Griffin Assists Carl R. Bieber, Inc. in Acquisition of Assets of Capitol Trailways

Company Overview
Carl R. Bieber, Inc. (“Bieber”), a Kutztown, Pennsylvania-based transportation company, services customers throughout the United States, but primarily in central and eastern Pennsylvania, New York City and New Jersey. From its headquarters and many other terminal locations, the Company provides four distinct types of transportation service to the private and public sectors. First, the Company maintains a scheduled line of daily runs to various locations, such as Atlantic City, New York City, Philadelphia, Baltimore and Washington, D.C. Second, the Company provides charter or group services to private customers. These customers range from riders needing airport transfers, to corporate, civic, social, and school and university travelers. Third, the Company provides transportation for single- and multi-day tours. Featured tours include: (i) Broadway shows; (ii) beach, casino, dinner tours, holiday, shopping, sightseeing and other special events; and (iii) sporting events, such as NASCAR, professional baseball and hockey. Fourth, the Company provides corporate and personal limousine services. Bieber is privately owned and was founded in 1928.

Capitol Trailways of Harrisburg (“Capitol Trailways”), a major competitor of Bieber, encountered various financial and operational issues causing it to file for protection under Chapter 11 of the Bankruptcy Code in 2008. Bieber had a deep understanding of the synergies and opportunities that could benefit a potential buyer. Based on this knowledge and industry expertise, Bieber offered the highest and best bid, was the Court approved stalking horse and was ultimately the Bankruptcy Court approved buyer. Additionally, the acquisition will (i) dramatically increase Bieber’s market presence in the central and western parts of Pennsylvania and into certain Maryland and Washington, D.C. markets; (ii) provide a wider range of products and services to customers in these markets; and, (iii) enable Bieber to increase its revenues and net income.

Bieber retained Griffin as its exclusive financial advisor to advise on the transaction. Griffin’s role included assisting Bieber in the strategic analysis of Capitol Trailways’ business, financial position and bankruptcy filings. Griffin also modeled the various acquisition integration scenarios and assisted in negotiating and structuring the terms of the acquisition. These efforts resulted in Bieber acquiring substantially all of the assets of Capitol Trailways and its affiliate debtor entities pursuant to Section 363 of the United States Bankruptcy Code and to provide ongoing working capital financing.

For more information on this transaction, please contact Thomas G. Whalen, Managing Director, at 610.205.6115.