PHILADELPHIA, November 01, 2021 (GLOBE NEWSWIRE) – Phoenix Capital Resources® (“Phoenix”), a leading medium-sized investment bank for special situations, acted as the exclusive investment banker for Fast Track Leasing, LLC (“Fast Track” or the “Company”) on its sale to an affiliate of Buggy TLC Rentals.
Fast Track is one of New York City’s leading providers of insured, commercially labeled, “diamonded” vehicles from the Taxi & Limousine Commission (“TLC”) to rental drivers under turnkey, short-term rental agreements. Buggy, a portfolio investment by Bagnol’s Family Office Investment Partners, is a leader in providing pre-registered, fully TLC licensed and insured vehicles for immediate use to on-demand drivers from companies such as Uber, Lyft and Via in and around New York City.
Phoenix was commissioned by Fast Track to evaluate strategic options and provide guidance as part of a sales process. “Ultimately, we felt that Buggy was the best fit for Fast Track’s customers and employees,” said Michael Jacoby, Senior Managing Director of Phoenix. “From a competition point of view, they were the natural fit.” Michael Jacoby and RJ Bell led the Phoenix team advising Fast Track along with Ward Atterbury and Margaret Hanson of Norton Rose Fullbright law firm.
“This is the third company that I have relied on Michael Jacoby and the Phoenix team for, and they have once again exceeded our expectations,” said Budd Goldman, Executive Chairman of Fast Track. “Michael kept a steady hand throughout the entire process and was always available to provide competent advice. Fast Track’s investors were very satisfied with the result. “
“Working with Phoenix has been a pleasure,” said Wayne Ackerman, Buggy’s chief financial officer. “They are accomplished professionals and were instrumental in ensuring that this deal was completed in an extremely accelerated timeframe.”
About Phoenix:
For 35 years, Phoenix has offered smarter, operationally focused solutions for medium-sized companies in transition. Phoenix Capital Resources® offers seamless investment banking solutions including M&A advice, complex restructurings and capital placements. Phoenix Capital Resources is a US registered broker-dealer and a member of FINRA and SIPC. Phoenix Management Services® offers turnaround, crisis and interim management, specialized advice for both distressed and growth-oriented companies. Phoenix Transaction Advisory Services® provides Quality of Earnings, Quality of Operations, Quality of Enterprise®, Management / Organizational Reviews, Business Integration, Sales-Side Business Preparation, and other transaction-related assistance.
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