NEW YORK, NY, August 21, 2008 – Fenway Partners, a leading middle market private equity firm with more than two dozen investments in transportation and logistics companies, today announced that it has launched The Open Road Foundation, a non-profit organization which will provide victim assistance and support educational and career development programs for the employees and professional independent contractor drivers of the transportation and logistics companies within the Fenway portfolio as well as their dependents.
The Open Road Foundation will focus primarily on maintaining a victim assistance fund to support eligible employees and professional independent contractor drivers impacted by disaster and/or unfortunate personal circumstances. Additionally, The Open Road Foundation will provide annual educational scholarships to eligible employees, professional independent contractor drivers, and/or their dependents who are enrolled in or applying to accredited colleges, junior colleges, and vocational schools. All employees and professional independent contractor drivers of transportation and logistics companies owned by Fenway Partners and their dependents are eligible for the assistance and scholarships.
Marc Kramer and John Q. Anderson, co-heads of Fenway’s Transportation/Logistics practice, commented, “We are thrilled to underscore our dedication to the transportation and logistics industry with the launch of the first charitable organization of its kind within this sector. The Open Road Foundation will have a tremendously positive impact on our transportation and logistics companies by providing much needed assistance to the families of their employees and professional independent contractor drivers. We are proud to support The Open Road Foundation’s mission of improving the lives of the individuals who keep the transportation and logistics industry moving. ”
Bill Webb, President of The Open Road Foundation and an operating executive at Fenway Partners added, “The Open Road Foundation was created with the unique purpose of providing support to independent contractor drivers and the employees of the companies which utilize this model. We recognize that independent contractors serve as the backbone of the transportation industry and are pleased to further our commitment to them by launching this important organization.”
The Open Road Foundation is a Dallas-based Texas Corporation and is organized as a public charitable foundation under Section 501(c)(3) of the Internal Revenue Code. Funding for The Open Road Foundation will be provided in the form of contributions from the partners of Fenway, Fenway’s portfolio companies, their suppliers, and other individuals and companies that support those in the trucking and logistics industry. All funds will be administered at the discretion of the Board of Trustees, which is comprised of Mr. Webb, Mr. Kramer, Mr. Anderson, Daniel Sokolowski, Chairman of Refrigerated Holdings, Inc. and Panther Expedited Services and a Fenway Partners operating executive, and Chris Munro, Chief Executive Officer of RoadLink and a Fenway Partners operating executive. For additional information, please visit http://openroadfoundation.com/.
About Fenway Partners
Fenway Partners, LLC is a middle market private equity firm with offices in New York and Los Angeles and approximately $2.0 billion under management. Fenway invests in profitable businesses with significant upside potential. Fenway companies typically have leading franchises and operate in two core industry segments, branded consumer products and transportation/logistics. With significant knowledge and success investing in these industries, Fenway has built a strong reputation for its handson approach to supporting its portfolio companies which include sporting goods manufacturer Easton Bell Sports, school yearbook and class ring manufacturer American Achievement, transportation and logistics provider Greatwide Logistics, expedited ground transportation provider Panther Expedited Services and intermodal logistics service provider RoadLink. For further information about Fenway Partners, please visit www.fenwaypartners.com.
Contacts:
Anna Cordasco/Brooke Morganstein/Jonathan Doorley
Sard Verbinnen & Co
212/687-8080