National Business Institute of Florida was acquired by FleetForce
Transaction Description
The National Business Institute of Florida also knows as NBI Truck Driver Training, is an established and well-respected provider of commercial driver training programs. Founded over 38 years ago, the Company has trained over 5,000+ students to become commercial truck drivers. It is also a Certified Third-Party Administrator for Florida Department of Motor Vehicles. The school’s owner had an absentee owner/operator and was interested in retiring after 30+ years in the business.
Transaction Details
FleetForce
St. Augustine, Florida
Acquired
National Business Institute of Florida
A provider of commercial driver training
Winter Haven, Florida
JW&Co advised NBI of Florida
Transaction Overview
National Business Institute of Florida, Inc., also known as NBI Truck Driver Training, was acquired by a local investor.
Challenges
The National Business Institute was operating under a short-term lease that made it unfinanceable for a buyer. In addition, the school’s owner had been an absentee owner for over 20 years so continuity of the school’s experienced and dedicated management team was essential.
Solutions
We helped the owner renegotiate a lease that would be assignable to a buyer and that would allow the buyer to extend the term on the lease to match the term of any bank debt used to acquire the school.
We also helped the owner talk to the key employees on his management team to include them in the sales process and make sure they were comfortable with the sales process and any potential new owner.
Summary
The buyer had tremendous interpersonal skills and an excellent prior business experience including real estate investment background. His wife had experience as part of the senior management team for a large Title IV career college. Together they were the best possible buyers for NBI of Florida.
