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                                                                    EXHIBIT 99.2
 
                         NOTICE OF GUARANTEED DELIVERY
                                WITH RESPECT TO
                           TRANSWESTERN HOLDINGS L.P.
                               TWP CAPITAL CORP.
                     11 7/8% SENIOR DISCOUNT NOTES DUE 2008
 
     This form must be used by a holder of 11 7/8% Senior Discount Notes due
2008 (the "Notes") of TransWestern Holdings L.P. and TWP Capital Corp.
(collectively, the "Company"), who wishes to tender Notes to the Exchange Agent
pursuant to the guaranteed delivery procedures described in the section of the
Prospectus entitled "The Exchange Offer -- Guaranteed Delivery Procedures," and
in Instruction 2 to the related Letter of Transmittal. Any holder who wishes to
tender Notes pursuant to such guaranteed delivery procedures must ensure that
the Exchange Agent receives this Notice of Guaranteed Delivery prior to the
Expiration Date of the Exchange Offer. Capitalized terms not defined herein have
the meanings ascribed to them in the Letter of Transmittal.
 
 THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
                 , 1998, UNLESS EXTENDED (THE "EXPIRATION DATE").
              TO: WILMINGTON TRUST COMPANY (THE "EXCHANGE AGENT")
 

                                                
   By Registered or Certified Mail or Overnight                         By Hand:
                      Courier:                                  Wilmington Trust Company
             Wilmington Trust Company                  c/o Harris Trust Co. of New York, as Agent
                Rodney Square North                            88 Pine Street, 19th Floor
             1100 North Market Street                               Wall Street Plaza
            Wilmington, Delaware 19890                          New York, New York 10005
         Attn: Corporate Trust Operations                   Attn: Corporate Trust Operations

 
                                 By Facsimile:
                        (For Eligible Institutions Only)
                                 (302) 651-1079
                             Confirm by telephone:
                                 (302) 651-8869
                                  Kristin Long
 
     DELIVERY OF THIS FORM TO AN ADDRESS, OR TRANSMISSION VIA FACSIMILE, OTHER
THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE VALID DELIVERY.
 
     This form is not to be used to guarantee signatures. If a signature on the
Letter of Transmittal is required to be guaranteed by an "Eligible Institution"
under the instructions thereto, such signature guarantee must appear in the
applicable space provided in the signature box on the Letter of Transmittal.
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LADIES AND GENTLEMEN:
 
     The undersigned hereby tenders to the Company, upon the terms and subject
to the conditions set forth in the Prospectus and the related Letter of
Transmittal, receipt of which is hereby acknowledged, the principal amount at
maturity of Notes set forth below pursuant to the guaranteed delivery procedures
set forth in the Prospectus and in Instruction 2 of the Letter of Transmittal.
 
     The undersigned hereby tenders the Notes listed below:
 

                                                                                          
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    CERTIFICATE NUMBER(S) (IF KNOWN) OF NOTES OR ACCOUNT         AGGREGATE PRINCIPAL AMOUNT       AGGREGATE PRINCIPAL AMOUNT
              NUMBER OF THE BOOK-ENTRY FACILITY                    AT MATURITY REPRESENTED           AT MATURITY TENDERED
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                            PLEASE SIGN AND COMPLETE
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  Signatures of Registered Holder(s) or
  Authorized Signatory:
  -----------------------------------------------    Date:
                                                     -----------------------------------------------
 
                                                     Address:
  -----------------------------------------------    -----------------------------------------------
 
  -----------------------------------------------    -----------------------------------------------
 
  Name of Registered Holder(s):
  -----------------------------------------------
                                                     -----------------------------------------------
 
                                                     Area Code and Telephone No.:
  -----------------------------------------------    -----------------------
 
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      This Notice of Guaranteed Delivery must be signed by the Holder(s)
 exactly as their name(s) appear on certificates for Notes or on a security
 position listing as the owner of Notes, or by person(s) authorized to become
 Holder(s) by endorsements and documents transmitted with this Notice of
 Guaranteed Delivery. If signature is by a trustee, executor, administrator,
 guardian, attorney-in-fact, officer or other person acting in a fiduciary or
 representative capacity, such person must provide the following information:
 
