Allied Industrial Partners has made an investment in Celebrity Coaches, a provider of transportation services to the live events and entertainment sector, in partnership with the company’s founder and senior management team.
Celebrity Coaches provides designing, fabricating, and leasing services for custom luxury motorcoaches used across America by artists in the entertainment industry as well as sports teams and politicians. The company was founded in 2005 by President Jeff Michael and is headquartered near Nashville in Hendersonville, Tennessee.
Post-closing, the business will continue to be led by Mr. Michael along with other members of the management team including General Manager Josh Trivett.
“We carefully selected Allied as our partner for the next phase of growth due to its cultural fit and track record in our industry. With our new partnership, we are poised to rapidly scale our operations and enhance our service offerings,” said Mr. Michael. “Allied’s commitment to the entertainment industry and its proven success in nurturing companies made it the right choice for us, and we look forward to working closely together.”
The entertainment equipment rental sector is not new to Allied. In June 2021, the firm formed Memphis-headquartered CES Power to carve out CAT Entertainment Services, a provider of power services to the broadcasting and entertainment sectors, from Ring Power Corporation. Under Allied ownership, CES has been actively building its business through add-on acquisitions and in September 2023, the company closed its eighth add-on with the buy of Euro Touring Power, an Ireland-based provider of electrical and air conditioning equipment rental services to touring productions throughout Europe.
Celebrity Coaches operates a fleet of more than 40 Prevost coaches and merchandise trailers and has an 18,000 square-foot facility with temperature controlled equipment storage, laundry facilities, washing bays, and secure 24/7 parking. Prevost is a maker of luxury motor coaches and high-end recreational vehicles. The company’s products, known for their luxurious interiors and advanced technology, are used for executive transportation, charter services, tours, and other upscale travel purposes.
Celebrity Coaches’ services also include providing drivers, insuring regulation compliance, preventative maintenance, and record keeping.
“We are excited to partner with the Celebrity Coaches team to build a diversified and scaled platform focused on entertainment infrastructure services,” said Bradford Rossi and Philip Wright, the co-founders and managing partners of Allied in a released statement. “Under Jeff’s guidance, Celebrity has experienced steady and consistent growth through various economic cycles while maintaining top-tier service to his clientele, and with our additional resources, we believe the company is poised to capture greater market share.”
Allied Industrial invests in lower and middle-market companies that have EBITDA from $2 million to $25 million. Sectors of interest include industrial rentals, manufacturing, distribution, environmental services, and infrastructure sectors. Allied was founded in 2019 and is headquartered in Houston.
© 2024 Private Equity Professional | March 22, 2024
Praesidian has sold its investment in Biologos, a provider of sterile-filtered biological products for veterinary, pharmaceutical, and medical research applications, to Ampersand Capital Partners.
Praesidian first invested in Biologos in November 2015 through its fifth investment fund, Praesidian Capital Bridge Fund LP. “We are proud to have been a part of Biologos’ journey and are pleased with the successful outcome of the investment,” said Jason Drattell, the founder of Praesidian. “The company’s dedication to providing superior products has solidified its position as a trusted leader in its field.”
Equity and debt investor Comvest Partners has closed its sixth flagship private equity fund, Comvest Investment Partners VI LP, with total capital commitments of $881 million.
“We appreciate the strong reception Fund VI received from new and existing investors,” said Michael Falk, Comvest’s founder and chief executive officer. “We believe our successful fundraise reflects Comvest’s deep experience in the middle market, our nearly 25-year history of delivering results for our investors, and the strength of our private equity strategy. We are grateful for the continued confidence our investors have placed in us and remain committed to meeting that trust.”
“This fundraising milestone is a testament to the experienced and proven investment team we have built at Comvest,” said Maneesh Chawla, a managing partner of Comvest and head of the firm’s private equity strategy. “Comvest has a long tenure supporting middle-market companies that seek a seasoned partner to help grow their businesses. We are excited about the continued momentum of our firm, our private equity investment approach, and our team.”
Brown Gibbons Lang & Company (BGL) has added Jason Myler to its team as a managing director within the firm’s technology group.
“I’m excited to join the growing BGL technology team,” said Mr. Myler, who is based in Boston. “I look forward to leveraging my expertise and network to help deliver collaborative solutions to clients across the firm’s industry coverage.”