Urgently, a leading provider of digital roadside and mobility assistance services, secured up to $75 million in debt financing from certain funds managed by Highbridge Capital Management (“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.”