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Turning Rock Partners Provides $30MM of Expansion Capital to 160 Driving Academy

September 17, 2024, 07:52 AM
Filed Under: Specialty Industries

Turning Rock Partners provided $30 million of expansion capital to support the continued growth of 160 Driving Academy, the largest commercial driving training school in the U.S. 160 Driving Academy trains over 30,000 drivers annually across 150 schools operating in 44 states. Customers of the business include diversified companies across manufacturing, retail, logistics, technology and other sectors which require skilled drivers to transport critical goods across the country. 160 Driving Academy is a founder-led privately held firm headquartered in Chicago, IL.
 
Led by Steve Gold, 160 Driving Academy’s CEO, and a strong executive team, the Company offers high-quality vocational training, which is critical to supporting commerce and business growth across the nation. Alongside its comprehensive CDL training solutions, 160 has developed cutting-edge driver technologies and employer tools through its Truckers Network  platform. This platform offers mobile applications for fuel, job searches, and unique advertising solutions for the trucking industry. Truckers Network delivers the most cost-effective hiring, fuel discounts, and factoring programs tailored for small and mid-sized trucking companies, while offering drivers unparalleled support through advanced technological solutions not found elsewhere in the market.
 
Additionally, 160 has introduced 160 Driver Score, an innovative, in-person, Commercial Driver scoring system designed to provide "FICO-like" safety scores. This allows employers to assess a driver's safety record before making a hiring decision. Given the historically limited quality of truck driver training and rising employer liability, preventing even one driver-related incident can significantly impact both the organization and public road safety.
 
“160 Driving Academy has a strong history and founder ownership which is committed to building career skills for students,” said Turning Rock Partners Chief Operating Officer John Hamilton. “The Company is also active in promoting employment pathways in its communities. Steve and his team of leaders are focused on quality programming and investments in its schools, teachers and student training offerings. As a growing business services operator, the value proposition 160 Driving Academy provides for its corporate customers is substantial as it identifies, trains and provides consistent driving talent with a focus on safety.”
 
“The investment from Turning Rock provides critical growth capital as we expand our tech-enabled driving schools across the country. Proceeds from this debt financing will enable the 160 Driving Academy team to increase its school footprint to 200 schools by 2026 as well as continue to develop innovative technology solutions for the American truck driver through the Truckers Network digital application,” said Steve Gold.
 
Turning Rock was advised on the transaction by Miles & Stockbridge for legal, Lockton Companies on insurance, and Silver Regulatory Associates LLC provided additional services.







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