NEWPORT BEACH, Calif. and NEW YORK, July 10, 2023 (GLOBE NEWSWIRE) -- Go Rentals is the Leading Luxury Car Rental Provider Serving Premium Customers Across Several End-Markets
Go Rentals’ Substantial Organic Growth Prospects to Benefit from RedBird’s Ecosystem of Leading Aviation, Sports, Entertainment, and Financial Services Platforms
and , July 10, 2023 -- Go Rentals (“Go Rentals” or “the Company”), the premier luxury car rental provider in the United States specializing in premium end-markets today announced that it has entered into a definitive agreement with RedBird Capital Partners (“RedBird”) for a significant investment. Terms of the transaction have not been disclosed.
“This is a very exciting day for Go Rentals as we partner with RedBird and embark on our next stage of growth and take our business to the next level,” said Kaye Gitibin, Co-Founder and CEO at Go Rentals. “RedBird is a world-class private equity investor with an exceptional record of building industry leading businesses and creating opportunities for access and expansion to adjacent luxury markets.”
Kavous Gitibin, Co-Founder and President, added, “Combining Go Rentals’ best-in-class 24/7 ‘car’cierge client services, guaranteed booked rentals and premier luxury vehicle business model with RedBird’s platform expertise in a broad set of customer verticals, including private aviation, media, sports, entertainment and financial services, will enable Go Rentals to further accelerate our market opportunities.”
Go Rentals was founded in Newport Beach, California in 1995 with a fleet of seven vehicles and has grown to become the preeminent rental car provider within the private aviation market. The Company is a leading owner and operator of high-end rental cars to sports, media and private client customers in over 175 markets throughout the United States.
“Go Rentals has built a strong, differentiated brand with a premium fleet and is well-positioned for significant growth across key markets in RedBird’s ecosystem,” said Andrew Lauck, Partner at RedBird. “RedBird’s investment portfolio in private aviation, professional sports, entertainment and financial services gives a unique perspective on the Go Rentals’ business and its customers and distribution channels. Our investment and partnership with Go Rentals are a synergistic, natural extension of the leading platforms we continue to develop across our industry verticals.”
As part of the Agreement, co-founders and owners Kavous and Kaye Gitibin will continue to lead Go Rentals along with the current management team. Andrew Lauck, Partner, and Alexander Blankfein, Managing Director, of RedBird will join Go Rentals’ board of directors.
Main Street Advisors, a strategic investment partner of RedBird, participated in the investment in Go Rentals alongside RedBird and will be instrumental in supporting additional media and sports sector growth opportunities.
Advisors
J.P. Morgan Securities LLC served as financial advisor and Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Go Rentals on the transaction. Kirkland & Ellis LLP served as legal counsel to RedBird.
About Go Rentals
Go Rentals is an elite car rental service company, with special emphasis on service. The company is also the only one specializing in the private jet industry since 1995. Still a family-owned and operated business, Go Rentals has locations in Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Maine, Massachusetts, Michigan, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, South Carolina, Tennessee, Texas, Utah, Pennsylvania, Virginia, Washington, Washington D.C., and Wyoming, and service to over 85 airports and various fine hotels and resorts. Further information about Go Rentals is available online at GoRentals.com.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm that builds high-growth companies and provides strategic capital solutions to founders and entrepreneurs. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Media & Entertainment, Sports and Experiential Consumer, and Financial Services. Throughout his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. The firm currently manages approximately $9 billion in assets on behalf of a global group of blue chip institutional and family office investors. For more information, please go to www.redbirdcap.com.
Contact Information
Go Rentals
Mike Morris
Vice President
+ 1 800 464 8267
RedBird Capital Partners
Dan Gagnier
Gagnier Communications
+1 646 569-5897
RedBird@gagnierfc.com
