GB Credit Partners Agents $15 Million Equipment Term Loan to Dana Transport, Inc.

Press Release

BOSTON, MA - GB Credit Partners, the investment management affiliate of Gordon Brothers Group, announced today that they have provided a $15 million second lien equipment term loan to Dana Transport, Inc.  Dana Transport, Inc. is an industry leading chemical and fuel hauling trucking company.  GB Credit Partners was approached by CIT Equipment Finance to partner with them to provide junior secured financing that would complete the syndication of a $50 million equipment term loan to Dana Transport, Inc.  The loan is secured by a second lien position in Dana Transport Inc.’s trucking equipment.

GB Credit Partners’ due diligence of the Company was complemented by its ability to utilize the proprietary research and diligence capabilities of Gordon Brothers Group’s Commercial & Industrial Division.  GB Credit Partners was able to obtain a solid understanding of the collateral value and the Company’s business plan in order to help facilitate a refinancing of the Company’s capital structure.  Together, CIT and GB Credit Partners successfully negotiated with the Senior Revolving Lenders to achieve the appropriate control and access to the equipment collateral securing the term loan, which spanned 53 locations and over 9,000 individual pieces.

Gary Prager, Managing Director of GB Credit Partners, stated, “We are pleased to partner with Dana Transport, Inc. by providing an equipment loan that best meets their current needs and allows them to capitalize on improving market conditions.”  

Ronald Dana, President of Dana Transport, Inc., stated, “We look forward to working with GB Credit Partners to accomplish our financing requirements as we revamp our capital structure and focus on continued growth.”

Vince Belcastro, Group Head for CIT Capital Equipment Finance, commented, “Working with GB Credit Partners, allowed us to provide a complete financing solution for Dana.  They were a great partner and both knowledgeable and supportive of Dana’s efforts to restructure its balance sheet. ”

Headquartered in Avenel, New Jersey, Dana Transport, Inc. is the 3rd largest privately owned bulk carrier in the country and provides transportation, leasing, tank washing, logistics and repair services to a diverse customer base.  Dana’s top line demand coupled with its variable operating structure has allowed the Company to operate during all phases of the economic cycle.

About GB Credit Partners

GB Credit Partners (www.gbcredit.com), the investment management affiliate of Gordon Brothers Group, originates, structures and invests in private market debt.  Structured debt investments in the form of Senior, Unitranche, Second Lien or Secured Mezzanine loans ranging from $10 to $50 million are made to middle-market companies in need of capital to effect strategic change.  Target industries include aerospace, automotive, commodities, consumer products, forest products, gaming, industrial equipment, manufacturing, real estate, restaurants, retail, and wholesale/distribution.

About Dana Transport, Inc.

Founded in 1973, Dana Transport, Inc. is a full service for-hire contract hauler of liquid and dry product with 53 domestic terminals and international operations in Canada and Mexico.  The Company’s fleet exceeds 15,400 units and has grown to be one of the top three carriers in the North American bulk transport industry based on sales volume.  Dana Transport Inc. maintains a dedicated fleet of equipment to handle specialized products including temperature-controlled or pressurized cargos.