MIAMI and NEW
YORK, July 23, 2024 /PRNewswire/ -- Lafayette
Square and Upper90, a hybrid credit investment firm, announced
today that they have invested $100M
to support the continuing growth of 160 Driving
Academy ("160"), the nation's largest commercial driver
training school and safety training program.
Founded in 2012 by Steve Gold and
headquartered in Chicago, 160
Driving Academy is the nation's largest training provider and job
creator for commercial drivers in the
United States. 160's 151 Commercial Driving Schools are
licensed and compliant in the 44 states where it operates and with
the Federal Motor Carrier Safety Administration (FMCSA). As the
largest supplier of human capital to the transportation industry,
160 plans to have 200 Commercial Driving Schools opened by 2026 and
train over 50,000 drivers.
In addition to its training capabilities, 160 has also developed
an innovative in-person Commercial Driver scoring system, 160
Driver Score, to provide 'FICO-type' scores so that any employer
can determine the safety of the Commercial Driver, prior to hiring.
Given the historic lack of quality training for truck drivers, and
increasing liability for employer's, eliminating just one driver
incident has a material impact on an organization as well as the
safety of the general driving public. 160 has also developed
advanced driver technologies and employer tools through its
Truckers Network platform, which offers mobile applications for
fuel, jobs and innovative advertising solutions for the industry.
Truckers Network provides the industry's lowest cost for hiring,
fuel, and factoring programs for small and mid-sized trucking
companies, and provides drivers a support system unmatched by any
other technologies in the market.
"This investment supports economic mobility in the company's
home state of Illinois and 43
other states. Lafayette Square intentionally invests in states like
Illinois and employers like 160
Driving Academy that are creating jobs and delivering economic
mobility to working-class people and places," said Damien Dwin, Founder & CEO of Lafayette
Square. "Steve Gold and the 160 team
are well aligned with our 2030 goals to support 100,000
working-class jobs, invest 50 percent of our capital in
working-class places, and see 50 percent of our portfolio companies
adopt services like the Truckers Network platform."
"160 has a demonstrated track record of addressing the growing
demand for vocational education with sophisticated training
methodologies and robust safety protocols. Given its scale,
relationships, and network of graduates, the company is well
positioned to launch additional tools and services to support
trucking companies and their drivers across the country. We, along
with our LP network of entrepreneurs, look forward to helping 160
with these initiatives to further its impressive growth
trajectory," said Bill Geist,
Partner at Upper90.
"The financing from Lafayette Square and Upper90 will be key in
supporting our growth, partnerships and success of our business. As
more Fortune 500 employers and Community Colleges are looking for
compliant, safety focused, state-licensed schools and high-quality
instruction, we anticipate significant continued enrollment and
overall market share growth across the nation. The Federal
government, states, and employers understand more than ever the
seriousness and liabilities of non-compliant CDL training
providers. It's great to find financial partners who understand and
support the core tenets of our mission, especially as we deploy our
industry leading mobile capabilities to support the American truck
driver throughout their career," said Steve
Gold.
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
the 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.
About Lafayette Square
Lafayette Square invests in
middle market companies while positively supporting people and
communities. We believe the demand for capital in businesses
headquartered outside of high-income places is an overlooked
opportunity. We seek investment opportunities that stimulate
economic growth across the United
States through the creation and preservation of
working-class jobs. For more information, please visit
www.lafayettesquare.com.
In addition to financing, Lafayette Square offers its portfolio
companies access to Worker Solutions, a custom-built platform
that seeks to measurably improve employee retention, well-being,
and productivity by connecting management teams to a curated list
of third-party service providers that offer non-traditional
benefits for their employees. By delivering these solutions,
Lafayette Square aims to reduce operational risk for its portfolio
companies, help them attract and retain talent, and improve job
quality.
About Upper90
Upper90, a hybrid investment firm that
is a first credit partner for early stage companies and solves
complex bridge capital needs for later stage, profitable companies.
Launched in 2018 by executives from Seamless-GrubHub and Goldman
Sachs, Upper90 helps technology-enabled businesses with positive
unit economics and collateral accelerate growth with less
dilution.
Media Contact:
Crystal Crocker
Head of Marketing and Communications
160 Driving Academy
ccrocker@160drivingacademy.com
(C) 786-838-8907
Jansel Murad
Dukas Linden Public Relations
lafayettesquare@dlpr.com
(C) 646-722-6531
Cari Sommer
CEO - RAISE Communications
Upper90 Public Relations
www.raisecg.com
(C) 914-715-5543
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SOURCE Lafayette Square Holding Company