CenterOak creates new platform to focus on auto glass repair and claims insurance
CenterOak Partners LLC has formed a new operating company called TruRoad Holdings Inc. through the investments of JN Phillips Auto Glass and Techna Glass Inc. The PE firm formed TruRoad with capital raised from its initial $420 million fund.
TruRoad will focus on two segments: auto glass repair and insurance claim services. The company will operate under the JN Phillips Auto Glass, Techna Glass, Windshield Centers, and Harmon Auto Glass brands. TruRoad will serve consumers, insurance companies and fleet operators, and will have offices in Woburn, Massachusetts, Burlington, Massachusetts, and Sandy, Utah.
“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,” says CenterOak managing partner Randall Fojtasek.
CenterOak is a Dallas-based private equity firm that makes control investments of up to $90 million in equity to back middle market businesses in the industrial growth, consumer and business services sectors. The private equity firm backs U.S. companies that have between $50 million to $250 million in enterprise value.
More and more family- and founder-run businesses in the lower middle-market companies are looking to private equity capital to finance their growth strategies. Such partnership can provide a handful of advantages such as a better chance of finding acquisitions, and access to more capital and industry contacts. For example, Huron Capital has formed a new platform to seek M&A in the HVAC sector through the investment of Pueblo Mechanical & Controls Inc.