric-powered (EV) buses in operation today. Central States Bus Sales is based in Fenton, Missouri.

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Buyer(S) 1

Buyer

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


DEAL STATS #
Overall 107 of 108
Sector (Distribution) 6 of 6
Type (Recapitalization) 18 of 19
State (Missouri) 5 of 5
Country (United States) 107 of 108
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-17 Salem One

Winston-Salem, North Carolina, United States

Salem One is a provider of corporate communication solutions, including direct marketing, packaging, and logistics services. Salem One is based in Winston-Salem, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-18 Direct Line

Fremont, California, United States

Direct Line provides network cabling, infrastructure, and staffing services to data centers and other mission-critical environments. Direct Line has unique expertise in managing the complexities of installing, designing, and maintaining customized data and fiber optic cabling for data centers across various end markets. Direct Line was established in 1997 and is based in Fremont, California.

Sell -

Seller(S) 2

SELLER

Capital For Business

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1959
PE ASSETS 150M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Capital for Business (CFB) is a private investment firm focused on providing junior capital to growing lower middle-market companies with at least $8 million in sales. CFB targets businesses serving niche consumer, commercial, distribution, manufacturing, and service markets throughout the United States. Funds are typically used to support management buyouts, leveraged buyouts, recapitalizations, corporate divestitures, growth financings, and going-private transactions. CFB will not invest in start-ups, turnarounds, unproven technologies, biotech, real estate, and financial institutions. Capital for Business was founded in 1959 and is headquartered in St. Louis, Missouri.


DEAL STATS #
Overall 18 of 19
Sector (Distribution) 3 of 3
Type (Recapitalization) 2 of 2
State (Missouri) 3 of 3
Country (United States) 18 of 19
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-07 New Life Chemical

Greenville, South Carolina, United States

New Life Chemical is a distributor of surplus chemicals and a wholesale manufacturer of commercial cleaning products. New Life Chemical was formed in 1997 and is based in Greenville, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-23 T-Tek Material Handling

Montgomery, Alabama, United States

T-TEK Material Handling is a manufacturer of high-speed palletizing, depalletizing and conveying systems for multiple industries including the beverage industry. The company also design, service, and support high-speed pallet sortation and repair systems. T-Tek Material Handling was founded in 1996 and is based in Montgomery, Alabama.

Sell -
SELLER

Diamond State Ventures

Little Rock, Arkansas, United States

Investor Investor


Category Growth Capital Firm
Founded 1999
PE ASSETS 125M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Diamond State Ventures (DSV) is a private equity and venture capital firm focused on small and lower middle-market company investments in Arkansas, as well as the Midwest and Southeast US. DSV looks to commit $1 to $5 million per investment, which can take the form of subordinated debt, preferred equity or a combination of the two. Prospective transaction situations include growth capital financings, management buyouts, family successions, recapitalizations, and early stage investments. Sectors of interest include niche manufacturing, business services, media, consumer products and services, education, healthcare, and technology. DSV will not invest in seed or startup companies. Diamond State Ventures is based in Little Rock.


DEAL STATS #
Overall 14 of 14
Sector (Distribution) 2 of 2
Type (Recapitalization) 1 of 1
State (Missouri) 1 of 1
Country (United States) 14 of 14
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-21 Weeks Service

League City, Texas, United States

Weeks Service offers installation, service, and maintenance for heating and air conditioning systems in addition to electrical and generator service, replacement and maintenance. Weeks Service was founded in 1972 and is based in League City, Texas.

Sell -