Fenway Partners, a middle-market private equity firm with more than two dozen investments in transportation and logistics companies, announced Thursday, Aug. 21, that it has launched The Open Road Foundation, a nonprofit organization that will provide victim assistance and support educational and career development programs for the employees and owner-operators of the transportation and logistics companies within the Fenway portfolio, as well as their dependents.
The Open Road Foundation (https://www.openroadfoundation.com/) will focus primarily on maintaining a victim assistance fund to support eligible employees and owner-operators impacted by disaster and/or unfortunate personal circumstances. Additionally, The Open Road Foundation will provide annual educational scholarships to eligible employees, owner-operators and/or their dependents who are enrolled in or applying to accredited colleges, junior colleges and vocational schools.
All employees and owner-operators 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 sponsor of The Open Road Foundation.
“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,” says Bill Webb, president of The Open Road Foundation. “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.”
Greatwide Logistics Services is owned by Investcorp, which also owns Randall-Reilly Publishing, publisher of CCJ.