Dependable Auto Shippers (DAS) Raises $5.3 Million in Growth Capital
Plans to Retire Debt; Invest in Technology and Infrastructure
August 13, 2011
(DALLAS) - DAS, one of the largest, most experienced vehicle relocation providers in the U.S. since 1954, recently announced it has raised $5.3 million in recapitalization funds from Dallas-based investor Independent Bankers Capital Fund II LP (IBCF) for the purpose of refinancing certain existing debt and providing growth capital.
"We are currently experiencing a period of significant sales growth as post-recession demand continues to rise," said John Roehll, DAS co-owner and executive vice president of sales and marketing. "With our infrastructure, we are in a prime position to capitalize on this industry growth. And although we have grown organically for almost 60 years, we feel by aligning ourselves with IBCF, we will have the additional resources necessary to take advantage of this increased demand and help propel us to the next level."
DAS currently employs approximately 300 people and has a fleet of about 150 trucks. It also has offices in Atlanta, Los Angeles and Newark, New Jersey. With its partnership with IBCF, DAS plans to retire certain long term debt and to invest in its IT infrastructure and upgrade its truck fleet. The company also expects to hire new employees, including truck drivers, sales representatives and administrative staff.
The funding includes $4.1 million in senior secured notes and preferred shares from IBCF, and $1.2 million in senior secured notes and preferred shares from Paragon LLC, private investors that are associates of the business owners.
Independent Bankers Capital Funds are investment capital partnerships headquartered in Dallas, Texas. IBCF focuses on mezzanine lending and purchasing equity securities issued by established lower-middle-market companies, primarily in Texas. IBCF operates two Small Business Investment Companies licensed by the United States Small Business Administration. Originally established in 2000, IBCF's investors are Texas-based independent community banks and financial institutions.
Founded in 1954, DAS is one of the largest privately owned vehicle relocation companies worldwide, providing safe and efficient service for more than 100,000 consumer and corporate vehicles a year. DAS ships everything from cars and motorcycles to vans and specialty vehicles via a number of transport options. The company is headquartered in Dallas with offices in Atlanta, Los Angeles and Newark, N.J., and operates a network of 95 domestic terminals. DAS also provides cross border and cross water transportations services. For more information about shipping with DAS, visit www.dasautoshippers.com.