Ontario Teachers' Tracking Fleet Complete?
Fleet Complete®, one of the fastest growing tech companies in the connected vehicle space, today announced that it has entered into a new investment partnership with Ontario Teachers’ Pension Plan (Ontario Teachers’).Transport Topics also reports, Telematics Firm Fleet Complete Gets Investment From Ontario Teachers’ Pension Plan:
Ontario Teachers’, Canada’s largest single-profession pension plan, is acquiring equity from existing investors, including funds managed by Madison Dearborn Partners (MDP), a leading private equity firm based in Chicago. Ontario Teachers’ will work in joint partnership with Fleet Complete’s management team and MDP to continue executing against the company’s strategic plan.
“I am thrilled to partner with Ontario Teachers’ and it’s a bonus that we both share Toronto as our respective headquarters,” said Tony Lourakis, founder and CEO of Fleet Complete. “Ontario Teachers’ provides Fleet Complete with access to significant long-term capital. This, coupled with our ongoing partnership with MDP, will enable us to continue our fast growth and focus on being the world’s leading provider of mission-critical connected technologies for fleets, assets and mobile workforce-based businesses.”
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 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.
Ontario Teachers’ Private Capital group has a long history of investing in the technology sector, as well as a track record of working with leading management teams to execute on their growth ambitions.
“We are excited to partner with Tony and Fleet Complete’s management team, along with MDP, to help build on this great Canadian success story,” said Jane Rowe, Senior Managing Director, Private Capital, at Ontario Teachers’. “Fleet Complete has a proven track record of robust growth, underpinned by its successful global expansion strategy and product innovation. We look forward to working closely with Fleet Complete’s senior leadership team and MDP in a partnership that we believe will help further accelerate Fleet Complete’s global growth ambitions.”
“Fleet Complete has experienced significant growth over the last several years, through expanding the business globally and providing exceptional product suites and technology solutions to its growing customer base,” said Doug Grissom, a Managing Director at MDP and head of the firm’s Business and Government Software and Services team. “Tony and his management team have done tremendous work and, together with Ontario Teachers’ and the Fleet Complete team, we look forward to continuing Fleet Complete’s strong momentum.”
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 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.
Fleet Complete, a Toronto-based provider of vehicle telematics and driver management software with operations in North America, Europe and Australia, has received an investment from Ontario Teachers’ Pension Plan.And Benefits Canada reports, Ontario Teachers’ takes stake in vehicle GPS tracking firm:
Ontario Teachers’ will acquire an unspecified amount of equity in the company from Madison Dearborn Partners and other investors, according to a statement released Nov. 26. Madison Dearborn Partners, a Chicago-based investment firm that has owned a stake in Fleet Complete since 2014, will continue as a smaller stockholder in the company.
“Ontario Teachers’ provides Fleet Complete with access to significant long-term capital,” said Tony Lourakis, founder and CEO of Fleet Complete. “This, coupled with our ongoing partnership with MDP, will enable us to continue our fast growth and focus on being the world’s leading provider of mission-critical connected technologies for fleets, assets and mobile workforce-based businesses.”
Lourakis and Andrew Merisanu launched a company that would later become Fleet Complete in 1998 to provide a software platform for couriers. The business expanded to Australia in 2003 and more recently in Europe with the acquisitions of ITmobile in 2016 and Ecofleet this January.
Merisanu has since left the company to become senior director of development at RBC Ventures. He also serves as chief technology officer for MoveSnap, a startup that helps individuals with tasks associated with moving.
In 2017, Fleet Complete purchased BigRoad, a Canadian provider of electronic logging devices and regulatory compliance services.
The company also struck deals with General Motors Co. and Toyota to incorporate its telematics systems in commercial vehicles.
Fleet Complete maintains distribution partnerships for its products and services with AT&T in the United States, Telus in Canada, T-Mobile in Europe and Telstra in Australia.
Jane Rowe, senior managing director of private capital at Ontario Teachers’, said the Fleet Complete investment is part of an effort to help management achieve its growth objectives.
“Fleet Complete has a proven track record of robust growth, underpinned by its successful global expansion strategy and product innovation,” Rowe stated. “We look forward to working closely with Fleet Complete’s senior leadership team and MDP in a partnership that we believe will help further accelerate Fleet Complete’s global growth ambitions.”
Ontario Teachers’ manages C$193.9 billion in net assets on behalf of 323,000 active and retired teachers in the province of Ontario and has invested in more than 500 companies since launching a private capital investment fund in 1991.
