TORONTO–(BUSINESS WIRE)–Fleet Complete®, one of the fastest growing tech companies in the connected vehicle space, has finalized its previously announced investment partnership agreement with Ontario Teachers’ Pension Plan (“Ontario Teachers’”).
In November 2018, Ontario Teachers’, Canada’s largest single-profession pension plan, agreed to acquire equity in Fleet Complete from existing investors, including funds managed by Madison Dearborn Partners (“MDP”), a leading private equity firm based in Chicago. With the support of Ontario Teachers’ and ongoing partnership with MDP, Fleet Complete’s management team will continue to execute on the company’s global growth ambitions. MDP remains a significant investor in Fleet Complete.
Established in the technology industry for twenty years, Fleet Complete has one of the leading and most comprehensive connected vehicle platforms globally, helping small to medium-sized businesses and large enterprises improve their daily operations. Serving approximately 500,000 subscribers around the world, Fleet Complete harnesses state-of-the-art technology and partnerships with leading global OEMs to provide some of the most innovative solutions for clients.
Financial terms of the transaction were not disclosed.
Lazard and Barclays acted as financial advisors to Fleet Complete. Kirkland & Ellis LLP and Dentons Canada LLP served as legal counsel to Fleet Complete and MDP. Torys LLP served as legal counsel to Ontario Teachers’.
About Fleet Complete
Fleet Complete® is a leading global provider of connected vehicle technology, delivering mission-critical fleet, asset and mobile workforce management solutions. The company is servicing approximately 500,000 subscribers and over 30,000 businesses in Canada, the U.S., Mexico, Australia, the Netherlands, Belgium, Luxemburg, Austria, Germany, Denmark, Sweden, Finland, Norway, Estonia, Latvia and Lithuania. It maintains key distribution partnerships with AT&T in the U.S., TELUS in Canada, Telstra in Australia, and Deutsche Telekom (T-Mobile) in multiple European countries. Many of the world’s largest vehicle manufacturers and tier-one suppliers, such as General Motors, Mitsubishi and Phillips Industries leverage Fleet Complete’s connected vehicle platform, CONNVEX, to bring commercial-grade telematics solutions to their customers. It remains one of the fastest-growing companies globally, having won numerous awards for innovation and growth. For more information, please visit fleetcomplete.com
About Ontario Teachers’
The Ontario Teachers’ Pension Plan (“Ontario Teachers’”) is Canada’s largest single-profession pension plan, with $193.9 billion in net assets at June 30, 2018. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 323,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC (“MDP”), based in Chicago, is a leading private equity investment firm in the United States. Since MDP’s formation in 1992, the firm has raised seven funds with aggregate capital of approximately $23 billion and has completed over 140 investments. MDP is currently investing out of its most recent fund, $4.4 billion MDCP Fund VII, in businesses across a broad spectrum of industries, including businesses and government software and services; financial and transaction services; basic industries; health care; and telecom, media and technology services. For more information, please visit mdcp.com.
For Fleet Complete:David Prusinski, EVP Sales & Marketing[email protected]
For MDP:Abernathy MacGregorChuck Dohrenwend, Kate Murray or Melissa Gansler212-371-5999[email protected]