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Turning Rock Partners Closes $30MM Investment in Buggy TLC Rentals

September 13, 2018, 07:13 AM
Filed Under: Transportation

Buggy TLC Rentals and Leasing and its affiliated entities, a portfolio investment of Bagnols Family Office Investment Partners, recently closed on a $30,000,000 Senior Credit Facility with Turning Rock Partners, a private investment firm based in New York. Buggy is the leader in providing pre-registered, fully Taxi & Limousine Commission licensed and insured vehicles for immediate driving to on-demand drivers of companies such as Uber and Lyft in New York City and surrounding areas. The delayed draw credit facility supports the company's growth and provides flexible liquidity to accelerate Buggy's purchase of additional fleet vehicles. EA Markets assisted Buggy in arranging, structuring and negotiating the facility.

"I am pleased with the results of the capital raise arranged by EA Markets," said Menachem Light, Buggy's Co-Founder & CFO, "and Turning Rock's facility gives us the liquidity we need to continue buying vehicles and growing our business." Sam Levine, Managing Partner of Bagnols Family Office Investment Partners, added "EA Markets ran a comprehensive process, culminating with this attractive proposal that will allow us to execute on our strategic plans."

"We are pleased to support Bagnols and Buggy in this important transaction," continued Robert Imershein, President of EA Markets, "that illustrates EA's capabilities with private equity sponsors and our growing practice in the transportation sector."

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