Gordon Brothers provided $85 million of capital to FoxPoint Trucks, a specialty finance truck leasing company that operates OTR Leasing, to support the company’s growth. FoxPoint Trucks will use the funds to refinance existing debt and to support the expansion of its truck fleet.
FoxPoint Trucks offers a proprietary technology platform that manages its leasing portfolio of trucking assets. The company’s ability to capitalize on consumer demand while decreasing lease defaults has supported its steady growth, nearly doubling its business in the last 18 months.
“FoxPoint Trucks is one of the largest and fastest growing tech-enabled Class 8 truck leasing and asset management platforms in the country,” Kyle C. Shonak, managing director at Gordon Brothers, said. “Gordon Brothers is proud to provide capital to support their cutting-edge innovation and rapid growth within the transportation market and international trade.”
“This capital infusion from Gordon Brothers allows us to better provide the opportunity for professional drivers and owner-operators to start or grow their own businesses. This funding will continue to fuel our company’s rapid growth and bring our proven approach and technology to more customers,” Jeff Dema, CEO of FoxPoint Trucks, said. “We are thrilled to partner with Gordon Brothers during this transformational time for our company.”