The telematics and fleet management tech firm Teletrac Navman on Monday began to operate as a standalone private company, after being acquired by a private equity firm.
Miami-based investment firm Respida Capital on July 6 completed its acquisition of Northbrook, Illinois-based Teletrac Navman from its previous owner, Vontier Corporation. Terms of the deal were not disclosed, but Vontier retains a minority equity stake in the business.
In May, Raleigh, North Carolina-based Vontier said it had agreed to sell a majority of Teletrac Navman to Respida Capital for an unnamed purchase price that valued the business at $220 million. Vontier would receive $80 million in cash, with the remainder composed of an interest-bearing seller note and a minority equity stake in the business.
Teletrac Navman says it provides real-time data that enables fleet operators across the globe to streamline operations, enhance safety, and drive sustainability through smarter decision making. It currently supports organizations across the transport, logistics, and construction industries.
“Fleet management is at an inflection point, with operators seeking new ways to stay productive and profitable amid rising cost and regulatory pressures,” said James Zubok, founder and Managing Member of Respida Capital. “Teletrac Navman is uniquely positioned to help operators solve these challenges. We are excited to partner with Teletrac Navman and support its continued momentum during this critical growth period.”
