CenterOak Partners Announces Formation of TruRoad Holdings, Inc.
- CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced the formation of TruRoad Holdings, Inc. (“TruRoad” or the “Company”), through its investment in JN Phillips Auto Glass and subsequent combination with Techna Glass, Inc. The combination creates the second largest automotive glass and claims-management company in the United States. CenterOak’s investment will provide capital to support the growth of the newly formed entity.
TruRoad operates in two primary segments – auto glass and recalibration and insurance claim services – and goes to market 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. The Company serves consumers, insurance firms and fleets across the United States through a network of Company-owned, franchised and contracted providers offering both in-store and at-customer service via a fleet of mobile vans. TruRoad offers a differentiated experience for car owners, insurance companies and commercial fleets with a “schedule easily, service locally” business philosophy.
Senior management of JN Phillips Auto Glass, including Robert Rosenfield, and the Techna Glass management team will rollover significant equity ownership into TruRoad. Rosenfield will serve as the Chief Executive Officer of the combined entity, which will continue to operate out of Woburn, MA, Burlington, MA and Sandy, UT, the existing corporate offices of JN Phillips Auto Glass, StrategicClaim and Techna Glass, respectively.
“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.”
"We are delighted to partner with CenterOak," said Robert Rosenfield, CEO 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. 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 thrilled at the combination with JN Phillips Auto Glass to form TruRoad and look forward to accelerating our growth,” said Troy Mason, Founder of Techna Glass. “We are proud to continue offering our customers best in class service as one of a family of strong brands operating under the TruRoad banner.”
CenterOak Partners invested in TruRoad with capital from its $420 million CenterOak Equity Fund I, L.P.
About TruRoad Holdings, Inc.
TruRoad was formed in 2018 to provide capital and support to on-demand auto service and claims service organizations focused on the auto insurance sector, including windshield repair and replacement leaders JN Phillips Auto Glass, Techna Glass, Windshield Centers and Harmon Auto Glass, as well as claims engagement solutions innovator StrategicClaim. The Company serves consumers, insurance firms and fleets across the United States through a network of Company-owned, franchised and contracted providers offering both in-store and at-customer service via a fleet of mobile vans. TruRoad is the second largest automotive glass and claims management company in the nation.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm focused on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing more than $3.3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.