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.
