Perseus LLC has led a $160 million private equity investment in Vehicle Production Group LLC, a Troy, Mich.-based maker of vehicles for the taxi fleet market, paratransit markets and for consumers with mobility disabilities. Three Seasons Capital is also a shareholder.
Vehicle Production Group LLC (“VPG”) a designer, developer, and marketer of specialty vehicles designed to meet the needs of the taxi fleet market, commercial and municipal paratransit markets, and the consumer retail market in
VPG was founded by Patton Corrigan and Marc Klein in 2006, with additional funding provided by Three Seasons Capital, a venture firm led by Fred Drasner. This early investment allowed VPG to assemble its management team, design and engineer the vehicle, develop a prototype, and line up manufacturing and assembly suppliers. Proceeds from the financing will be used for continued vehicle engineering, production tooling, vehicle testing and validation. Vehicle production launch is projected for the first quarter of 2010.
Fred Drasner, Chairman of VPG and Three Seasons Capital stated, “In the most difficult capital market conditions in recent history, we are pleased that Perseus and our co-investors have recognized the excellent work done by our talented team, led by Mark Hogan, our CEO, the strong demand for our vehicles, and the strength of our strategic partnerships. Their commitments will provide the resources needed by VPG to move into production.”
VPG is working with General Motors through its on-highway integrator Powertrain Integration LLC. Marketing, technical, and infra-structure logistical support for the CNG model will be provided by Clean Energy Fuels Corp., founded by T. Boone Pickens, both of whom are also investors in VPG. The vehicle will be assembled by AM General LLC, in
VPG also has marketing relationships with MV Transportation (“MV”), the largest private provider of paratransit services and the largest privately-held transportation contracting firm in the
Perseus L.L.C. is a merchant bank and private equity fund management company headquartered in
For more information about VPG, please visit http://www.vpgautos.com