The Bottom Line: NewSpring Invests in Burnyzz
October 10, 2024
NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, Farragut Capital Partners (Farragut), Pine Street Capital Partners (Pine Street), and Salem Investment Partners (Salem) have invested subordinated debt and equity in support of A111 Capital’s majority buyout of Burnyzz.
Burnyzz is a leading classic car business
Founded in 2010 and headquartered in Ocala, Florida, Burnyzz is a highly specialized automotive services business focused on the restoration/build, sale, and service of classic and iconic cars, as well as heavy duty trucks and trailers. Burnyzz offers fully custom restoration and modernization services, in which the Company takes the body of a classic car and outfits the vehicle with entirely new parts providing modernized comfort and capabilities. Examples include modern powertrains, upholstery, air conditioning, power steering, brakes, fuel injection, and more.
Burnyzz’s commitment to quality and creativity has led to recurring customers
“Burnyzz has differentiated itself by evolving into a one-stop shop for the sale and service of high-quality, iconic vehicles. Customers come to Burnyzz for the team’s ingenuity, and return for the incredible results Burnyzz delivers. With their focus on creativity, quality, and providing spectacular services, we see plenty of room for continued growth.”
“Burnyzz’s commitment to quality, innovation, and best-in-class customer service has established the Company as a market leader. We’re excited to partner with Josh Hart and the Burnyzz team, supporting them in the next chapter of the Company’s success.” - Farragut Managing Partner Javier Aguirre
Burnyzz employs a team of passionate classic car enthusiasts with a high level of technical expertise
The current management team, led by Founder and CEO Josh Hart, will continue to lead Burnyzz and the investment will enable the Company to continue its impressive growth.
“At Burnyzz, we’re deeply passionate about classic cars and creating unforgettable experiences for our customers. This partnership will enable us to provide both new and old customers with a broader selection of vehicles for sale, a greater capacity for restoration services, and continued high-quality maintenance services. We believe our business has more room to grow, and we’re excited to see the heights we can reach with our new partners.”
Burnyzz will use the proceeds of this transaction to serve a wider range of customers
“Restoration work is difficult and unpredictable. The Burnyzz team works with obsessive attention to detail to ensure customers receive the highest quality restorations on schedule. The meticulous attention to detail extends across a spectrum of collection management services, including sourcing and selling. It’s a one-stop shop for making ownership easier, while enhancing collection value. As this business continues to expand and serve a wider range of customers, we are excited to work alongside Josh and his team to help facilitate the Company’s growth.” - A111 Managing Partner John Harrison