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CIT Northbridge Arranges $20MM Credit Facility for Davey Coach Holdings

February 15, 2022, 07:15 AM
Filed Under: Buses

CIT, a division of First Citizens Bank, announced CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $20 million senior lending facility for Davey Coach Holdings, a portfolio company of Progress Equity Partners and one of the nation's leading providers of new and used shuttle bus and rental services.

Headquartered south of Denver in Sedalia, CO, with additional branch locations in California and Indiana, Davey Coach provides customized solutions in the small- and mid-size bus market, representing multiple manufacturer brands, many on an exclusive basis. The credit facility will be used to refinance existing debt, provide working capital and help finance future growth opportunities.

"As the travel industry rebounds from the pandemic, we expect to see an increase in demand for flexible and convenient regional transportation," said Mark Stenseth, President of Davey Coach. "We appreciate the expertise and agility of the CIT Northbridge team in arranging financing that will help us to meet the pent-up demand for shuttle bus sales and rental services."

"Davey Coach is a leading shuttle bus dealer and fleet rental service provider in the United States, and we're pleased to have worked closely with them to understand their business needs and develop a financing package that advances their goals," said Neal Legan, who leads CIT Northbridge.

CIT Northbridge Credit is a financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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