Raleigh, NC, April 01, 2013 --(PR.com
)-- Angel Automotive Group, Inc is pleased to announce that Joseph Vittoria will be joining as a member of the Board of Directors.
Angel Acceptance, LLC, a Related-Finance Company (RFC) and Raleigh Auto Park, better known as James Taylor Autopark, LLC were acquired and consolidated into a holding company called Angel Automotive Group, Inc by Raleigh-based Acquisition Firm, VisionQuest Capital. The acquisition was announced in January of this year and the terms of the deal with VisionQuest Capital were not disclosed, but Stephen Peters of VisionQuest Capital claims he had been in conversation with Mr. Vittoria and his participation even before making the investment in Angel Automotive Group.
Mr. Peters says, “We are very excited to have Joe join the board. He is an amazing man with extensive experience... what a great asset to the company.”
Joseph V. Vittoria was appointed to the Puradyn Board of Directors as Chairman on February 8, 2000 and to the office of Chief Executive Officer on October 24, 2006. Mr. Vittoria was Chairman and Chief Executive Officer of Travel Services International, Inc. from 1997 until it was sold in 2000 and from 1987 to 1997, Mr. Vittoria served as Chairman and Chief Executive Officer of Avis, Inc., and was its President and Chief Operating Officer from 1982 to 1987. Mr. Vittoria also serves as Chairman of the Boards of Great Wolf Resort and Greenjets, and as a member of the board of City Car Services, Inc.
Angel Automotive Group, Inc currently consists of a single dealership, a related finance company and a lease and rental company all located in Raleigh, North Carolina. Currently, the company is a small business with strong margins but, with the new capital from VisionQuest, management believes it will double in size over the next 12 months and expand to multiple locations.
VisionQuest Capital prides themselves on being smart money, identifying profitable opportunities and businesses with strong cash flow. Angel Automotive Group focuses on people who need cars to get to work, but can’t qualify for conventional loans.
And as Mike Woolard, Chief Operating Officer of VisionQuest Capital explains, “We are excited to apply a business model that is filling an underserved market. We are able to manage our risk and create value inside the operating companies at a much higher pace than you would see with companies traded on Wall Street. Value creation is why we focus on the lower middle market.”