Case Study
Van Pool Transportation
Location:
Wilbraham, MA
Sector:
Municipal Services
Date Acquired:
Exit Date:
Richard Jones
Former CEO, LSO and Van Pool Transportation
"It has been a great pleasure for me to work with Fort Point for the second time. They have been a true partner to Van Pool, supporting the Company's strategic expansion plans with counsel, resources and capital. Together, we were able to build the team and infrastructure to position the Company to continue its growth trajectory over the next several years. We're excited to continue Van Pool's growth while positively contributing to the success of our students, school districts, and communities."
Situation
Based in Central Massachusetts, Van Pool Transportation is a leading regional provider of transportation solutions to special needs and homeless children throughout New England. Fort Point was introduced to the company by a boutique investment bank that was aware of our successful track record in the transportation & logistics and K-12 education markets. We partnered with the Van Pool CEO, Kevin Hinkamper, in the acquisition of the platform, which we collectively believed was poised for continued and substantial growth.
Our Role
Fort Point Capital completed the recapitalization in 2014, acquiring a majority stake in partnership with the existing management. We subsequently supported the business to fund follow-on acquisitions, professionalized the organization and infrastructure, established a robust pipeline with significant organic growth opportunities, and opened greenfield bases in support of new business wins in adjacent markets.
Senior Management
- Helped to identify and hire key executives including a VP of Business Development, VP of Operations, VP of Human Resources and a CFO. In addition, we recruited two outstanding independent directors with relevant industry experience.
Corporate Infrastructure
- Worked with management to build-out middle management’s capabilities within the organization, developed scalable infrastructure including a conversion of outdated IT systems, created a highly flexible and cost-effective capital structure to support growth, and deployed in-field fleet technology (cameras and GPS).
Geographic Expansion
- Supported management in identifying, negotiating and executing a number of acquisitions to accelerate its expansion strategy within our footprint and in adjacent markets.
New Market Entry
- Invested capital to grow into new markets, including Connecticut and New Hampshire.
Results
During our ownership, Van Pool Transportation completed two acquisitions in geographies contiguous to its core markets and opened two greenfield branches, growing coverage from four to six bases servicing over 100 school districts and district collaboratives. Implementation of an operating model and technology platform allowed base managers to optimize route density and performance. Since our 2014 investment, the company more than doubled revenue and EBITDA. In May 2018, Fort Point Capital sold Van Pool to Audax Group, a middle market private equity fund.