FENWAY PARTNERS LAUNCHES THE OPEN ROAD FOUNDATION TO PROVIDE CHARITABLE
SUPPORT TO TRANSPORTATION & LOGISTICS COMPANIES
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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. Fenway
Partners’ participating portfolio companies include: Coach America, Panther Expedited, Refrigerated
Holdings, RoadLink, Targus, Fastfrate, and Preferred Freezer Services.
Greatwide Logistics Services, of which Fenway owns a minority stake, is also a
proud sponsor of The Open Road Foundation.
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 Open Road Foundation 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 hands-on
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