April 20, 2017
W.G. Nielsen & Co., a leading investment banking firm headquartered in Denver, CO, announced today that it acted as financial advisor to Davey Coach Sales, Inc. and D.C.S. America, Inc. (d/b/a, Cornerstone Bus Leasing & Rentals) (collectively, the “Company”), in its recent transaction with Davey Coach Holdings, Inc., a newly-created entity by private equity firm Progress Equity Partners, Ltd.
Mr. Davey, Founder and CEO of Davey Coach and Cornerstone, stated, “Progress became an ideal partner for us as they share our vision of growing Davey Coach into new territories, via both organic growth and acquisition. We have a unique model and I’m excited about taking this 25 year-old company to the next level. The industry is highly fragmented and the Davey and Progress team will make for a terrific partner for dealers looking to exit.” Mr. Davey will remain CEO of the Company.
Per Steve Sangalis, Partner at Progress Equity Partners, “Tom has built a fantastic and unique business that caters to customer’s needs, whether they be short-term or long-term. We look forward to working with Tom and his talented Team Davey.”
Wayne Nielsen, President of W.G. Nielsen & Co., believes this is indicative of increasing opportunities within the transportation sector. "We continue to build strong relationships within the transportation niche and this transaction is another example of the increasing merger and acquisition opportunities available. We remain actively engaged with several opportunities in the transportation space and expect to see more transactions done in this sector. We are excited for Tom and Progress as they grow Davey Coach.”
About Davey Coach Sales, Inc.
Founded in 1992 by Tom Davey and located in Sedalia, CO, Davey Coach sells new and used buses, vans and coaches representing more than ten manufacturers. Through an affiliate, the Company provides short-term, seasonal, and long-term leases of buses, vans, and coaches throughout the United States and Canada. Additionally, the Company provides modifications and customer-specific applications to existing buses and new models, such as wheelchair lifts, adaptive equipment, 4x4 conversions, secondary braking systems, custom ski/board racks, as well as its in-house graphics department, Big Picture Graphics, which provides customers the ability to wrap their vehicle(s) ranging from a simple image or the whole surface area of the vehicle.
About Progress Equity Partners, Ltd.
Progress Equity Partners, Ltd., with offices in Dallas and Denver, is a private equity investment firm that acquires majority control of entrepreneurial, lower middle market businesses. The principals of Progress Equity are relationship driven, long-term investors and have been partnering with owners and management to build industry leading companies since 1993.
About W.G. Nielsen & Co.
W.G. Nielsen & Co. is a Denver-based investment banking firm that specializes in mergers and acquisitions (sell-side and buy-side advisory services) and structured and leveraged financing transactions. W.G. Nielsen & Co., an independently-owned, FINRA investment banking firm, offers clients innovative financing solutions. The firm enables select mid-sized clients to achieve their goals through strategic alliances, industry experience, and proven methodologies. Since the firm's inception in 1996, W.G. Nielsen & Co. professionals have completed transactions valued in excess of $4 billion.