Investors

Perseus leads $160m investment in specialty car maker

The Washington DC-based firm will provide growth equity to Three Seasons Capital-backed Vehicle Production Group, which has created a car for individuals with mobility problems, as well as taxis and other specialty markets. In related news, Perseus has likely lost out on its bid for bankrupt Frontier Airlines.

-

Private equity firm Perseus has led a $160 million (€107 million) equity financing round in Vehicle Production Group (VPG), a developer of specialty vehicles for the disabled.

The Washington DC-based firm made the investment out of its sixth fund, which closed on $600 million in 2006.

Troy, Michigan-based VPG designs, developers and markets a host of specialty vehicles designed to meet the needs of the North American taxi fleet market, commercial and municipal paratransit markets and the consumer retail market for individuals with mobility problems.