Buggy TLC Rentals and Leasing and its affiliated entities, a portfolio investment of Bagnols Family Office Investment Partners, closed a $30 million senior credit facility with Turning Rock Partners, a private investment firm based in New York. EA Markets assisted Buggy in arranging, structuring and negotiating the facility.
Buggy provides 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.
“Turning Rock’s facility gives us the liquidity we need to continue buying vehicles and growing our business,” said aid Menachem Light, Buggy’s co-founder and CFO.
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.”
EA Markets is an independent investment bank focused on arranging capital.