VIENNA, Va.--(BUSINESS WIRE)--Urgently, a leading provider of digital roadside and mobility assistance services, announced today it has secured up to $75 million in debt financing from certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors, that will help the company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies. In addition, Structural Capital refinanced and increased its existing debt facility with Urgently to $17.5 million.
These financings will be used to support growth, enhance financial flexibility, strengthen service provider solutions and experiences and accelerate new connected assistance product development. Additionally, these funds will enable Urgently to aggressively expand its footprint in the U.S. consumer and aftermarket roadside assistance membership markets.
“We are incredibly excited for Highbridge, Onex Credit and Whitebox Advisors to join the Urgently team in support of our vision to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale,” said Chris Spanos, CEO and cofounder of Urgently. “Their investment, along with Structural Capital’s continued support, is indicative of the confidence that exists among leading financial, automotive, mobility and aftermarket strategic investors in our mission to deliver exceptional assistance services and the strong business we’ve built. This financing will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to challenge the century-old, legacy roadside assistance model and to define the new market for connected mobility assistance services with our market-leading digital platforms, products and solutions.”
Jonathan Segal, Managing Director and Co-Chief Investment Officer of Highbridge said, “Highbridge is very excited to make this investment in Urgently. We believe this financing will help Urgently achieve its vision of transforming the global roadside and mobility assistance market.”
Chad Valerio, Head of Opportunistic Credit at Onex Credit said, “Providing this capital solution to Urgently is consistent with our goal of offering flexible capital to exceptional companies to help them accelerate their growth. We believe Urgently has a strong management team and strategic vision, and we look forward to supporting its growth initiatives.”
Structural Capital Partner Todd Jaquez-Fissori said, “Structural Capital is thrilled to continue as a financing partner with Urgently at a pivotal moment in the company’s growth. We look forward to seeing Urgently expand its footprint in the U.S. and globally and reach its critical development milestones for connected mobility assistance.”
Urgently is the leading Smart Mobility Assistance Platform at the center of the expanding mobility and connected assistance ecosystem. The digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across the automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty. With more than 50 operating partners and a Service Provider Network of 80,000+, Urgently delivers innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.
About Highbridge Capital Management
Founded in 1992, Highbridge Capital Management is a global alternative investment firm offering credit and volatility focused solutions across a range of liquidity and investment profiles, including hedge funds, drawdown vehicles and co-investments. The firm seeks to generate attractive risk-adjusted returns for sophisticated investors, which include financial institutions, public and corporate pension funds, sovereign wealth funds, endowments and family offices. Highbridge is headquartered in New York, with a research presence in London. Highbridge a wholly owned subsidiary of J.P. Morgan Asset Management.
About Onex Credit
Onex Credit has a successful 20-year track record executing a disciplined approach to credit investing with a focus on capital preservation and strong risk adjusted returns through credit cycles. It invests primarily in non-investment grade credit with strategies focused on CLOs, direct lending, and opportunistic and structured credit, as well as actively managed public equity and public credit funds. Onex Credit practices value-oriented investing, employing a rigorous bottom-up, fundamental and structural analysis of the underlying borrowers, coupled with active portfolio management, to continually seek to optimize portfolio positioning. With offices in New York, New Jersey, Boston and London, Onex Credit manages approximately $24 billion of assets across its various strategies.
About Whitebox Advisors
Whitebox Advisors is a multi-strategy alternative asset manager that seeks to generate optimal risk-adjusted returns for a diversified base of public institutions, private entities and qualified individuals. Founded in 1999, Whitebox Advisors invests across asset classes, geographies and markets through the funds, vehicles and institutional accounts it advises. The firm manages approximately $5.2 billion in assets and maintains offices in Minneapolis, Austin, New York, London and Sydney.
About Structural Capital
Structural Capital launched in 2014 and is led by Managing Partners Kai Tse, Larry Gross, Todd Jaquez-Fissori, and Partner Sharin Valia. Since inception, Structural Capital has managed $450 million of commitments and led or co-led over $500 million of transaction value. Prior to Structural Capital, the senior investment team has led or assisted in originating, structuring, or investing over $2 billion of direct loan and equity transactions.
The Structural Capital team has a combined 80+ years of investment, operating, and entrepreneurial experience which allows the Firm to be a value-added strategic partner to companies throughout their growth cycles. Structural Capital’s strong brand and reputation has helped numerous growth companies in technology and technology-enabled industries (e.g. software, hardware, internet, health & wellness, consumer, and energy tech) to achieve significant growth milestones along their lifecycles while saving significant equity dilution.