TRP Closes Continuation Fund for GenOx Transportation

TRP Capital Partners, a transportation-focused private equity firm, closed a single-asset continuation fund for Deer Park, TX-based gas provider GenOx Transportation.

Financial terms of the transaction were not disclosed, which was co-led by investment managers Barings, Kline Hill Partners and Adams Street Partners.

GenOx operates a fleet of specialty trailers that transport nitrogen, argon, oxygen, carbon dioxide, hydrogen, and more.

“We see strong momentum for continued growth of the industrial gas market,” said Michael Vellucci, Partner at TRP Capital Partners. “We look to continue investing heavily in GenOx’s specialized fleet to support the industry and provide superior service for our customers.”

In 2020, TRP raised $83 million for its fifth flagship fund. According to SEC records submitted last month, the firm has raised nearly $141 million since December for a sixth fund, indicating it’s on track to exceed that amount. TRP did not identify a number for Fund VI, but said it anticipates fundraising to take more than a year.

The firm cited data from IMARC Global which found that the global industrial gas market is expected to grow at approximately 6% compounded annually to $134.8 billion through 2027.

GenOx will continue to operate as a standalone business under the leadership of its existing management team, led by founder and CEO Kevin Mathews.

Since 1997, the TRP team has invested over $1 billion in 30 platform investments and nearly 200 follow-on transactions.