Among the holdings in the Ontario Teachers’ investment portfolio are SeaCube Container Leasing, Global Container Terminals and PODS Enterprises.
Earlier this year, Ontario Teachers’ participated in the recapitalization of GFL Environmental Inc., a Toronto-based waste management firm. In October, GFL Environmental announced plans to merge with Waste Industries in Raleigh, N.C., in a deal valued at C$3.65 billion. When completed, the combined enterprise will be the largest privately owned environmental services company in North America with 98 collection operations, 59 transfer stations, 29 material recovery facilities, 10 organics facilities and 47 landfills.
The Ontario Teachers’ Pension Plan is entering into a partnership with Fleet Complete, a Toronto-based software company in the vehicle space.This is a very interesting direct deal in the technology/ transportation space. I'm pretty sure the way it happened is Ontario Teachers' invested in a fund from Madison Dearborn Partners and at the end of the life of that fund, they bid on this company which they grew to know well and really like.
The company provides GPS tracking solutions for enterprises using multiple vehicles for shipping, delivery and transportation in order to optimize efficiency. The Ontario Teachers’ is purchasing private equity in the company from current shareholder Madison Dearborn Partners.
“Fleet Complete has a proven track record of robust growth, underpinned by its successful global expansion strategy and product innovation,” said Jane Rowe, senior managing director for private capital at the Ontario Teachers’, in a press release. “We look forward to working closely with Fleet Complete’s senior leadership team and MDP in a partnership that we believe will help further accelerate Fleet Complete’s global growth ambitions.”
The investment fits into the Ontario Teachers’ private capital arm’s significant history of investing in the technology sector, noted the release.
“Ontario Teachers’ provides Fleet Complete with access to significant long-term capital,” said Tony Lourakis, founder and chief executive officer of Fleet Complete. “This, coupled with our ongoing partnership with MDP, will enable us to continue our fast growth and focus on being the world’s leading provider of mission-critical connected technologies for fleets, assets and mobile workforce-based businesses.”
The terms of the deal weren't disclosed but it's a minority stake in one of the fastest growing tech companies in the connected vehicle space.
Looking at an older (2014) MDP press release provides us with more information and background:
Fleet Complete is a leading provider of fleet, asset and mobile workforce management solutions and offers its software as a service to approximately 5,000 customers globally.That's why Fleet Complete chose MDP as a partner and that's why OTPP invests in MDP's funds.
Sourcing:
- MDP identified the fleet management industry as an attractive area for investment several years prior to the Fleet Complete investment, and evaluated a number of opportunities in the sector.
- MDP was introduced to the company after it received an inbound offer from a strategic buyer. The company’s founder and CEO was not interested in exiting the business, and as the controlling shareholder, was looking to find a partner to help him grow the business
- Based on MDP’s relationship with the founder, and previous experience investing in both the software and wireless industries, the CEO chose MDP as his new partner
Value Creation:
- Assembled a strong, independent Board of Directors composed of technology executives and industry experts
- Expanded international carrier partnerships with AT&T, T-Mobile and Telstra
- Completed four acquisitions during MDP’s ownership: Fieldworker (employee-tracking software), ITmobile (European telematics company), Securatrak (Australian telematics company) and BigRoad (North American Hours of Service company)
- Meaningfully increased revenue in the first two years of ownership and diversified the business away from dependence on one geography and channel partner
- Invested in technology and capabilities ahead of legislative mandate to have Hours of Service technology compliance installed in 4 million vehicles by 2018
There's not much more to share on this deal.This looks like a great company to own over the long run and I'm not just saying that because Tony Lourakis is Greek Canadian and made Greek America's Forty Under 40 list back in 2014:
Greek America's Forty Under 40: Class of 2014 winner Tony Lourakis http://t.co/iP1SkjH99r— Tony Lourakis (@tonylourakis) April 14, 2014
Good for him and good on Ontario Teachers' for making a long-term commitment to this global technology company.
Below, Guy Broderick, Driver Training Supervisor at APPS Transport Recruiting, discusses how important Fleet Complete has been for them to track their trucks and to service their customers. And Lino Cardoso, CEO of Yummy Catering, talks about how Fleet Complete assists them in their operations.
Lastly, Tony Lourakis, founder and CEO of Fleet Complete, talks about the scalable solutions of his company's applications and services. Smart guy, listen to his message as he explains their value proposition, how they're customer focused and operate across many industries.
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