Livingstone Carries Out a Successful Refinancing for Martin Transportation
April 2011
Martin Transportation Systems Inc. and Bay Logistics Inc., collectively with their respective affiliates (“MTS” or the “Company”), have been recapitalized by PNC Business Credit. Livingstone acted as exclusive financial advisor to MTS. Terms of the deal were not disclosed.
MTS, with 23 terminal and warehouse locations across the U.S. and a fleet of approximately 1,400 tractors and trailers, is the market’s leading provider of transportation and logistics services for the automotive industry. MTS has built long-term business relationships with the “Big Three” and the Company is currently a top carrier for Chrysler, Ford, General Motors and their Lead Logistic Provider (LLP) network.
The refinancing by PNC Business Credit positions the Company for continued growth, allowing for significantly improved liquidity. Livingstone also advised the Company on a successful refinancing of its real estate portfolio, enhancing the Company’s long-term capital structure and better positioning the Company to execute its strategic plan.
MTS President and CEO Ric Johnston stated: “We are pleased to be PNC’s partner going forward and greatly appreciate Livingstone’s leadership on this successful transaction. The transaction likely would not have been possible without their market knowledge and perseverance.”
“The completion of this refinancing with PNC Business Credit positions the company extremely well for future success. The liquidity and flexibility provided by the new capital structure will strengthen MTS’ position as a market leader,” said Tom Mills, Livingstone’s Head of Debt Capital Markets.
The deal closing represents another successful transaction for Livingstone’s Debt Capital Markets Practice. Livingstone’s professionals are currently active on six other debt placement engagements in this increasingly competitive marketplace.
For further information contact:
Joe Greenwood
T: 312 670 5913
E: greenwood@livingstonepartners.com
Tom Mills
T: 312 670 5922
E: mills@livingstonepartners.com
