BOSTON, MA. Fort Point Capital (“Fort Point”) announced the completion of the recapitalization of its portfolio company, Van Pool Transportation, LLC (“Van Pool” or the “Company”). Fort Point initially acquired a majority interest in Van Pool, a leading provider of transportation services to special needs students throughout New England, in March 2014. The recently completed recapitalization consisted solely of senior debt provided by Crescent Capital and enabled Van Pool to fully repay its higher cost mezzanine debt.
“Since our initial investment, Van Pool’s growth has exceeded our expectations,” said Christina Pai, a Partner at Fort Point. “The recapitalization is a testament to the hard work of the Van Pool management team. The new capital structure significantly reduces Van Pool’s overall borrowing costs and allows all shareholders to more fully participate in the value creation occurring at the Company. We appreciate the flexible approach and support offered by the Crescent Capital team.”
“Van Pool’s recapitalization is evidence of the success of our partnership with Fort Point,” said Kevin Hinkamper, Chief Executive Officer of Van Pool Transportation. “Fort Point’s operational expertise was instrumental in creating Van Pool’s strategic plan and identifying and recruiting senior members of our management team.”
About Van Pool Transportation
Founded in 1980, Van Pool Transportation is a leading regional provider of transportation services for special needs school children in New England. The Company delivers industry-leading customer service with a focus on providing whatever is necessary to accommodate the needs of its school districts, students, and families. The Company transports over 3,500 students each day across more than 100 school districts, utilizing a fleet of over 600 vehicles with a staff of approximately 850 employees.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point Capital is a private equity firm that invests in lower middle market, service-oriented companies in partnership with strong management teams. Fort Point Capital is currently investing from FPC Small Cap Fund I. Please contact Fort Point at (617) 302-2444 or visit www.fortpointcapital.com.