Barings, Kline Hill Partners, and Adams Street Partners Co-Lead Closing of TRP Capital Partners' Continuation Fund for GenOx Transportation Inc.
Barings, Kline Hill Partners ("Kline Hill"), and Adams Street Partners ("Adams Street") today announced that they served as co-lead investors in the completion of a single asset continuation fund in support of TRP Capital Partners ("TRP"), Founder and CEO Kevin Mathews, and the management team of GenOx Transportation Inc. ("GenOx" or "the Company"), a leading industrial gas transportation company. Financial terms were not disclosed.
Headquartered in Deer Park, Texas, GenOx operates a fleet of specialty trailers that transport nitrogen, argon, oxygen, carbon dioxide, hydrogen, helium, chemicals, and liquified natural gas ("LNG"), all of which are carried in compressed or liquified form.
"We're excited to support TRP's extended investment through our GP-led strategy and aligned interests in the continuation fund for this high-quality transportation business known for its experienced management team, award-winning safety record and strong driver retention rate," said Raudel Yanez, Managing Director at Kline Hill Partners. "Together, we look forward to recapitalizing GenOx and providing it with additional resources for growth amid the strong demand for industrial gases across many industries."
"GenOx was built on two generations of customer focused dedication to the cryogenic industrial gas industry. We are pleased to continue our partnership with Kevin and the management team and welcome the support from our new secondary fund partners and investors," said David Mitchell, Managing Partner at TRP Capital Partners. "We see strong momentum for continued growth of the industrial gas market. We look to continue investing heavily in GenOx's specialized fleet to support the industry and provide superior service for our customers," added Michael Vellucci, Partner at TRP Capital Partners.
GenOx has significantly expanded its capability under TRP's partnership. The Company, which maintains long-term contracts with its core customers, serves recession-resistant and high growth end markets, including healthcare, aerospace, food and beverage, pipeline maintenance, chemical production, metal fabrication, and electronics manufacturing. "We deeply value the strong partnership we have built with TRP over the last 6+ years, and we are enthusiastic to continue working together to drive growth at GenOx," said Kevin Mathews, Founder and CEO of GenOx.
The global industrial gas market is expected to grow at approximately 6% compounded annually to $134.8 billion through 2027, according to data from IMARC Global.
GenOx will continue to operate as a standalone business under the leadership of its existing management team, led by Kevin Mathews.
"We are excited to expand our partnership with TRP and support GenOx through its next phase of growth," said Mina Pacheco Nazemi, Barings Diversified Alternative Equity Head. Troy Barnett, Partner at Adams Street, added, "We're thrilled to partner with TRP on this GP-led secondary transaction, which underscores our strategy to partner with proven sponsors to extend their investment in quality assets."
Jefferies served as financial advisor and Weil served as legal counsel to TRP and GenOx. Cleary Gottlieb advised Kline Hill and Barings. Proskauer served as legal advisor to Adams Street.
About TRP Capital Partners
TRP invests in compelling businesses in multiple commercial and consumer segments in the transportation industry. Since 1997, the TRP team has invested over $1 billion in 30 platform investments and nearly 200 follow-on transactions. TRP leverages its deep industry knowledge, strategic relationships, commercial synergies, and the transportation expertise of its partners and affiliates to support management teams and founders in accelerating their growth trajectory. TRP's principals have 125+ years of transportation-related investment experience. For more information, please visit www.trpfund.com.
About Barings
Barings is a $381+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. For more information, please visit www.barings.com.
* Assets under management as of December 31, 2023
About Kline Hill Partners
Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $3.0 billion in assets under management, Kline Hill's funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Together, Kline Hill's Core and Solutions strategies make up a platform designed to serve the entirety of the small-deal secondary market, with capabilities spanning LP fund transfers, GP-led transactions, and secondary direct transactions. For more information, please visit www.klinehill.com.
About Adams Street Partners
Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and manages $58 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on over 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, and Tokyo. For more information, please visit www.adamsstreetpartners.com.
About GenOx Transportation
Founded in 2001 and based in Deer Park, Texas, GenOx provides customer-centric, reliable, on-time transportation services to the industrial gas industry. The company utilizes a young, modern fleet of tractors and specialized trailers to meet the demands and challenges of the industrial gas market. GenOx has an outstanding history of safety and reliability, winning numerous safety awards from the Compressed Gas Association, Texas Trucking Association, American Trucking Association, Great West Casualty, and National Tank Truck Carriers. For more information, please visit www.genoxtransportation.com.
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