Progress Equity Partners Completes New Financing for Davey Coach Holdings, Inc.
January 2020 – Progress Equity Partners is pleased to announce its portfolio company, Davey Coach Holdings, has completed a new financing relationship with PNC Business Credit. Headquartered in Denver, Colorado, Davey Coach is one of the nation’s largest fully integrated dealerships of shuttle buses. Davey Coach offers a comprehensive line of new and used buses for sale, long-term and seasonal lease, short-term rental, as well as best-in-class maintenance services, parts, graphics and custom accessories that support customers across a vast array of industries including assisted living, charter operators, resort management, municipalities and transportation districts, among many others.
PNC provided a comprehensive credit facility to support the company’s floorplan of inventory and expanding fleet of buses for lease and rent.
Steve Sangalis of Progress Equity said of the transaction, “Since our investment in Davey Coach in 2017, the company’s revenues have grown more than 40% and its scope of operations has expanded significantly. We are thrilled to partner with PNC to provide the essential resources needed for the company’s continued expansion. The professionals at PNC were quick to understand the company’s needs and provide a comprehensive and creative financing solution for Davey’s future.”
Visit www.daveycoach.com for more information about Davey Coach.
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