Limousine and chauffeured transportation provider EmpireCLS Worldwide Chauffeured Services received a $10.5 million add-on investment.
Praesidian Capital led the investment. The transaction will increase its equity position in the company. United Insurance of America (Kemper) was also an investor.
Proceeds will be used to fund a buyout of Bison Capital. In 2005, Bison Capital announced the acquisition of Empire International, saying it would merge it with portfolio company CLS Worldwide Services.
In 2013, Praesidian, Kemper, and M&T Bank provided $25.5 million to the company to refinance senior and subordinated debt.
Praesidian Capital provides senior and subordinated debt to small- and mid-sized companies. EmpireCLS has offices in Los Angeles and Secaucus, N.J., and operates in 700 cities worldwide. – Abby Latour