MEXICO CITY, Aug. 14, 2019 /PRNewswire/ -- Mutuo Financiera, a vehicle fleet leasing company focused on clean energy passenger transportation in Mexico, today announced that it has closed on a senior secured credit facility provided by Crayhill Capital Management ("Crayhill"), a New York-based private credit manager and asset-based lender.
The credit facility, which has a capacity of up to $100 million, will be used for the acquisition of new compressed natural-gas vehicles to be leased to commercial and passenger transportation fleets across Mexico. The Mexican transport market is rapidly transitioning to cleaner fuels, driven by government directives and economically favorable solutions for lessees.
"Mutuo's edge in the Mexican market comes from its ability to construct use-based payment leases that fit the operating profiles of fleet operators and its digitally enabled customer service platform," stated Antonio Diego González-Karg, Chief Executive Officer of Mutuo. "We are excited about this new partnership with Crayhill which will allow us to continue achieving our goals of delivering and scaling a better automated fleet management solution and customized leasing products for the benefit of our customers."
Demetris Papademetriou, Board Member of Mutuo and Partner at MiddlemarchPartners, a NY-based Merchant Banking firm that helps develop Mutuo's growth and capital strategy, said, "As investors and advisors to energy-related shared savings products, we recognized a unique opportunity to finance the growth of a dynamic sector for Mutuo."
Mutuo plans to grow aggressively throughout Mexico to improve the way passenger transportation is managed around the country and help transition to more efficient sources of energy, better urban mobility, and access to remote financial services.