Gray Line of Tennessee operates over 100 commercial vehicles providing charter coach, regional transit, casino runs, school bus services, and sightseeing tours offering visitors to Nashville the ultimate thrill in experiencing the Music City. XMi acquired a controlling interest of GLT in 2012 in partnership with the state of Tennessee’s innovative “TNInvestco” program.
Phase One Capital, working on behalf of Gray Line, approached CapX looking for a combination of growth capital and new term debt financing totaling $7.5 million that could be used to refinance Gray Line’s existing bank facility and potentially provide a dividend payout to one of the founding brother’s roll over value from the original private equity transaction. XMi offered up their ability to finance future capex spend via a new captive leasing special purpose entity if CapX could focus on both bank debt refinance and former shareholder redemption.
“It’s easy to see why Jeff and the CapX team have been as successful as they’ve been. They focus on the important issues, move quickly, and are easy and pleasant to work with,” says James C. Phillips, Jr. XMi Holdings, Inc., parent of Gray Line of Tennessee.