CenterOak Partners has sold TruRoad Holdings, the second-largest automotive glass and claims-management company in the United States, to Safelite Group, a subsidiary of Belron Group.
TruRoad was formed by CenterOak in February 2018 through the combination of JN Phillips Auto Glass and existing CenterOak platform investment Techna Glass.
TruRoad provides windshield replacement, repair, and recalibration services through its JN Phillips Auto Glass, Techna Glass, Windshield Centers, and Harmon Auto Glass service brands; and insurance claims services through its StrategicClaim software and services unit.
The company serves more than 400,000 customers annually – including consumers, insurance firms, and fleets – through its network of over 95 corporate and franchise locations, fleet of over 300 mobile service units, three auto glass contact centers, two technology and claim centers, and an affiliated network of over 5,000 independent auto glass shops. TruRoad is led by CEO Bob Rosenfield and is headquartered in Woburn, MA (www.truroad.com).
“Our partnership with the CenterOak team has truly helped us to increase our capabilities much faster and smarter than we otherwise would have been able to accomplish,” said Mr. Rosenfield. “TruRoad and CenterOak shared a vision to capitalize on the fragmented nature of the auto glass replacement and repair market through a buy-and-build strategy. Over the course of the partnership we invested in technology, consolidated supply chain and purchasing power, implemented a single IT platform, and harmonized best operational practices, which all created value at an accelerated pace.”
“We are proud to have partnered with Bob Rosenfield and the TruRoad team in forming a leading platform in the highly fragmented auto glass replacement and repair market,” said Randall Fojtasek, managing partner of CenterOak. “The company has grown organically and through acquisitions while investing in new technology, key talent and support, training and recruiting technicians, and undergoing a large-scale integration effort. The management team’s talent and execution allowed the company to capitalize on these growth opportunities while maintaining their commitment to a differentiated customer service experience.”
CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include industrial distribution and manufacturing, business services, and consumer. CenterOak is based in Dallas (www.centeroakpartners.com).
Safelite Group, the buyer of TruRoad, was acquired by Belron in 2007 and is headquartered in Columbus, OH (www.safelite.com). Belron is a vehicle glass repair and replacement group operating worldwide across 35 countries and has more than 25,000 employees. The company’s brands include Autoglass in the UK and Ireland, Carglass in most of Europe, Safelite in the US, O’Brien in Australia, Smith & Smith in New Zealand, and Lebeau and Speedy Glass in Canada. Belron was founded in 1897 and is headquartered near London in Egham, UK (www.belron.com). Belron was acquired by Brussels-headquartered D’Ieteren SA (Euronext: DIE) in 1999 (www.dieteren.com).
© 2019 Private Equity Professional | August 21, 2019
