CFA Navigates Sale of Motorcoach Company to Private Equity Firm – Corporate Finance Associates is Financial Advisor in Sale of Gray Line of Nashville
July 14, 2009 (PRLEAP.COM) Business NewsLos Angeles, California - July 14, 2009 - Corporate Finance Associates (CFA), an international middle-market investment banking services firm providing merger and acquisition, business valuation, capital resources, and financial advisory services services, announced it initiated and acted as exclusive financial advisors to LCL, Inc (doing business as Gray Line of Nashville) in the sale of the tourism and transit services firm to Red Clay Holdings, LLC.
Founded in 1974 by Chris and Dennis Levering, Gray Line of Nashville is a full-service tour and transportation company. Gray Line offers charter service, daily individual sightseeing tours, vacation package tours for individuals and groups, scheduled airport service and casino day trip and overnight packages. Gray Line of Nashville is the largest motorcoach company in the state of Tennessee, and one of the largest motorcoach companies in the United States. The company's highly regarded brands in the Charter, Retail and Tourism, and Outsourcing industry have contributed to a remarkable history of growth, doubling the business size over the last five years.
CFA received strong interest in LCL, Inc. from both strategic and financial buyers during one of the nation's worst economic periods by tapping into in-depth industry knowledge and advocating on behalf of LCL, Inc. with a select group of high quality buyers. "It has been a pleasure to be working with Gray Line and Red Clay, and it is particularly satisfying to help our clients find solutions in light of the current economic climate." said Gerald Lindsay, Managing Director of CFA's MidSouth Office.
LCL, Inc was acquired by Red Clay Holdings, LLC (Red Clay), an Atlanta-based, minority-owned and managed, private investment firm focused on investing in and supporting the long-term development of growth-stage manufacturing, consumer products and business services companies located in the Southeastern United States. The Gray Line acquisition is an example of Red Clay's strategy to seek investments in lower middle-market, southeast-based firms which can benefit from the introduction of complementary resources and expertise to a strong and proven platform.
"While many business owners may be hesitant about entering the current M&A market," said Corporate Finance Associates CEO, Peter Heydenrych, "this transaction attests to fact that quality businesses can successfully execute their M&A strategies with access to the right resources and the commitment of all parties involved."
On May 29, 2009, Red Clay Holdings, LLC acquired LCL, Inc. in a private transaction. The terms were not disclosed. LCL, Inc was represented by Howard & Mobley, PLLC with financial representation provided by Gerald W. Lindsay of Corporate Finance Associates. Financing for this transaction was provided by Atlantic Capital Bank, Atlanta, Ga. Red Clay Capital was represented by DLA Piper LLP (US). Atlantic Capital Bank was represented by Parker, Hudson, Rainer & Dobbs LLP.
About Corporate Finance Associates
Corporate Finance Associates is a major investment banking services firm, providing middle-market companies with a wide range of financial advisory services in support of mergers, acquisitions, divestitures, capital sourcing, and corporate restructuring. More information about selling a business is available via the Internet at www.corporatefinanceassociates.com.
For more information, contact:
Gerald Lindsay | Corporate Finance Associates | 901.751.8880