Vitu Signs Agreement to Acquire Dealertrack Registration and Titling Businesses from Cox Automotive

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AGOURA HILLS, Calif., November 25, 2024 –Vitu, a leading innovator in Vehicle-to-Government (V2Gov) technology, today announced it has entered into a definitive agreement to acquire the Dealertrack registration and titling businesses from Cox Automotive. The registration and titling businesses include RTS (Registration and Titling Solutions), RegUSA (Nationwide Title and Registration), Accelerated Title, and CMS (Collateral Management Services). This sale does not impact any other Cox Automotive Dealertrack solutions or services.

“The Vitu vision is to drive the digital future of titling and registration,” said Don Armstrong, co-founder and CEO at Vitu. “By bringing together the expertise, experience, and strengths of the Dealertrack and Vitu teams, we will enhance our ability to better serve dealers, lenders and governments today and pave the way for the digital titling and registration ecosystem of tomorrow.”

The Dealertrack registration and titling businesses offer comprehensive services through the Collateral Management Services (CMS) and Registration and Titling Solutions (RTS) platforms. CMS provides business outsourcing and a self-management platform for vehicle title administration, including Accelerated (expedited) Title services, which connect dealer and lender networks to expedite title releases during vehicle trade-in and loan payoff. RTS offers registration and titling services for both in-state and out-of-state vehicle sales and inquiries.

“As we looked at ways to strategically accelerate our growth, it was clear to all parties that the Dealertrack CMS and RTS business lines and team members would benefit from being a part of the dedicated focus and long-term vision at Vitu. Independently, we’ve delivered value to customers through straightforward software, visionary solutions, and exceptional service. This acquisition enhances our strengths, broadens our offerings, and deepens our industry impact,” added Armstrong. “These products and the team behind them have the track record and expertise that will fit perfectly into the Vitu family and flourish as part of our team.”

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions.

About Vitu
Providing cutting-edge services to the motor vehicle industry, the Vitu Platform manages in-state EVR (Electronic Vehicle Registration), out-of-state title and reg across all 50 states with Vitu Interstate and digitally processed E-Titling with NTX, making it easier than ever to secure vehicle titles from anywhere in the nation. Vitu redefines the standard for digital vehicle transactions with one single platform and unmatched support. Vitu operates throughout the United States.

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Carlyle Completes Worldpac Acquisition from Advance Auto Parts

Carlyle

CHICAGO, IL, November 4, 2024 – Worldpac, Inc. is announcing the completion of its acquisition by Carlyle (NASDAQ: CG), a global investment firm, from Advance Auto Parts, Inc. (NYSE: AAP). This strategic move marks a significant milestone for Worldpac, positioning the company for enhanced growth and innovation.

Effective immediately, John Hamilton is appointed as the new President and CEO of Worldpac. Hamilton brings a wealth of experience across a variety of industries, having served as President and CEO at Veyance Technologies, Electro-Motive Diesel, and the Tokheim Corporation, as well as Executive Chairman of the Board at EDAC Technologies and Nordco Inc. Hamilton has also been an advisor to Carlyle for several years.

As part of this leadership transition, Bob Cushing, currently serving as President of Worldpac, will assume the role of Strategic Advisor. “I want to extend my thanks to Bob for his leadership and vision,” Hamilton said. “His guidance has been instrumental in shaping Worldpac’s important role in the industry and I look forward to working closely with him as Strategic Advisor.”

“I want to thank the Carlyle team for recognizing Worldpac’s achievements and potential with their investment in Worldpac’s future. Carlyle’s investment will accelerate Worldpac’s growth and continued focus on delivering ‘The Right Part at the Right Time’,” said Cushing.

“We are thrilled to invest in Worldpac,” said Wes Bieligk, Partner at Carlyle. “Worldpac is a great business, and we are confident that our experience in the automotive aftermarket and with industrial carve-outs will support its growth as an independent company. We look forward to supporting John and the Worldpac team in achieving its strategic goals and unlocking its full potential.”

 

Forward-Looking Statements

Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the benefits of the sale, the anticipated timing of closing, and the expected use of proceeds. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to Advance Auto Parts’ most recent Annual Report on Form 10-K filed with the SEC for a description of these risks.

