Capital One N.A. Sponsor Finance announced today 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.
Capital One N.A. Sponsor Finance is a leading provider of financing, banking and capital markets services to the middle market private equity sponsor community, offering creative and flexible capital to customers across a broad range of industries. Customized financing solutions provided include acquisition financings, refinancing of existing debt, recapitalizations, support for working capital needs and funding growth initiatives.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $243.7 billion in deposits and $365.7 billion in total assets as of December 31, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
