FoxPoint Trucks LLC, doing business as OTR Leasing, has raised $85 million of capital to support the company’s continued growth. The funds are coming from Gordon Brothers, a global advisory, restructuring and investment firm.
FoxPoint Trucks is a leading technology-enabled, specialty finance truck leasing company that will use the funds to refinance existing debt and support the continued expansion of their truck fleet. The company’s unique business model has the ability to manage large portfolios of trucking assets throughout their life cycle while driving superior returns, the company says.
“This capital infusion from Gordon Brothers allows us to better provide the opportunity for professional drivers and owner-operators to start or grow their own businesses. This funding will continue to fuel our company’s rapid growth and bring our proven approach and technology to more customers,” says Jeff Dema, CEO, FoxPoint Trucks. “We are thrilled to partner with Gordon Brothers during this transformational time for our company.”
“FoxPoint Trucks is one of the largest and fastest growing tech-enabled Class 8 truck leasing and asset management platforms in the country,” adds Kyle C. Shonak, managing director, Gordon Brothers. “Gordon Brothers is proud to provide capital to support their cutting-edge innovation and rapid growth within the transportation market and international trade.”
FoxPoint Trucks has experienced consistently high growth based on its ability to capitalize on consumer demand while simultaneously decreasing lease defaults. Through its proprietary technology platform, FoxPoint Trucks’ full-service leasing portfolio is highly efficient and scalable. In the past 18 months, the company has doubled the size of its portfolio.
“Our customers’ acceptance of our approach and our technology has separated us from our competitors. This funding will allow us to continue to embrace and support the entrepreneurial spirit of the American dream and allow us to better provide the opportunity for owner-operators to succeed in their own businesses,” says Dema.