Penske Starts Engine For Third Buyout Fund

Transportation Resource Partners has begun marketing its third fund, a source familiar with the effort told Buyouts. The Bloomfield Hills, Mich., LBO firm is aiming to raise $400 million, a significant jump from its prior, $265 million pool of capital. That fund closed in 2003.

Though the firm’s third effort, it’s the second under the name Transportation Resource Partners. The firm’s first fund is named Penske Capital Partners LP and was a $325 million pool invested between 1997 and 2002. Despite the name change, auto industry vet and ex-race car champ Roger Penske still runs the firm. Penske, along with GE Capital Partners and Goldman Sachs & Co. were lead investors in Transportation Resource Partners II LP.

Transportation Resource Partners is a mid-market niche player that acquires companies in sectors such as fleet services and logistics. The firm buys companies with enterprise values of up to $500 million.

Holdings include MasterCraft Boat Co., a luxury inboard boat maker it purchased alongside Charlesbank Capital Partners in late 2007, and HomeDirect, a delivery and assembly business. The firm lost part of its 40 percent stake in auto parts maker Autocam Corp. last January when it recapitalized the business to avoid Chapter 11. It bought its stake in the business alongside GS Capital Partners from Aurora Capital for $390 million in May of 2004.

Transportation Resource Partners did not return calls seeking comment.—E.G.