Open Road Ventures offers freight brokerages a new pathway to growth

More than 5,400 U.S. freight brokerages closed from 2023-2024 according to the Federal Motor Carrier Safety Administration (FMCSA). As a result of the two-year, 17 percent decline, more brokerage owners are considering selling their businesses in 2025 as merger and acquisition activity gains momentum.

To help freight brokers navigate these challenging market conditions, an elite team of industry leaders has launched Open Road Ventures (ORV). The group is focused on acquiring small-to-mid-sized freight brokerage firms, strengthening their operations, and inviting owners to partner in creating their own multi-year exit strategy.

“Running a brokerage today is harder than ever,” said Mike Riccio, Founding Member of Open Road Ventures and Founder of More Than Miles Consulting. “Changing markets, rising costs, talent challenges, and a nonstop race to keep up with technology — we understand these pressures because we’ve faced them ourselves. We’re transportation people, not just ‘money people.’ We know what it’s like to chase freight, deal with tight margins, and lose sleep over cash flow. That’s exactly why we built something different in Open Road Ventures.”

Backed by more than 90 years of collective experience in transportation and logistics, ORV’s mission is to help brokerages rebound from a freight recession that has roiled the industry since 2022. ORV combines deep industry knowledge with a partnership-first mindset, offering business owners a way to minimize risk while retaining a minority stake in their business so they can benefit from their company’s future growth.

ORV’s business model is built on four key pillars:

• ORV invests in strong, independent brokerage firms.

• It brings brokerages under one operating structure to leverage shared resources (such as technology) and achieve cost savings.

• It optimizes operations, people, and processes without stripping away the brokerage’s identity.

• And it provides access to top industry leaders for strategic positioning and to drive profitable revenue growth.

According to Riccio, being acquired by a larger organization is a smart exit strategy for business owners, especially those who are near retirement age. For others, acquisition can be a strategic lifeline — a bridge to expanded service offerings, improved market position, and long-term growth.

“A lot of small-to-medium-sized business owners are attracted to the idea of being part of a larger organization,” said Riccio. “With Open Road Ventures, they can have the best of both worlds by continuing their legacy while becoming part of a top tier, national freight brokerage.”

A Partner, Not Just a Purchaser

ORV is a strategic buyer that aims to be a partner, not just a purchaser. “When ORV acquires a company, we take responsibility for providing the resources and capital to fund the business while allowing the company’s brand and employees to remain the same,” explained Riccio. “Business owners continue to run day-to-day operations even after they become part of our larger network.”

ORV’s leadership team provides consultative and executive services including marketing and business development strategies to help firms achieve their revenue and profit goals. ORV’s founders include four well-known, highly respected leaders in the transportation and logistics industry:

• Mike Riccio – With more than 38 years in the industry, Riccio is Founder of More Than Miles Consulting and a former Sales and Marketing VP for Leonard’s Express.

• Ron Faherty – A 44-year industry veteran, Faherty currently serves as President of ARL Network.

• David Antonson – For more than 31 years, Antonson has held senior leadership positions for transportation providers, including the last 24 years as President of US1 Industries.

• John Kellenberger – With more than 15 years in executive leadership, Kellenberger is Chief Operating Officer of US1 Industries and a former practicing transportation lawyer with expertise in brokerage liability.

“Our leadership team understands the complexities of freight hauling,” explained Faherty. “More importantly, we understand the dynamics of family-run businesses. We respect these close relationships because we’ve experienced them. This is what differentiates us from venture capital firms that prioritize money over family.”

An Opportunity for Investors

In addition to acquiring freight brokerages, ORV is actively seeking capital partners. “We are targeting high-net-worth individuals looking to join our team of innovators and industry leaders,” said Faherty. “We urge potential investors to get in early.”

Fast Lane to Growth

ORV has begun the process of acquiring several brokerage firms with solid reputations and strong customer relationships. Participating businesses will benefit from operational enhancements, financial support to weather future market disruptions, and the opportunity to maintain up to a 30% minority stake in their business.

Most transportation companies have a long history and their employees have great affection for their brand. Unlike traditional private equity firms, ORV does not seek to strip companies of their culture or rebrand them overnight.

“ORV plans to respect company traditions and will not ask companies to abruptly abandon their culture,” said Faherty. “This work is personal to us. We all ‘grew up’ in this industry. We’ve seen it ravaged by razor-thin margins, port closings, and countless other challenges. Now we’re determined to bring it back, stronger than ever.”

“To anyone leading a freight brokerage who’s weary from carrying the load all on their own — you don’t have to anymore,” concluded Riccio. “Open Road Ventures is here to help.”