CenterOak Partners, a Dallas-based private equity firm, announced the formation of TruRoad Holdings, through the firm’s investment in J.N. Phillips Auto Glass and subsequent combination with Techna Glass.
The combination creates the second-largest automotive glass and claims management company in the United States, according to CenterOak Partners, which said its 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 J.N. 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,” according to CenterOak Partners.
Robert Rosenfield from J.N. Philips Auto Glass will serve as the CEO of the combined entity, which will continue to operate out of Woburn, Mass., Burlington, Mass., and Sandy, Utah, the existing corporate offices of J.N. 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.”
Rosenfield added: “We are delighted to partner with CenterOak. 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.”
