Funds Support Buyout of Bison Capital, Increase Praesidians Equity Position
NEW YORK — April 28, 2015 — Praesidian Capital, a leading provider of senior and subordinated capital for small and mid-sized businesses, announced today that it is leading a $10.5 million add-on investment, along with United Insurance of America (Kemper), in EmpireCLS Worldwide Chauffeured Services (Empire or the company), one of the largest independent service providers in the U.S. limousine and chauffeured transportation services industry. Praesidian, Kemper and M&T Bank had previously provided $25.5 million to the company in 2013 as part of a refinancing of senior and subordinated debt.
Our chauffeuring service continues to grow at remarkable rates and is currently one of the largest luxury services in the world, stated Empire Chairman and CEO David Seelinger, who has led the company since 1989. We drive nearly one million customers each year including VIPs, Fortune 1000 companies, five-star hotel brands and the entertainment/music industry elite. With the invaluable support of our partners at Praesidian, we look forward to continuing to lead the industry.
According to Jason Drattell, founding partner of Praesidian Capital, Our relationship with EmpireCLS goes back to 2009, when we first provided $10 million in senior secured debt. Its exciting to see this partnership continue in new ways, and we look forward to continued growth and success.
Jon Mansfield, Partner of Praesidian Capital, stated: We are pleased to increase our position in EmpireCLS. This is a company we know well, and management has consistently outperformed expectations.
About EmpireCLS EmpireCLS is one of the largest chauffeured transportation companies in the world, operating in more than 700 cities around the globe. The company has offices in Los Angeles and Secaucus, N.J., and employs nearly 550 people. More than transportation from point A to point B, EmpireCLS has built a reputation for providing a luxurious and comfortable transportation experience beyond the ride. This experience encompasses not only the physical transportation, but also the myriad tools and services that make client interactions with EmpireCLS simple, effortless, secure, comfortable and consistent. For more information, visit www.EmpireCLS.com.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established, small and mid-sized companies often in connection with management buyouts, recapitalizations and refinancings. Based in New York City with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
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