Toronto, Ontario, September 2, 2014 – Fleet Complete, one of North America’s fastest growing providers of fleet telematics and mobile workforce technology, is pleased to announce an investment from Madison Dearborn Partners, a leading private equity firm based in Chicago, IL. The investment, which is the second institutional financing since Fleet Complete’s inception in 2000, will provide liquidity to Fleet Complete’s current shareholders, primarily for its prior institutional investor, Symmetric Capital, and capital to further accelerate the company’s growth.
Via its flagship software product Fleet Complete provides a mission-critical cloud-based solution to track, manage and optimize fleet vehicles, high-value mobile assets and mobile workers to over 4,000 customers. Fleet Complete offers a wide range of solution primarily through marquee channel partners such AT&T and TELUS.
"Fleet Complete is an attractive and expanding technology business delivering critical solutions to a growing customer base, and we are excited to join the team,"
- Doug Grissom , Managing Director at Madison Dearborn
“Our industry is at an inflection point with considerable growth potential, and Fleet Complete is well positioned to capitalize on this opportunity by continuing to deliver mission-critical mobile resource management services,” said Tony Lourakis, co-founder and CEO of Fleet Complete. “With less than a third of companies with fleets, mobile assets and workers using technology like ours today, we see great potential that the remaining two-thirds will use this technology by the end of this decade. Madison Dearborn’s strategic guidance and capital will help us leverage our differentiated product offering, accelerate our growth in North America, and pursue expansion in other geographies and new channels.”
“Fleet Complete is an attractive and expanding technology business delivering critical solutions to a growing customer base, and we are excited to join the team,” said Doug Grissom, a Managing Director at Madison Dearborn and head of the firm’s Business and Government Services team. “We look forward to supporting Tony and his colleagues by applying our expertise and resources to ensure Fleet Complete continues on its strong growth trajectory.”
As part of the investment, Mr. Grissom and additional Madison Dearborn representatives will join Fleet Complete’s Board of Directors. Additional terms were not disclosed.
Evercore acted as exclusive financial advisor to Fleet Complete. Dentons Canada, LLP and Choate, Hall & Stewart, LLP served as Fleet Complete’s legal counsel. Kirkland & Ellis, LLP and Osler, Hoskin & Harcourt, LLP served as legal counsel for Madison Dearborn Partners.
About Fleet Complete
Based in Markham, Ontario, Fleet Complete is a leading global provider of mission-critical fleet, asset and mobile workforce management solutions to over 4,000 customers worldwide. The Fleet Complete platform harnesses state-of-the-art technology to enable clients to monitor the real-time locations of their fleets, mobile workers and valuable assets and to capture important data that can significantly contribute to their operating success. Fleet Complete is one of the fastest growing companies in North America and has won numerous awards for innovation and growth since its inception in 2000. For more information, please visit www.fleetcomplete.com.
About Madison Dearborn Partners
Madison Dearborn Partners, based in Chicago, is a leading private equity investment firm in the United States. Since Madison Dearborn’s formation in 1992, the firm has raised six funds with aggregate capital of over US$18 billion and has completed approximately 125 investments. Madison Dearborn invests in businesses across a broad spectrum of industries, including business and government services; basic industries; consumer; financial and transaction services; health care; and telecom, media and technology services. Notable investments include Aderant, Asurion, Cbeyond, Fieldglass, Intelsat, LGS Innovations, Q9 Networks and QuickPlay Media. For more information, please visit www.mdcp.com.