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.
Contacts: Marco DeSena @ 212-792-8494
marco@sourcecommunications.net
Richard Schwartz @ 212-239-8679
richard@sourcecommunications.net
Ken Frydman @ 212 239 6073
ken@sourcecommunications.net
SOURCE The Vehicle Production Group LLC
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Related links:
http://www.vpgautos.com
CONTACT:
Marco DeSena, +1-212-792-8494,
marco@sourcecommunications.net, or Richard Schwartz,
+1-212-239-8679, richard@sourcecommunications.net, or Ken
Frydman, +1-212-239-6073, ken@sourcecommunications.net, all for
The Vehicle Production Group LLC
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