Turning Rock Partners has provided a $30 million senior debt facility to back Bagnols Family Office‘s investment in New York-based Lux Credit, a diversified fleet management business. Todd Bowen and John Mascialino, shareholders at Greenberg Traurig LLP, advised Turning Rock Partners on the deal.
PR Newswire — Turning Rock Partners (“TRP” or “Turning Rock”), a private investment firm based in New York, on Wednesday August 22, 2018, announced the closing of a $30 million senior debt facility to support the Bagnols Family Office’s investment in Lux Credit, a diversified fleet management business based in New York. Among the highlights of the Turning Rock Partners financing:
• Advantaged entry driven by significant equity capital
• Stable definable future cash flow
• Downside coverage underpinned by long-term real asset value
• Strong growth prospects from secular changes in auto usage
This transaction facilitates the growth equity investment by a seasoned family office with deep experience in private equity investments and supports the Company’s growth and investment in infrastructure.
The borrower is a leading operator in the high growth New York City ride hailing industry, providing short-term, fully insured, TLC licensed vehicles to on-demand drivers. With over 1,500 vehicles, the company is one of the largest pure play on-demand vehicle providers in New York City.
Turning Rock Partners was advised by Todd Bowen and John Mascialino, Shareholders at Greenberg Traurig LLP on the deal.
The Company was advised by EA Markets, Blank Rome, and Winston Strawn.
“Turning Rock is the ideal partner, providing the flexible capital required to support the company’s rapid growth,” said Robert Imershein, President of EA Markets.
This is the fifth transaction for Turning Rock Partners (“TRP” or the “Firm”), which targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape.
For more information, please visit Turning Rock Partners’ website: www.turningrockpartners.com. For Turning Rock investor relations, please contact email@example.com.