Turning Rock Partners Supports Market Leader 160 Driving Academy in Expansion Plans
New York, NY, Sept. 16, 2024 – Turning Rock Partners (“TRP” or “Turning Rock”), a New York-based private investment firm, has 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 (the “Company”) 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.
About Turning Rock Partners:
Turning Rock Partners (TRP) targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners’ website: www.turningrockpartners.com. For Turning Rock investor relations, please contact investor@turningrockpartners.com.
About 160 Driving Academy
160 Driving Academy is the nation’s largest commercial driving school. As the fastest growing vocational school in the country, in 2024, the Company plans to train over 30,000 students on how to safely operate a commercial vehicle across its 151 CDL schools across North America. 160 Driving Academy is licensed and operates in 44 states. Each school is certified and licensed by the Federal Motor Carrier Safety Administration’s Entry Level Driver Training Program. The 160 Driving Academy is integrated with over 550 Workforce offices nationwide to create jobs for unemployed and underemployed workers. 160 Driving Academy supplies the largest employers in the nation with an unparalleled level of recruiting, high-quality training, safety effectiveness, and driver analytics. Many of these employers have trusted 160 to provide the majority of their driving workforce.
160 Driving Academy’s sister companies, Truckers Network, and 160 Driver Score provide the most advanced job placement and compliance scoring capabilities in the industry. Truckers Network is the trucking industry’s premier fuel and factoring services, job rating, posting, and hiring platform. This mobile technology offers the most advanced and modernized hiring options to match qualified CDL candidates with Companies at the lowest cost in the industry. With over 200,000 curated CDL Drivers in the Network, companies can find qualified drivers more efficiently than any other hiring platform. The Truckers Network facility rating, and review functionality now offers Drivers the ability to rate, review and share their delivery experience, reduce overall wait times, and improve supply chain efficiency across North America. Visit truckersnetwork.com or download the Truckers Network App on the Google Play or the Apple App Store.
Media Contact:
Crystal Crocker
160 Driving Academy
ccrocker@160drivingacademy.com
786-838-8907
Erin Burke
For Turning Rock Partners
investor@turningrockpartners.com
631-681-8770