NewSpring Capital, a family of private equity funds providing growth and expansion capital, has led a $25 million investment in Fox Rent A Car Inc. in partnership with Kemper Corp. and Star Mountain Capital.
Proceeds from the transaction will be used to help refinance Fox’s existing debt.
Headquartered in Los Angeles, Fox maintains a fleet of over 16,000 vehicles at 19 locations across eight states. All locations are either within airports or near airports.
“Possessing a strong and defensible market position, Fox is currently in seven of the top 10 airports in terms of rental revenue,” said Anne Vazquez, NewSpring Partner. “Backed by a veteran management team, all with proven experience in the industry, this company is well-positioned for continued growth.”
“We look forward to working with Anne and the team at NewSpring as we continue to provide value and superior service to our customers,” said Allen Rezapour, co-founder of Fox. “NewSpring’s long term approach provides Fox with the flexibility we need to execute on new and exciting opportunities.”