February 29, 2008
LockeBridge LLC announced today that it has acted as exclusive financial advisor to Newton Veterans Taxi, Inc and Veterans Transportation, Inc in the sale of the combined entities. Based in Massachusetts, Newton Veterans Taxi, is a leading provider of taxi services . Veterans Transportation, Inc. is the largest subcontractor to the Massachusetts Bay Transportation Authority’s Ride Program. The combined entities were sold to the operator of Harrison Transportation Services, Inc., a provider of chauffeured transportation services. The terms of the transaction were not disclosed.
According to Mr. Daniel MacInnis, President of Veterans Transportation Services, Inc, “The Harrison Transportation operation is high synergistic with the services that Veterans Transportation offers. As such, we are confident that the management of Harrison will continue the exceptional growth of the Veterans operation. The transaction was fraught with both financing and legal challenges which would not have been overcome without the highly skilled Lockebridge team.”
Mr. Tyler Block, Vice President of Lockebridge Investment Banking states, “Structuring this highly leveraged transaction in the height of one of the largest liquidity squeezes in U.S. history was extremely challenging. We were very pleased to have concluded the transaction using financial instruments which resulted in a highly beneficial deal for both the Buyers and the Sellers”.