 

For further information, please contact:

Carlyle

Brittany Berliner

(212) 813-4839

Brittany.Berliner@carlyle.com

 

Worldpac

Jay Potter

(800) 888-9982

 

About Carlyle:

Carlyle (NASDAQ: CG) is a global investment firm with $435 billion of assets under management as of June 30, 2024. Carlyle operates through three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. The firm employs over 2,200 people across 29 offices worldwide. For more information, visit www.carlyle.com.

 

About Worldpac:

Worldpac is a leading distributor of original equipment automotive replacement parts, serving the independent automotive repair community with over 160,000 part numbers from 45+ import and domestic car manufacturers. With over 100 facilities in North America, WORLDPAC ensures fast delivery and superior service, complemented by their speedDIAL ordering software, training programs, and technical support. For more information, visit www.worldpac.com.

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MOTORMIA fuels its AI-powered automotive platform with $8M in funding

Seedcamp

Car enthusiasts are one of the most sophisticated and fastest-growing communities yet continue to be underserved by the traditional automotive industry.

We are excited to partner up with MOTORMIA, a new automotive enthusiast platform on a mission to revolutionise the automotive aftermarket industry through AI. Founded in January 2023 by Isaac Bunick, a serial entrepreneur and operator, with multiple CRO experiences, including at our portfolio company Rossum, MOTORMIA provides a consumer AI experience – called MIA – that personalizes the connection between enthusiasts and their vehicles, fostering deeper relationships with manufacturers and service providers.

MIA is designed as a modding partner, build advisor, and performance analyst. It can tailor users’ experiences to various levels of knowledge, generate AI vehicle renderings, make performance upgrade suggestions, and help users understand the best choices for specific build goals.

Users add vehicles to the platform and set build and performance goals. Mia then provides curated recommendations, all of which are adjustable to their level of mechanical experience. Users can interact with the AI assistant to request Mia’s favorites, search for specific brands, ask for further suggestions, and save planned product upgrades to their builds. Sharing their existing modifications and build progress with friends and other users is encouraged.

Isaac Bunick, founder and Chief Enthusiast Officer, highlights:

“Our mission is to transform and enrich the aftermarket experience for enthusiasts, manufacturers and service professionals. By delivering a seamless consumer AI experience, Mia can make the enthusiast lifestyle more accessible and enjoyable for everyone.”

Since its public beta release in 2024, MOTORMIA has attracted hundreds of thousands of enthusiasts.

On why we partnered with Motormia, our Venture Partner Andy Budd comments:

“We’ve had the pleasure of working with Isaac during his time at Rossum, where his talent for driving growth was evident. So when he told us about Motormia, we were excited to be involved from day one. As a hardcore petrolhead, it made perfect sense for Isaac to dive into the car modding community, and honestly, it’s a space that’s been crying out for fresh ideas. His plan to use AI to help enthusiasts unlock even more potential in their projects felt like a game-changer. Since we backed him, Isaac and the Motormia team have made huge strides, and I can’t wait to see what they bring to SEMA this year.”

We are excited the participate in MOTORMIA’s $8 million funding round alongside  Lerer Hippeau, QP Ventures, Verissimo Ventures, State of Mind Ventures, Deftly.vc, and Alumni Ventures.

MOTORMIA will exhibit at the upcoming SEMA Show in Las Vegas, Nevada, from November 5 to 8, in booth 11179 in the North Hall of the Las Vegas Convention Center.

For more information about MOTORMIA, please visit www.motormia.co.

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Accent Equity-owned Malte Månson has completed the acquisition of Skandinaviska Buss & Truck

Accent Equity

  • Malte Månson expands to northern Sweden through the acquisition of Skandinaviska Buss & Truck AB (SBTAB)
  • The acquisition adds three strategically located workshops to the network, bringing the total to 30 workshops across Sweden following the transaction
  • SBTAB’s founders and key management has re-invested alongside Accent Equity and Malte Månson management

Malte Månson expands its operations to northern Sweden by acquiring Skandinaviska Buss & Truck AB (SBTAB), with workshops in Söderhamn, Sundsvall and Edsbyn. SBTAB is authorized to service Mercedes-Benz trucks and vans, VDL buses, and EVO buses.

