Nashville-based trucking company Western Express has raised $37 million in a private placement. Avondale Partners was the company's consultant on the raise, which was in the form of senior credit facilities extended by the Capital Source Financial unit of CapitalSource Inc.
Western Express provides truckload van, dedicated fleet and flatbed transportation services using more than 3,000 trailers and 1,500 powered units. It will use the borrowings to acquire rolling stock, refinance existing indebtedness and finance working capital needs.
The Western Express agreement brings to $1.7 billion the total value of investment banking transactions Avondale has participated in since its 2000 inception.