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Cronus Partners Pleased to Announce Quantem Aviation Services' Acquisition of Integrated Deicing Services through a Structured Financing
Business Wire, Jan 14, 2008
NORWALK, Conn. -- Cronus Partners LLC ("Cronus Partners") is pleased to announce it acted as financial advisor to Quantem Aviation Services ("Quantem"), a privately held air-freight logistics company, in its acquisition of Integrated Deicing Services ("IDS"), a provider of airplane deicing services.
Closed on December 31, 2007, the structured financing consists of three interrelated parts: subordinated debt provided by Spring Capital Partners, LP, Bay Capital Advisors, LLC, and SEED Venture Finance, LLC; long term secured asset financing made available to IDS by National City Commercial Capital to support expansion of IDS' fleet of deicing trucks; and working capital financing provided by Textron Financial Corporation.
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According to Sal Calvino, the Chairman of Quantem and IDS, "The combination of IDS with Quantem, and the culture that each of these companies share in the form of quality and teamwork, will allow us to leverage both our strong relationships in the airport services business and our existing infrastructure at 16 airports across North America. Because of these synergies, we'll be able to accelerate the growth of IDS and Quantem, improve the profitability of each, and reduce the seasonal and overall risk profile of the combined operations."
Based in Manchester, NH, Quantem offers a full range of aviation services including U.S. mail handling, cargo ground handling and warehousing services to the aviation industry's leading airlines, airports and logistics companies. The combined companies operate at 21 North American airports.
About Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus Partners is an independent investment banking firm that provides financial and strategic advisory services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. To learn more, please visit www.CronusPartners.com.
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