CenterOak Partners has formed TruRoad Holdings to acquire JN Phillips Auto Glass and the immediate add-on acquisition of Techna Glass. According to CenterOak, this combination creates the second largest automotive glass and claims-management company in the United States.
TruRoad operates in two segments: auto glass and recalibration, and insurance claim services. The company markets its products and services under the JN Phillips Auto Glass, Techna Glass, Windshield Centers, and Harmon Auto Glass service brands and through its StrategicClaim software and services business unit. TruRoad serves consumers, insurance firms and fleets across the United States through a network of company-owned, franchised and contracted providers that offer both in-store and at-customer service via a fleet of mobile vans.
JN Phillips Auto Glass is based near Boston in Woburn, MA (www.jnphillips.com); Techna Glass is based near Salt Lake City in Sandy, UT (www.technaglass.com); and StrategicClaim is also based near Boston in Burlington, MA (www.strategicclaim.com).
The senior management team of JN Phillips Auto Glass, including Robert Rosenfield, and the Techna Glass management team will rollover significant equity ownership into TruRoad. Mr. Rosenfield will serve as the Chief Executive Officer of TruRoad.
“CenterOak’s investment facilitates an ownership evolution for a business that has been in our family for over 70 years, establishes an exceptional professional development path for our team members and provides capital to expand operations and enter new markets,” said Mr. Rosenfield. “The investment expertise of the CenterOak team and its past success in working with family-owned businesses make them an ideal partner. We are impressed by CenterOak’s culture and its history of growing businesses — both organically and through add-on acquisitions — and look forward to working with them to expand our market presence and product offering to better serve our customers.”
“We are excited to create TruRoad and be a part of a transformational transaction in the on-demand auto-service and claims management industry and invest alongside the management teams of these two great companies,” said Randall Fojtasek, Managing Partner of CenterOak. “While TruRoad’s origins are in auto glass repair, replacement and recalibration services, the company is well positioned to utilize its technology infrastructure and knowledgeable employee base to schedule and complete same-day and next-day auto service and insurance claim resolution across a broader product offering.”
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).
CenterOak invested in TruRoad with capital from CenterOak Equity Fund I LP, a $420 million fund which closed at its hard cap in August 2016.
© 2018 Private Equity Professional | March 1, 2018