Investment Summary

Progress Equity Partners, Harbert Mezzanine Capital and Great Western Bank Invest In Davey Coach Sales

On May 9, 2017, private equity firm Progress Equity Partners, mezzanine finance firm Harbert Mezzanine Capital and Great Western Bank invested in automotive company Davey Coach Sales

Investment Highlights
  • This is Progress Equity Partners’ 1st, Harbert Mezzanine Capital’s 2nd and Great Western Bank’s 1st transaction in the Automotive sector.
  • This is Progress Equity Partners’ 14th, Harbert Mezzanine Capital’s 15th and Great Western Bank’s 1st transaction in the United States.
  • This is Progress Equity Partners’ 5th, Harbert Mezzanine Capital’s 2nd and Great Western Bank’s 1st transaction in Colorado.

Investment Summary
Date 2017-05-09
Target Davey Coach Sales
Sector Automotive
Investor(s) Progress Equity Partners
Harbert Mezzanine Capital
Great Western Bank
Deal Type Growth Capital

Target

Davey Coach Sales

Sedalia, Colorado, United States
Davey Coach Sales is a dealer of new and used mid-sized buses and shuttles, as well as a premier provider of passenger transport vehicles for lease and rental. Davey Coach Sales was founded in 1992 and is based in Sedalia, Colorado.

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Investor(S) 3

Investor

Progress Equity Partners

Dallas, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Progress Equity Partners is a private investment firm that seeks control positions in 'well-managed, entrepreneurial, service-based businesses.' Progress focuses on companies with sustainable/scalable business models and low capital expenditures. Specific areas of interest include building products/construction services, communication, marketing, facility maintenance services, franchising, manufacturing, retail, specialty food and healthcare services. Progress Equity Partners is based in Dallas, Texas.

DEAL STATS #
Overall 14 of 19
Sector (Automotive) 1 of 1
Type (Growth Capital) 1 of 2
State (Colorado) 5 of 5
Country (United States) 14 of 19
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-14 The Columbus Organization

Blue Bell, Pennsylvania, United States

The Columbus Organization is a provider of on-site professional staffing and consultative services, focusing exclusively on agencies that serve individuals with special needs. The Columbus Organization was founded in 1984 and is based in Blue Bell, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-23 Terracare Associates

Littleton, Colorado, United States

Terracare Associates is a leading provider of commercial landscape and public infrastructure management services. Terracare Associates provides a diverse range of services to institutional, industrial, commercial and municipal customers, including outsourced road and park maintenance, general landscape services, irrigation management, snow/ice removal, and aquatic/lake management services. Terracare Associates was founded in 1975 and is based in Littleton, Colorado.

Sell -
Investor

Harbert Mezzanine Capital

Investor Investor Investor Investor

Category Mezzanine Finance Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Harbert Mezzanine Capital is the junior capital investment arm of asset manager Harbert Management Corporation. Harbert Mezzanine looks to invest $3 to $15 million of subordinated debt to support growth needs, acquisitions, recapitalizations, or management buyouts of mid-sized companies throughout the US. Harbert Mezzanine Capital is based in Nashville, Tennessee.

DEAL STATS #
Overall 15 of 28
Sector (Automotive) 2 of 2
Type (Growth Capital) 3 of 3
State (Colorado) 2 of 2
Country (United States) 15 of 28
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-19 Southeastern Spine Institute

Mt Pleasant, South Carolina, United States

Southeastern Spine Institute is a medical practice in South Carolina exclusively specializing in spine care. The Company has state-of-the-art spine MRIs, digital X-ray and most forms of diagnostic equipment. The medical facility has multiple non-surgical treatment rooms and block suites, as well as an in-house pharmacy and physical therapy center dedicated exclusively to treat spinal related problems. Southeastern Spine Institute is based in Mount Pleasant, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-06 i3 Verticals

Nashville, Tennessee, United States

i3 Verticals is a technology and integrated payments provider for a range of industry verticals throughout the United States. i3 Verticals was founded in 2012 and is based in Nashville, Tennessee.

Buy -
Investor

Great Western Bank

Sioux Falls, South Dakota, United States
Category Company
Founded 1935
Sector Financial Services
Revenue 419M USD (2020)
DESCRIPTION

Great Western Bank is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western Bank offers small and mid-sized businesses a focused suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications, and customer care centers. Great Western Bank was founded in 1935 and is based in Sioux Falls, South Dakota.

DEAL STATS #
Overall 1 of 2
Sector (Automotive) 1 of 1
Type (Growth Capital) 1 of 1
State (Colorado) 1 of 2
Country (United States) 1 of 2
Year (2017) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-21 Independent Bank Group - Trust Assets

Colorado, United States

Independent Bank Group, Inc. - Trust Assets is a department located in Colorado having approximately $311.7 million in assets held in fiduciary or agency capacities.

Buy -
Mergr

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