NASHVILLE, Tenn. An Atlanta-based private investment firm has acquired the operations and assets of Gray Line of Nashville, the largest private coach operator in the Mid-South.

The acquisition came roughly two months after the death of Chris Levering, co-founder of Gray Line of Nashville. (See April 15 issue of Bus & Motorcoach News.)

The coach operator was purchased by Red Clay Capital, a minority-owned and managed firm that specializes in investing in growth-stage companies located in the southeastern U.S.

Gray Line of Nashville was founded 35 years ago by Chris Levering and his brother Dennis. It has grown into the 23rd largest motorcoach company in the U.S., according to Metro Magazine, doubling in size during the past five years.

It operates three divisions -- charter, retail and tourism, and outsourcing, and has a fleet of more than 100 vehicles, including more than 80 motorcoaches.

"The hands-on operational approach of Red Clay and access to expert resources in operations, human resources, financial management, information technology, and strategic planning will continue the companys tradition of excellence and take the business to new heights," said Dennis Levering.

Levering will serve as special adviser to the company and a member of its board of directors.

Taking over day-to-day management is Stanton Higgs, who was promoted to general manager. Previously, Higgs served in a sales leadership role with Gray Line of Nashville.

Supporting Higgs in their key positions are Jerry Mischler, director of maintenance, and Scott Sims, director of finance and accounting.

Other members of the management team are Patty Levering, who steps into a new role as lead of charter and scheduled-service sales; Susan Baldridge, who now leads retail sales, including casino, sightseeing, package and airport services, and Nancy Mathis, who continues in her role focusing on safety and loss prevention.

Mike Johnston has joined the company as dispatch operations manager, responsible for airport, charter and sightseeing dispatch.

"Were honored to continue the tradition begun by Chris and Dennis Levering, and excited to have the continued involvement of one of the industrys most experienced and successful executives as a member of the team going forward," said C. Mark Arnold, partner at Red Clay Capital.

"The Gray Line acquisition exemplifies Red Clays strategy to seek investments in lower middle-market, Southeast-based firms which can benefit from the introduction of complementary resources and expertise to a strong and proven platform," added H. Beecher Hicks III, partner at Red Clay.

Financing for the deal was provided by Atlantic Capital Bank in Atlanta. Terms were not disclosed.

For more about Red Clay, go to www.redclaycapital.com.