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New York — Macquarie Group Limited recently announced that it will acquire Advantage Funding Management Co. (Advantage Funding) from Marubeni America Corporation. Under the agreement, Advantage Funding will become a fully owned subsidiary of Macquarie’s Corporate and Asset Finance group (CAF).
Advantage Funding is a leading provider of transportation financing and leasing solutions servicing commercial and vehicle operators, dealers, and manufacturers. Their solutions allow for the acquisition of tow trucks, ambulances, paratransit vehicles, coaches, limousines, and vocational trucks across municipal and industrial operations. Advantage Funding is based in Lake Success, N.Y., and was founded in 1997.
CAF Group Head Garry Farrell said: “This transaction complements our existing leasing portfolio with a commercial vehicle finance platform in the U.S. Advantage Funding has a demonstrated track record of client satisfaction and strong operational performance. The acquisition builds on the strong growth of CAF’s global leasing business.”
Advantage Funding’s CEO Al Damiani said: “We look forward to working with Macquarie to provide our customers with a broader range of transportation financing solutions and product capacity. Macquarie’s complementary leasing and financing expertise will help us expand our service in U.S. markets and position us to further support our clients’ continued growth.”
The transaction is expected to close in mid-2015, subject to customary closing conditions.
Visit advantagefund.com for more information.
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Moss joins founders Terry Murtaugh and Jason Dornhoffer along with Vice President of Business Development Katie Losito in managing the company’s rapid growth. He brings nearly 30 years of industry experience, most recently serving as director of global operations for a Chicago-based provider.
“We are delighted to welcome Frank Moss as UnitedWorldwide’s first affiliate director,” said Murtaugh, CEO. “Frank brings not only a successful background and tremendous experience, but valuable relationships that will greatly improve our service capabilities.”
Moss previously held various positions in the industry, which have greatly added to his expertise. He started as a chauffeur, later a dispatcher, and held positions in reservations and accounting. He began building a network for domestic and international travel for his clients in 1999, which eventually led him to focus his career on working with affiliates and partnerships.
“I am very happy to be back in Boston, a city I very much belong to. To be joining UnitedWorldwide with Terry and Jason is truly exciting. It’s a perfect match. I’ve watched this company’s growth from the beginning, and it’s a great time to come onboard.”
Visit unitedprivatecar.com for more information.
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Schiller Park, Ill. — The Illinois Limousine Association (ILA) held its annual spring meeting at the Comfort Suites O’Hare Airport on May 20, which saw a full day of updates and guest speakers, as well as the election of the association’s new board of directors. More than 75 people were on hand for the event, which ILA President Tracy Raimer of Your Private Limousine, ILA Secretary and Treasurer Paula DeBiasi, and the rest of the planning committee dedicated much of their time to making a successful one.
Chauffeur Driven Publisher Chris Weiss was present for the meeting. Chauffeur Driven was among the meeting’s roster of sponsors, which also included Nationwide Bus Sales, Battisti Customs, Turtle Top, Chosen Payments, The LMC Group, and Create-A-Card. Vendor and equipment displays were exhibited during the daylong event.
Those serving the ILA for the next term are:
President: Tracy Raimer of Your Private Limousine
Vice President: Greg Eggan of OML Worldwide Transportation
Secretary and Treasurer: Paula DeBiasi of Chicago Coachworks
Directors: Scott Delheimer of Class Act Limousine; Dave Hanus of Reliable Limousine Service; Terrin Lange of Chicago Northshore Limousine; Travis Latham of Fellowship Fleet Limousine and Bus Company; Mary Paul of Crown Chauffeured Services; Arthur Rento of Pontarelli Worldwide Ground Transportation; Chauffeur Driven Publisher Chris Weiss; and Brian Whitaker of Chicagoland Transportation Solutions
In addition to Kristen Carroll of The LMC Group, who discussed the operational considerations of hourly employees and independent contractors, and attorneys Carrie Hall and Brian Paul of Michael Best & Friedrich, who gave a presentation on the wage and hour issues affecting the transportation industry, much of the meeting comprised an array of guest speakers. The Olive-Harvey College provided an update on its Public Chauffeur Training Program; John Murphy of the Illinois Department of Transportation discussed the department’s audits; and Business Affairs and Consumer Protection Commissioner Maria Guerra Lapacek spoke about recent developments in the City of Chicago BACP.
The meeting also recognized Barb Simkus for the nearly three decades she spent as ILA’s secretary. While Simkus still works within the industry, she had retired from her position within the association this past winter.
Weiss raffled off two passes to Chauffeur Driven’s upcoming events. Brian Whitaker of Chicagoland Transportation Solutions won the pass to June’s Executive Retreat in Nashville while the pass to October’s Miami Show went to Stuart Rothstein of SMARTCars Worldwide.
Visit illinoislimousineassociation.com for more information.
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