Prudential Private Capital has provided funding to Buggy TLC Rentals, a provider of licensed and insured vehicles for immediate use to on-demand drivers. No financial terms were disclosed. EA Markets advised Buggy on the transaction. Buggy is backed by Bagnols Family Office Investment Partners.
NEW YORK (PRWEB) JANUARY 30, 2020
Buggy TLC Rentals recently closed on senior credit and junior capital facilities with Prudential Private Capital, the private capital arm of PGIM Inc., the $1.3 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). Buggy plans to use the proceeds to refinance existing debt, expand its fleet, and drive domestic and international growth initiatives.
Buggy, a portfolio investment of Bagnols Family Office Investment Partners, is the leader in providing pre-registered, fully Taxi & Limousine Commission licensed and insured vehicles for immediate use to on-demand drivers of companies such as Uber, Lyft and Via in New York City and surrounding areas.
“EA Markets exceeded our expectations at every turn and was instrumental in helping us successfully execute this complex transaction” said Menachem Light, Buggy’s Co-Founder & Co-CEO. Wayne Ackerman, Buggy’s CFO, added that “this investment provides us with the operational flexibility required to support Buggy’s financial needs and strongly positions us to pursue our aggressive growth strategy and capitalize on our strategic initiatives both in New York City and abroad.”
Sam Levine, Managing Partner of Bagnols Family Office Investment Partners, remarked “EA Markets provided unparalleled advice and guidance throughout the entire transaction process, culminating in a transformational partnership with Prudential Private Capital.”
“We are excited to have supported Bagnols and Buggy throughout this process” continued Robert Imershein, President of EA Markets, “Prudential Private Capital’s flexible structuring capabilities coupled with its global footprint makes them the ideal partner to help Buggy execute on its growth strategy and take its business to the next level.”
EA Markets served as Buggy’s exclusive arranger and financial advisor in structuring, arranging and negotiating this transaction. This is EA Markets’ second successful transaction with the Company.
About EA Markets LLC (http://www.eamarkets.com)
EA Markets is an independent investment bank focused on arranging capital. EA has raised over $100 billion dollars in debt and equity financing for public corporations and private equity portfolio companies. Our corporate finance professionals are highly experienced in executing syndicated loans, direct placements and securities underwriting transactions. Securities activities conducted by EA Markets Securities LLC member FINRA & SIPC. For more information about EA, visit the website at http://www.eamarkets.com.