The workshops in Söderhamn and Sundsvall are renowned for their excellent service and have received numerous awards and recognition over the years for high quality and availability.

The Söderhamn workshop offers service and repair for Mercedes trucks, vans and passenger cars, as well as multi-brand services for trucks, trailers, buses, and construction machinery.

In Sundsvall, SBTAB offers not only sales and service of Mercedes’ truck programs but also multi-brand truck service, service for heavy-duty transport refrigeration, and specializes in trailer repairs.

“I am very excited about having Morgan Parment and Samuel Andersson and all the employees, who have built the excellent operations of SBTAB, on the Malte Månson team. I am impressed by the high customer satisfaction SBTAB have achieved, owing to their skillful and knowledgeable staff. SBTAB is perfectly aligned with the way Malte Månson operates, and I am certain that this transaction will strengthen our group further”, says Staffan Lindewald, CEO of Malte Månson.

The owners of SBTAB will remain in their current roles and have chosen to reinvest a significant portion of the purchase price in Malte Månson:

“We are very pleased to join Malte Månson and are making a substantial reinvestment as part of the transaction. We look forward to becoming a part of the group and contributing to the continued growth and development of the chain”, says Samuel Andersson, CEO of SBTAB.

 

“We have taken SBTAB to a new level in a short period of time and I am proud of what the team has accomplished. The transaction will further strengthen us and provides an opportunity to accelerate expansion. Shared values with a focus on customer satisfaction and personnel were key when selecting a new growth partner. We are really looking forward to the journey together with the Malte Månson team”, says Morgan Parment, site manager in Sundsvall and co-owner of SBTAB.

Following the transaction, Malte Månson will have 30 workshops across the country with an annual turnover of approximately 800 million SEK.

For additional information, please contact:

Mikael Strand, Chairman Malte Månson, +46 70 542 50 01,
mikael.strand@accentequity.se

Staffan Lindewald, CEO Malte Månsson, +46 70 829 91 21, staffan.lindewald@maltemanson.com


About Malte Månson:
Malte Månson is the largest independent service and repair provider of commercial vehicles in Sweden. The company’s history dates back to 1918 and it currently operates 18 workshops across the country with c. 180 employees. In 2023 the company generated sales of c. SEK 415 million.
www.maltemanson.com

About Skandinaviska Buss & Truck:
Skandinaviska Buss & Truck AB (SBTAB) is authorized for service & repair of Mercedes-Benz trucks and vans, VDL buses, and EVO buses. The company operates three workshops and employs c. 40 people. It is the largest workshop of its kind in Norrland. In 2023 the company generated sales of c. SEK 190 million.
www.sbtab.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

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Advance Auto Parts Announces Sale of Worldpac to Carlyle for $1.5 Billion

Carlyle

Sale simplifies Advance’s enterprise structure and sharpens focus on the blended box business

Net proceeds to be used primarily to strengthen balance sheet and invest in the business

RALEIGH, N.C., August 22, 2024 – Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction is expected to close before the end of the year.

“We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. “The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.”

“We are excited to partner with Worldpac, a great business operating in attractive markets,” said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle’s Global Industrials investing team. “Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company.”  Carlyle’s investment in Worldpac builds on the firm’s extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.

Transaction Details

  • Over the last twelve months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA.

  • Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees.

Centerview Partners is serving as financial advisor and Hogan Lovells US, LLP, is serving as legal advisor to Advance on the transaction. BofA Securities is acting as lead financial advisor to Carlyle and BMO Capital Markets is also acting as a financial advisor to Carlyle.  Latham & Watkins is serving as legal advisor to Carlyle.

Investor Conference Call 

As previously announced, the company has scheduled a webcast to begin at 8 a.m. Eastern Time today, to discuss results for the second quarter ended July 13, 2024. During the webcast, the company will provide additional information on the Worldpac transaction. The webcast will be accessible via the Investor Relations page of the company’s website (ir.AdvanceAutoParts.com).

