Harris Williams & Co. Advises Groome Transportation on its Investment from Cortec Group
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Groome Transportation (Groome) on its investment from Cortec Group (Cortec). Groome Transportation is a leading specialty ground transportation provider operating across 12 states and in two segments: Airport Shuttle, which offers medium- to long-haul scheduled van service between major airports and distant regional markets; and Contract, which provides contracted closed-loop campus shuttle services to academic and institutional clients. Harris Williams & Co. served as the exclusive advisor to Groome. The transaction was led by Jason Bass and Jeff Kidd from the firm’s Transportation & Logistics (T&L) Group and Joe Ferguson from the firm’s Richmond office.
“We are thrilled to have been part of this important milestone for the Groome family, which is the culmination of several generations leading the business through growth and diversification,” said Jason Bass, a managing director at Harris Williams & Co. “We look forward to watching Groome’s continued growth and development as it enters into its partnership with Cortec.”
“Under the leadership of CEO Vince Groome and the entire executive team, Groome has carved out a unique niche within the passenger transportation industry,” added Jeff Kidd, a director at Harris Williams & Co. “Favorable industry dynamics and numerous opportunities to grow both organically and through acquisitions bode well for the company’s continued success.”
Based in Richmond, Virginia, Groome is a leading provider of specialty transportation services, operating in both the airport shuttle and closed-loop campus shuttle markets. Groome provides safe, reliable and comfortable transportation to over one million airport shuttle passengers annually and partners with many leading universities and hospitals across the U.S. to manage their campus transportation programs.
Founded in 1984, Cortec focuses on investing in family/entrepreneur-owned specialty service, products, healthcare and distribution businesses with management teams that want to work with Cortec to drive growth and improve business fundamentals. Cortec is currently investing its sixth institutional fund with $1.1 billion in commitments and targets platform acquisitions with enterprise values of $60 million to $300 million and smaller follow-on acquisitions.
Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s T&L Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), automotive and heavy duty vehicle, truck, rail, marine and air transportation, and transportation equipment. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.