Palm Beach Capital Fund IV, through one of its investment entities, has invested in Mears Transportation (Mears).
Financial terms of the deal, which saw Palm Beach Capital partner with TriArtisan Capital Advisors, have not been disclosed.
Mears Transportation is a ‘full service’ transportation company with primary operations serving Central Florida residents and tourist destinations, owning and operating nearly 1200 vehicles including 251 motor coaches, 620 taxicabs, 260 luxury vehicles and 52 shuttle vans. In addition to serving Orlando International Airport as the primary shuttle concessionaire and largest taxi provider, Mears also operates numerous bus and shuttle services for central Florida’s largest resorts, theme parks and tour operators.
“With the changing landscape in the transportation business, we are fortunate to have a partnership with Palm Beach Capital that will allow us to grow our business,” says Chuck Carns, CEO, Mears Transportation. “With Palm Beach Capital’s financial strength and expertise, we look forward to growing our long and successful track record into markets outside Central Florida.”
“We are excited to partner with the entire Mears management team and we look forward to providing the necessary support for the company to expand its service and technology platforms to expertly manage its customers’ transportation challenges,” says Shaun McGruder, Palm Beach Capital’s Founding Partner. “Mears has the proven capabilities to support its large-scale customer base while identifying and managing the new challenges in the transportation industry. We look forward to partnering with their well-established and proven team.”