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of July 13, 2024, Advance operated 4,776 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,138 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Investor Relations Contact:

Lavesh Hemnani

T: (919) 227-5466

E: invrelations@advanceautoparts.com

Media Contacts:

Darryl Carr

T: (984) 389-7207

E:  AAPCommunications@advance-auto.com

Carlyle

Brittany Berliner, (212) 813-4839

Brittany.Berliner@carlyle.com

 

Forward-Looking Statements 

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of closing, the expected use of proceeds and expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, the company’s ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the company’s use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business.  Please refer to “Item 1A. Risk Factors” of the company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company’s subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

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VNV Global portfolio company BlaBlaCar closes EUR 100 mln financing

VMV Global

VNV Global AB (publ) (“VNV Global” or the “Company”) portfolio company BlaBlaCar, the world’s leading community-based travel app, today announced it has successfully secured a EUR 100 mln revolving credit facility that will fuel its growth ambitions and affirm its position as the go-to marketplace for shared travel globally.
BlaBlaCar also announced it closed 2023 with EUR 253 mln in revenues, representing a 29% increase from the previous year. Having been profitable for the last 24 months, BlaBlaCar shared that they closed 2023 with positive EBITDA. By optimizing empty seats in cars and buses and encouraging shared travel, BlaBlaCar also helped reduce the carbon footprint of travel by 2 million tonnes of CO2 only in 2023.
The objective with the new financing is to extend BlaBlaCar’s multimodal strategy, combining several modes of shared transportation with the extensive coverage of its carpooling network, across the geographies where it operates.

Nicolas Brusson, co-Founder and CEO of BlaBlaCar, said:
“This EUR 100 mln financing will enable us to pursue an ambitious growth strategy, including M&A where we are currently exploring several opportunities. Combined with continuous innovation, M&A is a tool to help us achieve market leadership faster. Moving forward, the way we operate is geared towards achieving profitable growth as a fundamental principle. This milestone demonstrates BlaBlaCar’s maturity and financial stability. Nevertheless, we must remain humble: there’s still a long way to go in our journey to make travel more sustainable and humane. This step allows us to pursue our mission with confidence. Today, it enables us to finance new projects, encourage new innovations and explore new acquisitions.”
For more information, please see a press release from BlaBlaCar through the following link.

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Cathay Capital supports the Caillau-AdiWatt Group in the acquisition of a majority stake in B&K Solar

Cathay Capital

March 11, 2024
Europe

Paris, March XX, 2024 – A portfolio company of Cathay Capital since 2018, Caillau is a world leader in the design, manufacture and marketing of fastening and sealing systems for automotive and aerospace manufacturers industries. Following the acquisition of AdiWatt in 2021, which is entirely dedicated to photovoltaic energy, the announcement of this majority stake acquisition in B&K Solar allows the Group to intensify its growth and diversification strategy in the solar sector in Europe with the financial and operational support of the Cathay Capital teams.

The Caillau Group is a world leader in the design, manufacture and marketing of fastening and sealing systems for automotive and aerospace manufacturers industries. With a workforce of around 600, state-of-the-art production facilities in Romorantin (France), and subsidiaries in China, the USA and Brazil, the century-old Caillau Group has been developing high-tech and mission critical products for decades. The long-standing confidence of European automakers and automotive suppliers, combined with market penetration with new players, particularly from Asia, have enabled the Caillau Group to record strong growth over the last 15 years, reaching sales of c. 150 million euros in 2023.

B&K was founded in 2012 and specializes in versatile solutions for a wide array of roofing applications. Built on a foundation of proactive customer service, B&K provides safe, light and adaptable mounting systems produced in Gütersloh, Germany and Pęgów, Poland. These two entities employed more than 20 employees in 2023. Post-operation, Solar business unit consolidated sales exceed 50 million euros in 2023.

Commenting on the new collaboration, co-founders Patrick Behnke and Martin Kisiel said: “We are thrilled with this partnership. It’s a significant milestone for us and we are confident that we have found the right industry ally, with a strong industrial know-how, significant R&D capabilities, commercial and industrial network. Their expertise and products portfolio complements our innovative spirit and together we will reach new markets and generate significant synergies for both entities”.