                      Please print name(s) and address(es)
 
 Name(s):
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 Capacity:
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 Address(es):
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                                   GUARANTEE
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)
 
   The undersigned, a firm which is a member of a registered national
   securities exchange or of the National Association of Securities Dealers,
   Inc., or is a commercial bank or trust company having an office or
   correspondent in the United States, or is otherwise an "eligible guarantor
   institution" within the meaning of Rule 17Ad-15 under the Securities
   Exchange Act of 1934, as amended, guarantees that either the Notes
   tendered hereby in proper form for transfer (or confirmation of the
   book-entry transfer of such Notes into the Exchange Agent's account at
   Book-Entry Transfer Facility as described in the Prospectus under the
   caption "The Exchange Offer -- Guaranteed Delivery Procedures"), together
   with a properly completed Letter of Transmittal (or facsimile thereof)
   (or, in the case of a book-entry transfer, an Agent's Message) and any
   other required documents will be received by the Exchange Agent by 5:00
   p.m., New York City time, on the third New York Stock Exchange trading day
   following the Expiration Date.
 

                                                  
   Name of Firm:
                -----------------------------        AUTHORIZED SIGNATURE
   Address:                                          Name:
           ----------------------------------             ---------------------
   Area Code and Telephone Number:                   Title:
                                  -----------             ---------------------
                                                     Date: __ , 1998
                                                   
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    DO NOT SEND NOTES WITH THIS FORM. ACTUAL SURRENDER OF NOTES MUST BE MADE
     PURSUANT TO, AND BE ACCOMPANIED BY, AN EXECUTED LETTER OF TRANSMITTAL.
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                 INSTRUCTIONS FOR NOTICE OF GUARANTEED DELIVERY
 
     1. Delivery of this Notice of Guaranteed Delivery. A properly completed and
duly executed copy of this Notice of Guaranteed Delivery and any other documents
required by this Notice of Guaranteed Delivery must be received by the Exchange
Agent at its address set forth herein prior to the Expiration Date. The method
of delivery of this Notice of Guaranteed Delivery and any other required
documents to the Exchange Agent is at the election and sole risk of the holder,
and the delivery will be deemed made only when actually received by the Exchange
Agent. If delivery is by mail, registered mail with return receipt requested,
properly insured, is recommended. As an alternative to delivery by mail, the
holders may wish to consider using an overnight or hand delivery service. In all
cases, sufficient time should be allowed to assure timely delivery. For a
description of the guaranteed delivery procedures, see Instruction 2 of the
Letter of Transmittal.
 
     2. Signatures on this Notice of Guaranteed Delivery. If this Notice of
Guaranteed Delivery is signed by the registered holder(s) of the Notes referred
to herein, the signature must correspond with the name(s) written on the face of
the Notes without alteration, enlargement, or any change whatsoever. If this
Notice of Guaranteed Delivery is signed by a participant of the Book-Entry
Transfer Facility whose name appears on a security position listing as the owner
of Notes, the signature must correspond with the name shown on the security
position listing as the owner of the Notes.
 
     If this Notice of Guaranteed Delivery is signed by a person other than the
registered holder(s) of any Notes listed or a participant of the Book-Entry
Transfer Facility, this Notice of Guaranteed Delivery must be accompanied by
appropriate bond powers, signed as the name of the registered holder(s) appears
on the Notes or signed as the name of the participant shown on the Book-Entry
Transfer Facility's security position listing.
 
     If this Notice of Guaranteed Delivery is signed by a trustee, executor,
administrator, guardian, attorney-in-fact, officer of a corporation, or other
person acting in a fiduciary or representative capacity, such person should so
indicate when signing and submit with the Letter of Transmittal evidence
satisfactory to the Company of such person's authority to so act.
 
     3. Requests for Assistance or Additional Copies. Requests for information
and additional copies of the Prospectus may be directed to the Exchange Agent at
the address set forth on the first page of this Notice of Guaranteed Delivery.
Holders may also contact their broker, dealer, commercial bank, trust company,
or other nominee for assistance concerning the Exchange Offer.
 
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