August 02, 2014

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CSR Press Release

The Vehicle Production Group LLC ('VPG') Completes $160 Million Equity Financing Led by Perseus L.L.C.

Submitted by: Vehicle Production Group LLC, The

Categories: Clean Technology, Socially Responsible Investing

Posted: Aug 11, 2008 – 08:29 AM EST

 

VPG TO PRODUCE GASOLINE AND COMPRESSED NATURAL GAS ('CNG') POWERED WHEELCHAIR ACCESSIBLE TAXI, PARATRANSIT, AND CONSUMER VEHICLES

TROY, Mich., Aug. 11 /PRNewswire/ -- The Vehicle Production Group LLC ("VPG") a designer, developer, and marketer of specialty vehicles designed to meet the needs of the taxi fleet market, commercial and municipal paratransit markets, and the consumer retail market in North America for individuals with a mobility disability, has completed an equity financing of $160 million. The financing was led by Perseus L.L.C. ("Perseus"), a merchant bank and private equity fund management company.

VPG was founded by Patton Corrigan and Marc Klein in 2006, with additional funding provided by Three Seasons Capital, a venture firm led by Fred Drasner. This early investment allowed VPG to assemble its management team, design and engineer the vehicle, develop a prototype, and line up manufacturing and assembly suppliers. Proceeds from the financing will be used for continued vehicle engineering, production tooling, vehicle testing and validation. Vehicle production launch is projected for the first quarter of 2010.

Fred Drasner, Chairman of VPG and Three Seasons Capital stated, "In the most difficult capital market conditions in recent history, we are pleased that Perseus and our co-investors have recognized the excellent work done by our talented team, led by Mark Hogan, our CEO, the strong demand for our vehicles, and the strength of our strategic partnerships. Their commitments will provide the resources needed by VPG to move into production."

VPG is working with General Motors through its on-highway integrator Powertrain Integration LLC. Marketing, technical, and infra-structure logistical support for the CNG model will be provided by Clean Energy Fuels Corp., founded by T. Boone Pickens, both of whom are also investors in VPG. The vehicle will be assembled by AM General LLC, in Mishawaka, Indiana, and will employ a classic front-engine, rear-wheel drive architecture which includes a durable body-on-frame structure. Vehicle access is compliant with the vehicle requirements of the Americans with Disabilities Act ("ADA"). The vehicle includes an integrated automatic ramp that will provide quick and easy access for individuals who use wheelchairs, motorized scooters and other mobility devices. Originally introduced as the "Standard Taxi", VPG's vehicle has undergone design and functional enhancements based on input from the marketplace.

VPG also has marketing relationships with MV Transportation ("MV"), the largest private provider of paratransit services and the largest privately-held transportation contracting firm in the United States, and The Motion Group of Companies ("MGC") in Canada, under which MV and MGC will sell vehicles into municipal and commercial paratransit fleets. It is anticipated that the consumer model of the vehicle will be marketed through existing automotive dealers who will also provide vehicle preparation, delivery and service.

About Perseus
Perseus L.L.C. is a merchant bank and private equity fund management company headquartered in Washington D.C., with an office in New York and an affiliate office in Munich. Since its inception in 1985, Perseus L.L.C. has invested in numerous buyout and growth equity transactions in the United States, Canada and Western Europe. Perseus L.L.C manages seven investment funds with capital commitments totaling approximately $2 billion.

For more information about VPG, please visit http://www.vpgautos.com.

For more information, please contact:

Phone: 212-792-8494
Phone: 212-239-8679
Phone: 212 239 6073

 

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