First Citizens Bank Serves as Lead Arranger on Acquisition Financing for Encore Luxury Coaches

Rhea-AI Summary

First Citizens Bank serves as lead arranger on acquisition financing for Encore Luxury Coaches

Positive

• Encore Luxury Coaches acquires Nitetrain Coach Company, creating the largest entertainer coach leasing company in North America
• The acquisition expands Encore's leasing and coach conversion operations
• The combined company will have offices in Phoenix, Arizona; Cornelius, North Carolina; and Nashville, Tennessee
• Over 85,000 square feet of maintenance facilities and over 25 maintenance technicians will be available

Negative

• None.

RALEIGH, N.C., Oct. 17, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business served as lead arranger on acquisition financing for Nashville-based Encore Luxury Coaches, a leading provider of luxury entertainment travel.

The financing supports Encore's strategic acquisition of Nitetrain Coach Company, which creates the largest entertainer coach leasing company in North America with a fleet of more than 145 coaches. The acquisition will also expand Encore's leasing and coach conversion operations; the combined company will have offices in Phoenix, Arizona; Cornelius, North Carolina; and Nashville, Tennessee with over 85,000 square feet of maintenance facilities and over 25 maintenance technicians.

"We appreciate First Citizens' efficiency and precision in arranging acquisition financing, which will enable us to deliver our premium service to even more clients in the growing entertainment industry," said Justin Ward, CEO of Encore.

First Citizens Middle Market Banking worked closely with its Capital Markets division to arrange the financing. 

"This deal demonstrates the expertise across First Citizens Bank with our Capital Markets group playing an instrumental role in placing and negotiating this acquisition financing," said Eric Searls, managing director at First Citizens Bank. "We are pleased to support Encore's strategic business endeavors and look forward to serving more of their banking needs."

First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.tutela@firstcitizens.com

 

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SOURCE First Citizens Bank

FAQ

What is the news about?

The news is about First Citizens Bank serving as the lead arranger on acquisition financing for Encore Luxury Coaches.

What does the acquisition involve?

The acquisition involves Encore Luxury Coaches acquiring Nitetrain Coach Company.

What will be the result of the acquisition?

The acquisition will create the largest entertainer coach leasing company in North America.

Where will the combined company have offices?

The combined company will have offices in Phoenix, Arizona; Cornelius, North Carolina; and Nashville, Tennessee.

What are the facilities available for the combined company?

Over 85,000 square feet of maintenance facilities and over 25 maintenance technicians will be available.