Praesidian Capital is leading a USD10.5 million add-on investment, along with United Insurance of America (Kemper), in EmpireCLS Worldwide Chauffeured Services (Empire).
Praesidian, Kemper and M&T Bank had previously provided USD25.5 million to the company in 2013 as part of a refinancing of senior and subordinated debt.
“Our chauffeuring service continues to grow at remarkable rates and is currently one of the largest luxury services in the world,” says Empire Chairman and CEO David Seelinger, who has led the company since 1989. “We drive nearly one million customers each year including VIPs, Fortune 1000 companies, five-star hotel brands and the entertainment/music industry elite. With the invaluable support of our partners at Praesidian, we look forward to continuing to lead the industry.”
According to Jason Drattell, founding partner of Praesidian Capital, says: “Our relationship with EmpireCLS goes back to 2009 when we first provided USD10 million in senior secured debt. It’s exciting to see this partnership continue in new ways, and we look forward to continued growth and success.”
Jon Mansfield, Partner of Praesidian Capital, says: “We are pleased to increase our position in EmpireCLS. This is a company we know well, and management has consistently outperformed expectations.”
