Transportation-focused lower middle market private equity firm
TRP Capital Partners
- HeadquartersBirmingham, MI S1
- Founded1997 S4
- Websitetrpfund.com
- Last verifiedOctober 26, 2026
At a glance
| EBITDA range | $5M to $40M S4 |
|---|---|
| Check size | $20M to $70M S4 |
| Deal types | Platform, Add-on, Minority, Growth S4 |
| Sectors | Auto Services & Collision, Transportation & Logistics, Industrial & Manufacturing, Environmental & Waste |
What TRP Capital Partners buys
TRP Capital Partners is a Birmingham, Michigan private equity firm that has invested only in the transportation industry since its first fund in 1997. It divides that industry into seven areas: aftermarket services such as collision repair, vehicle maintenance and car washes; dealerships; logistics and supply chain; specialty manufacturing and distribution; driver and technician training; commercial fleet services; and energy and environmental services, which include waste hauling and recycling. TRP says it has put more than $1.2 billion of equity into 35 platforms.
For a new platform it looks for a growing lower middle market company with $5 million to $40 million of EBITDA, and it invests $20 million to $70 million of equity per deal. It will do buyouts, growth equity, and control or minority deals, buying from founders, other private equity firms and corporate parents. It sets no EBITDA minimum for add-ons, so a smaller shop is most likely to meet TRP as an add-on to Emerald Auto, Driving Force Collision or Jax Kar Wash. Its sixth and largest fund closed in 2025.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Emerald Auto add-ons (two deals, four shops)Two 2026 acquisitions took the repair chain to 14 locations, more than double its size at TRP's December 2025 investment | Add-on | Auto Services & Collision | Source |
| April 2026 | Allentown Collision CenterPennsylvania body shop added to Driving Force Collision, one of two first-half 2026 add-ons that took it to eight shops | Add-on | Auto Services & Collision | Source |
| March 2026 | Velocity RestorationsPensacola, Florida builder of rebuilt classic vehicles with modern upgrades, backed in partnership with its founder | Platform | Industrial & Manufacturing | Source |
| March 2026 | Majestic IndustriesDie design and heavy stamping capabilities added to DTI | Add-on | Industrial & Manufacturing | Source |
| Feb 2026 | Jax Kar Wash locations (unnamed)Acquisitions and new builds added 20 car washes in 2025, taking Jax to 66 Midwest sites | Add-on | Auto Services & Collision | Source |
| December 2025 | Emerald AutoMountain West auto repair and fleet service chain with six shops, plus four more bought at closing, backed alongside its co-founders | Platform | Auto Services & Collision | Source |
| Aug 2025 | TRP Fund VIFinal close of TRP's largest fund, 46% bigger than its prior fund; size not disclosed | Fund close | Source | |
| Aug 2025 | World Auto Body and Tosca Drive Auto BodyMassachusetts body shops in Brookline and Stoughton added to Driving Force Collision | Add-on | Auto Services & Collision | Source |
| May 2025 | Tom Masano Auto Group collision centerDealer group's collision center in Reading, Pennsylvania bought by Driving Force Collision | Add-on | Auto Services & Collision | Source |
| November 2024 | Driving Force CollisionCollision repair platform launched with three shops in Queens and on Long Island, led by industry veterans | Platform | Auto Services & Collision | Source |
| November 2024 | Priority WastePartial exit from the Michigan waste hauler; TRP kept a stake | Exit | Environmental & Waste | Source |
Portfolio by sector
From the firm's portfolio page S3.
Aftermarket Solutions
- Emerald Auto
- Driving Force Collision
- Jax Kar Wash
Dealerships & Related Services
- Lifted Trucks
Logistics & Supply Chain
- DTI (Diversified Technologies International)
- Star Logistics
- GenOx Transportation
Manufacturing
- Velocity Restorations
Past investments: Priority Waste
Greymont’s take
How TRP Capital Partners fits a seller
TRP suits owners of auto repair, collision and car wash businesses who want a buyer that knows their industry. It runs three auto service roll-ups that keep buying: Emerald Auto went from 6 to 14 repair shops in about seven months, Driving Force Collision grew from three body shops in late 2024 to eight by mid-2026, and Jax Kar Wash now has 67 locations. For most single-shop owners, a sale to TRP means joining one of these platforms as an add-on.
TRP likes to back founders. It partnered with the co-founders of Emerald Auto and the founder of Velocity Restorations, and it pitches introductions to customers, suppliers and recruits through a large network of industry partners. It has also used a continuation fund to keep GenOx longer than a normal fund life. Owners should ask which platform would buy them, whether they can roll equity into it, and how long TRP expects to hold that platform.
Questions owners ask
Does TRP Capital Partners buy collision repair and auto service shops?
Yes. Aftermarket services is one of its seven target areas. Current holdings include Driving Force Collision, a Northeast body shop group with eight locations, Emerald Auto, a Mountain West repair chain with 14 shops, and Jax Kar Wash, a Midwest car wash operator with 67 sites.
How large does a company need to be for TRP?
For a new platform, TRP looks for $5 million to $40 million of EBITDA and invests $20 million to $70 million of equity. It sets no minimum for add-ons, so smaller businesses can sell to one of its existing platforms.
Will TRP take a minority stake?
Its published criteria list buyouts, growth equity, control and minority deals. It buys from founders, other private equity owners and corporate parents, and it will also look at struggling businesses that still have room to grow.
Does TRP invest in waste hauling companies?
Waste hauling and recycling are part of its energy and environmental focus area. TRP backed Michigan hauler Priority Waste and sold part of that stake in November 2024, keeping an ongoing investment in the company.
Sources
- S1TRP Capital Partners home page Accessed October 26, 2026
- S2TRP Capital Partners: About (investment philosophy and sector focus) Accessed October 26, 2026
- S3TRP Capital Partners: Portfolio Accessed October 26, 2026
- S4TRP Mid-Year 2026 Update, with investment criteria (July 29, 2026) Accessed October 26, 2026
- S5TRP Wraps Up a Productive 2025 (February 23, 2026) Accessed October 26, 2026
- S6TRP Mid-Year 2025 Update, Fund VI final close (August 8, 2025) Accessed October 26, 2026
- S7TRP Finishes Active 2024 (January 27, 2025) Accessed October 26, 2026
- S8Jax acquires Clean View Auto Wash (October 8, 2024) Accessed October 26, 2026
- S9Driving Force Collision: Our Locations (partner dates by shop) Accessed October 26, 2026
- S10Driving Force Collision: News & Announcements Accessed October 26, 2026
- S11TRP Capital Partners: Emerald Auto company page Accessed October 26, 2026
- S12TRP Capital Partners: News Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with TRP Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction