TORONTO--(BUSINESS WIRE)--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').
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.