For Stéphane Drivon, Chairman of the Group, “the acquisition of AdiWatt in 2021 marked an important step in Caillau’s growth and diversification strategy, as we gained a foothold in a forward-looking industry that leverages the Group’s industrial, technological and product know-how. While we are determined to remain a major player in the field of mobility, through our Automotive and Aerospace Business Units, this acquisition enabled the Group to create a complementary “Solar” Business Unit. Our ambition is to play a key role in the consolidation of European market in the field of high value-added fastening systems”.

We are proud to have supported the Caillau-AdiWatt Group and its management team since our investment in 2018. This century-old company has experienced remarkable internationalization and a strong growth dynamic in recent years, marked in particular by sustained development in Asia and a positioning on the photovoltaic market. This diversification dynamic, which began with the acquisition of AdiWatt in 2021, continues today with the majority stake acquisition in B&K Solar, opening up significant development prospects for Caillau in Europe, at a time when the decarbonization of energy production is at the heart of concerns,” said Jeremie Falzone at Cathay Capital.

About Caillau-AdiWatt

The Caillau Group is a world leader in the design, manufacture and marketing of fastening and sealing systems for automotive and aerospace manufacturers industries. With a workforce of around 600, state-of-the-art production facilities in Romorantin (France), and subsidiaries in China, the USA and Brazil, the century-old Caillau Group has been developing high-tech and mission critical products for decades.
For more information visit: www.caillau.com/

About B&K Solar

B&K was founded in 2012 and specializes in versatile solutions for a wide array of roofing applications. Built on a foundation of proactive customer service, B&K provides safe, light and adaptable mounting systems produced in Gütersloh, Germany and Pęgów, Poland.
For more information visit: www.bksolarezukunft.de/

About Cathay Capital

Cathay Capital Group is a global investment firm supporting companies at all stages throughout North America, Asia, Europe and Africa. By helping navigate the opportunities of globalization and sustainable transformation, Cathay is the partner of choice for companies aspiring to lead markets and make a positive impact. Its global platform connects people – from investors and entrepreneurs to management teams and leading corporations – across continents to share knowledge, the tools to scale, and achieve the extraordinary. Founded in 2007 with a strong entrepreneurial heritage, Cathay Capital now manages over $5B in assets, has completed over 260 buyouts, growth and venture capital investments with the global reach and local expertise from offices in Paris, Munich, Berlin, New York, San Francico, Shanghai, Beijing, Shenzhen and Singapore. For more information, please visit www.cathaycapital.com and follow us on LinkedIn, Twitter @CathayCapital

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Second acquisition in 2024: Mutares has signed an agreement for the transfer of Magirus from Iveco Group

Mutares
  • Well-known provider of vehicles, ladders and other products and related aftersales services in the firefighting and disaster control markets
  • New platform investment to strengthen the Goods & Services segment
  • Revenues over EUR 300 million

Munich, March 13, 2024 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement for the transfer of Magirus from Iveco Group (EXM: IVG). The company will strengthen the Goods & Services segment as a new platform. Due to the required unbundling measures, the transaction is expected to be completed no later than January 2025.

Magirus is amongst the best-known and most technologically leading providers of firefighting technology worldwide. Founded in 1864 and headquartered in Ulm, Germany, the company generates over EUR 300 million in revenues and employs around 1,300 staff at its four sites in Germany, Italy, Austria and France. Magirus offers a comprehensive range of products in the firefighting and disaster control field, such as a complete range of vehicles, ladders, pumps and components & systems, including customer service and aftersales. The company has a global commercial presence serving over 70 countries, its main customers are municipalities and public administrations, airports and industrial companies.

With its strong brand, best-in-class innovation and advanced technology, the company has a unique competitive positioning as a leader in its field, drawing the way for future growth in a resilient and expanding market while optimizing its supply chain and seizing further market opportunities overseas.

Mark Friedrich, CFO of Mutares, comments on the transaction: “Magirus is a typical Mutares acquisition where the company stands for a reputed brand with high quality and represents a compelling value proposition. We therefore see huge potential in the business and are looking forward to further leveraging on its position in Europe and globally.”

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KKR Leads Financing For Clarience Technologies’ Acquisition Of Safe Fleet

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it served as Lead Arranger, Administrative Agent, and investor on a debt financing for Clarience Technologies’ Acquisition of Safe Fleet. KKR invested in the transaction through its credit vehicles and accounts. KKR Capital Markets acted as Left Lead Arranger and Joint Bookrunner on the transaction.

