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Phoenix Capital Resources Assists Fast Track Leasing in its Sale to affiliates of Buggy TLC Rentals

November 03, 2021, 07:38 AM
Filed Under: Industry News

Phoenix Capital Resources, a leading middle market special situations investment bank, served as the exclusive investment banker to Fast Track Leasing, LLC in its sale to an affiliate of Buggy TLC Rentals.

Fast Track is one of New York City’s pre-eminent providers of insured, commercially-plated, Taxi & Limousine Commission (“TLC”) “Diamonded” vehicles to For Hire Drivers under turnkey, short term rental agreements.  Buggy, a portfolio investment of Bagnols Family Office Investment Partners, is the leader in providing pre-registered, fully TLC 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.

Phoenix was engaged by Fast Track to evaluate strategic options and provide guidance as part of a sale process.  “At the end of the day, we felt Buggy provided the best cultural fit for Fast Track’s customers and employees,” says Michael Jacoby, Senior Managing Director of Phoenix.  “From a competitive standpoint they were the natural fit.”  Michael Jacoby and RJ Bell led the Phoenix team in advising Fast Track along with Ward Atterbury and Margaret Hanson of the law firm Norton Rose Fullbright.

“This is the third Company in which I have relied on Michael Jacoby and the Phoenix team and once again they substantially exceeded our expectations,” emphasized Budd Goldman, Executive Chairman of Fast Track. “Michael kept a steady hand throughout the entire process and provided expert advice at every step along the way.  The investors in Fast Track were very pleased with the outcome.”

“Phoenix was a pleasure to work with,” noted Wayne Ackerman, Chief Financial Officer of Buggy.  “They are consummate professionals and were instrumental in getting this deal closed in an extremely accelerated timeframe.”

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