Bedford Park, IL – April 1st 2020
Obsidian Acquisition I LLC, an affiliate investment vehicle of Obsidian Point Partners (“Obsidian”), has acquired 100% of Bus & Truck of Chicago, Inc. (“BTC”) and will own and operate the business as a portfolio company.
Debt financing was provided by Centrust Bank based in Northbrook, Illinois. Equity financing was provided by the sponsors in collaboration with a group of High Net Worth Individuals and family investors.
BTC is the largest commercial vehicle maintenance and remanufacturing business in Illinois, and one of the top ten largest in the country, with revenues of $6.5MM in 2018.
Obsidian Senior Executive Casey George has moved to Chicago and assumed the role of Chief Executive Officer of BTC, where he will be supported by Randy Westergaard, former Chief Financial Officer and Partner in the business, who is staying on as a consultant to support new management.
Babawole “Baba” Akin-Aina, in his role as Chairman, will be assisting Mr. George in his role with a view to providing long term financial and growth strategy support.
BTC was advised by Andrew Rosenthal at Lighthouse Business Brokers and was
represented by Julie Realmuto at Talarico Law Group.
Obsidian was represented by Michael Rogers and Erin O’Brien at RM Partners and was advised by Bill Wiersma and his team at Miller Cooper.
About Bus & Truck of Chicago Inc For more information, please visit www.busntruckchicago.com.
About OBSIDIAN Point Partners LLC and its affiliates Obsidian Point Partners LLC is a New York City- based private investment firm focused on the lower middle market with a bias for North American-based, cash flow generative businesses.