Until $155 million this financing will allow Voyager Global Mobility to almost double its fleet
MINNEAPOLIS, June 28, 2022 /PRNewswire/ — Castlelake, LP (“Castlelake”), a global alternative investment manager with approximately 17 years of experience investing in asset-rich opportunities, today announced that as part of its income investment strategy, he has entered into an agreement to provide up to $155 million in fleet financing Global Mobility Travel (“VGM”), a leading provider in the smart mobility market, for the acquisition of more than 3,200 vehicles for drivers subscribing to carpooling, carsharing and micromobility in United States and Latin America.
“We believe this funding will allow VGM to significantly address a supply shortage while providing drivers with more flexible solutions and a wider range of vehicles, including those that are handicap accessible,” said Armin Rothauser, partner, direct asset-backed lending at Castlelake. “Through this transaction, we are also delighted to gain exposure to what we see as a compelling income investment opportunity within the rapidly growing mobility market.”
VGM aims to fill the transport vehicle supply gap by offering short-term subscriptions to drivers who do not own a car or need a vehicle when their own car is out of service. Currently, VGM operates a fleet of just under 10,000 vehicles in 20 cities across the United States and Mexico. VGM is aggressively expanding its business domestically and internationally through acquisitions and internal growth.
“Castlelake’s financing expertise and ability to adapt to complexity has been a tremendous asset throughout our relationship, and with this financing we are delighted to be able to nearly double our vehicle fleet in the whole world,” said Wayne Ackerman, CFO at VGM. “We look forward to taking our operations to the next level and providing more drivers and our transportation software partners with professionally managed vehicles.”
Castlelake has completed over $3 billion investments in specialized finance since 2015, including a recent agreement to acquire up to $400 million diversified equipment loans and leasing receivables. Its specialty finance business also includes the acquisition or financing of more than 3,500 commercial and industrial loans and more than 5 million accounts receivable. Castlelake launched its direct asset-backed lending strategy in 2020 and has since delivered nearly $3 billion in lending to borrowers.
EA Markets LLC served as exclusive financial advisor and placement agent to VGM in connection with the transaction.
About Castle Lake
Castlelake, LP is a global alternative investment manager focused on real asset, specialty finance and aviation investments across the risk spectrum, from value to income and credit securities. investment grade. Founded in 2005, Castlelake manages approximately $21 billion in assets. The Castlelake team includes more than 250 experienced professionals, including 95 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com/.
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