Clarience Technologies is a global provider of visibility and safety technologies for transportation, including vehicle lighting, audible warning systems, telematics solutions and tire monitoring and inflation systems. With the Safe Fleet acquisition, Clarience Technologies adds a comprehensive set of complementary fleet safety solutions including video and evidence management, collision prevention, violation detection and trailer temperature control, as well as cargo storage systems, fire-fighting technologies, and other solutions. The acquisition opens cross-selling opportunities to common customer segments, accelerates technology innovation and ultimately enables Clarience Technologies to deliver better value to its customers.

KKR’s credit vehicles and accounts have been investors in both Safe Fleet and Clarience since 2018 and 2019, respectively.

“This transaction demonstrates how the scale and unique capabilities of our platform benefit the issuers with whom we work. Our long-standing investments in both companies allowed us to move quickly and with conviction to seamlessly deliver a scaled solution for Clarience Technologies and its sponsor, Genstar Capital,” said George Mueller, a Partner at KKR. “We look forward to supporting Clarience, Safe Fleet and Genstar teams as they capitalize on opportunities ahead.”

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.KKR.com For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Clarience Technologies:

Clarience Technologies is the global leader of visibility and safety technologies for transportation. Born from a collection of premium brands each with a long track record of innovation, its solutions include vehicle lighting, camera and vision systems, telematics and safety solutions that protect our world and our livelihoods by keeping people, assets and businesses safe, secure and productive. Its team of companies includes Truck-Lite, DAVCO, Road Ready, RIGID, Lumitec, ECCO, Code 3, Fleetilla, LED Autolamps, Pressure Systems International and Safe Fleet. For more information, visit www.clariencetechnologies.com.

KKR
Julia Kosygina
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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Oakley Capital agrees investment in Steer Automotive Group, the UK’s leading B2B automotive services platform

Oakley

Oakley Capital, the leading pan-European private equity investor, announces it has reached a conditional agreement to invest in Steer Automotive Group, the UK’s largest and fastest-growing independent collision repair group.

Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has expanded through 18 acquisitions, establishing a network of over 100 repair centres. The group facilitates repairs through its core passenger car and prestige repair centres, luxury brand centres and commercial vehicle locations.

Represents

5%

of UK repair market

Sunday Times listed as

36th

fastest-growing business in the UK

A top

100

job creator in the country

Representing approximately 5% of the UK repair market, Steer employs over 2,300 people and repairs more than 115,000 vehicles a year.

Steer Website Photo 2

In 2023, Steer Automotive Group was ranked 36th in The Sunday Times’s list of 100 fastest-growing businesses in the UK, separately being recognised by The Independent as one of the top 100 job creators in the country and was awarded ‘ESG Excellence Accreditation’ for its sustainability strategy.

 

Steer is a key partner for the UK’s leading vehicle insurers, accident management companies and OEM dealerships, holding 43 manufacturer accreditations, including recommendation and approval for major brands such as Porsche, Rolls Royce, Bentley, McLaren, Lamborghini, Aston Martin, JLR, Tesla, Mercedes Benz, Volkswagen Group, Stellantis and Ford.

Founder, Richard Steer, and the current management team will continue to lead the business and are reinvesting alongside Oakley. As part of the transaction, Oakley will acquire the shares held by Keyhaven Capital Partners and Chiltern Capital.

Chiltern Capital and Keyhaven Capital originally invested in the business in 2021. During their three-year investment period, Steer moved from a top 20 regional B2B collision repair business to a UK-leading position. Steer has invested significantly in its operational infrastructure and management team which has vastly improved its operational efficiency, while also introducing data & analytics tools to enhance KPI monitoring as well as rolling out a programme of ESG initiatives. The Company also launched the Steer Academy to diversify recruitment channels and to train and upskill the next generation of vehicle technicians.

 

Oakley’s Investment

Partnering with Oakley will facilitate Steer Group’s next stage of growth within the fragmented collision repair market, further strengthening its investment in its facilities, development and training through the Steer Academy programme, and EV repair capability to meet the demands of newer, more technologically advanced vehicles.

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