The Transportation Market

Overview

Transportation Resource Partners (“TRP”) seeks to make investments in growth oriented businesses in the transportation sector. The Firm capitalizes on strategic relationships, commercial synergies, and the transportation expertise of all of its partners, including Penske Corporation and its subsidiaries, partners, and affiliates.

TRP's philosophy is to support existing management teams while giving them autonomy to run the business. TRP's principals have 75+ years of experience in the areas of finance and transportation-related investing.

Former portfolio companies include Penske Automotive Group and Universal Technical Institute, which are publicly-traded under the symbols NYSE: PAG and NYSE: UTI.

Investment Criteria

While the majority of our investments have been transportation oriented and focused on their potential leverage opportunities associated with our strategic partners, we are, in fact, open to any investment that meets the criteria listed here.

We are a middle market investor interested in strong management teams that can take solid companies to the next level.


TRP considers the following investment criteria:

  • Strength of existing management team
  • Past operating performance
  • Growth prospects for the business
  • Ability to leverage TRP's relationships and capabilities
  • Purchase prices generally ranging from $25 million to $250 million
  • Strong customer service component to product or service
  • Preference for control but will consider minority stake positions
  • Ability to support debt through operating cash flow
  • Adequate liquidity options

Areas of particular interest include but are not limited to:

  • Dealerships / Services
  • Education & Training
  • Outsourced Services
  • Niche Manufacturing / Environmental
  • Distribution / Logistics / Supply Chain

Investment Philosophy

At TRP, we know that the effort we put into analyzing investment opportunities both prior to and after an acquisition results in a better partnership with our portfolio’s management teams and stronger returns for all TRP stakeholders.

TRP's investment philosophy is built around a productive relationship with company management. Throughout the life of an investment, the TRP Principals work to build a solid partnership with management resulting in exceptional investment returns. TRP does not get involved in the day-to-day execution of the Business Plan. Instead, it provides companies with a variety of contacts in both the strategic and financial arenas, as well as industry knowledge gained from over 100 years of business expertise. TRP will work with management to help set operational and strategic goals through a presence on the company's Board of Directors or specific project teams. TRP offers the opportunity for significant equity ownership to our management partners. When the appropriate time to exit arrives, TRP will work with management to pursue a variety of options including a public offering, private sale or a recapitalization.

Current Portfolio

Current Portfolio

Selected Prior Transactions

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Freightliner Truck Dealerships

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Automobile Dealerships

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Technical Training

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Driver Safety Training

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HD Fuel Processors

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LED Lighting

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Solar Window Films

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Home Delivery Logistics

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HD Telematics

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Automotive Retail Training

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Fleet Management

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Recreational Boating

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Precision Machining

Our Team

Jim Hislop
James Hislop
Managing Director
Email
Co-founder PCP and TRP
Merrill Lynch
BS – Bucknell
MBA – NYU


 
James A. Hislop is a Managing Director of TRP. Jim was formerly a Managing Director in the Investment Banking Division of Merrill Lynch. Outside of TRP, Jim is the Vice Chairman of the New York Chapter of Lumen Institute.
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Dave-Mitchell-3046-150x150
Dave Mitchell
Managing Director
Email
TRP since 2002
Deloitte Consulting
BS - Notre Dame
MBA – Stanford


 
Prior to joining TRP, David R. Mitchell spent 12 years in management consulting including experience as a Senior Manager with Deloitte Consulting in the automotive and manufacturing practice, and a Senior Consultant with Accenture. Dave holds a BS degree in Chemical Engineering from the University of Notre Dame and an MBA from the Stanford University Graduate School of Business.
Steve CarrelSteven Carrel
Managing Director
Email
PCP / TRP since 1998
Merrill Lynch
BS – Penn State
MBA – Harvard


 
Steven G. Carrel joined TRP in July 2004. Before joining TRP, Steve worked as an Associate at Penske Capital Partners, TRP's predecessor fund, from 1998 through 2002. Prior to his work at Penske Capital Partners, Steve worked as an analyst in the Investment Banking Division of Merrill Lynch. Steve earned his B.S. in Finance from the Pennsylvania State University and his MBA from the Harvard Graduate School of Business.
Mike DiRienzo Michael DiRienzo
Managing Director
Email
TRP since 2003
Merrill Lynch
BS – NYU



 
 Michael A. DiRienzo joined TRP in July 2003. Prior to joining TRP, he was an Analyst in the Global Communications, Media and Technology Investment Banking Group at Merrill Lynch. Michael graduated from the Stern School of Business at New York University with a bachelor's degree in both Finance and Accounting.
Mike-Vellucci_TRP-1-150x150
Michael Vellucci
Vice President
Email
TRP since 2010
General Electric
BS – Maryland



 
Michael F. Vellucci joined TRP in February 2010. Prior to joining TRP, he worked in General Electric's Financial Management Program. Michael graduated Summa Cum Laude from the Robert H. Smith School of Business at the University of Maryland with a bachelor's degree in both Finance and Accounting.

Karen HansenKaren Hansen
CFO / CCO
Email
TRP since 2003
Penske Corp.
Deloitte & Touche LLP
Certified Public Accountant
BS – Central Michigan

 
Karen A. Hansen has been working with TRP since 2003. In addition to her work at TRP, she was the Assistant Controller of Penske Corporation from 2003 to 2006. Prior to her work at Penske Corporation, she worked for Deloitte & Touch LLP, where she earned her license as a Certified Public Accountant. Karen graduated from Central Michigan University with a bachelor’s degree in Accounting.
 

Contact Information


Michigan Office
2555 Telegraph Road
Bloomfield Hills,Michigan 48302
Phone: (248) 648-2101
Fax: (248) 648-2105
New York Office
1177 Avenue of the Americas
38th Floor
New York, NY 10036-2714
Phone: (908) 363-6000
James Hislop
Managing Director
james.hislop@trpfund.com

Michael DiRienzo
Managing Director
michael.dirienzo@trpfund.com
David Mitchell
Managing Director
dave.mitchell@trpfund.com

Michael Vellucci
Vice President
michael.vellucci@trpfund.com
Steven Carrel
Managing Director
steve.carrel@trpfund.com

Karen Hansen
CFO / CCO
karen.hansen@trpfund.com