Los Angeles-based Fox Rent-A-Car Inc, a car rental agency, has secured $25 million in debt refinancing. The backers were NewSpring Capital, Kemper Corp. and Star Mountain Capital. Parkfield Capital Advisers served as financial adviser to Fox on the transaction. According to Fox, the refinancing will be used to pay off debt and provide the company with working capital for expansion.
MANHATTAN BEACH, CA (PRWEB) OCTOBER 30, 2017
Parkfield Capital Advisors LLC announced today that its client, Fox Rent-A-Car, Inc., completed a $25 million debt refinancing that will assist the company in accelerating its growth. Based in Los Angeles, Fox is the fourth largest car rental agency in the United States. Proceeds from the refinancing will be used to retire existing debt and provide Fox with working capital for expansion. Parkfield Capital acted as Fox’s exclusive financial adviser on the debt placement transaction.
“Fox was seeking financing partners better suited for the company’s unique strategic situation,” said Andres Pinter, Parkfield Capital’s founder and Managing Director. “The company’s new lenders not only recognize Fox’s continued opportunities for growth, but also deeply value the management team’s long-term vision. Fox was very fortunate to find the perfect long-term financing partners.”
NewSpring Capital, a private equity fund providing growth and expansion capital, led the $25 million investment in Fox in partnership with Kemper Corp. and Star Mountain Capital. “Possessing a strong and defensible market position, Fox is currently in seven of the top ten airports,” said Anne Vazquez, NewSpring Partner. “Backed by a veteran management team, all with proven experience in the industry, this company is well-positioned for continued growth.”
Parkfield Capital’s debt placement advisory business presents middle market companies with access to creative capital solutions. The Parkfield Capital team is composed of seasoned professionals with deep credit experience and relationships with a broad network of capital providers. Parkfield Capital specializes in advising clients generating from $10 million up to $500 million in revenue that are seeking to refinance existing debt at more favorable terms, or seeking financing for growth or other situations.
Fox was founded in 1989 as a deep value brand catering to airport travelers. Actively managed and owned by its founders, the company has enjoyed robust growth for nearly 30 years. Fox has been successfully growing airport rental market share and positioning itself as a viable alternative to the larger brands in the car rental space. With 20 major corporate owned airport locations across the US plus 80+ affiliate locations and a growing roster of international partner locations, Fox offers consumers great value, convenience and superior service. Fox Rent-A-Car, Inc. is a privately-owned and operated C corporation, based in Los Angeles, California.
About Parkfield Capital
Parkfield Capital Advisors LLC is a leading boutique financial advisory firm located in Manhattan Beach, California. Parkfield Capital focuses on advising companies and their stakeholders on balance sheet restructurings and private placements of debt and equity. The firm was founded by Andres Pinter in 2014.