Private equity firm TELEO Capital Management (TELEO) has acquired Rand McNally, a specialist in transportation technology.Based in Chicago, IL, Rand McNally provides innovative, proprietary fleet management and route mileage optimisation software to carriers, shippers and third-party logistics providers, complemented by a full suite of driver technologies that integrate seamlessly with its fleet management platform. In addition to its leading technology, Rand McNally continues to produce and distribute printed atlases and other education-focused products.
“Rand McNally is a leader in the fleet management software market. Its cloud-based telematics platform helps fleets manage increasing regulatory compliance requirements and improves profitability through advanced driver and vehicle analytics. We see significant future expansion opportunities through both organic and inorganic growth initiatives,” says TELEO Capital. “We are extremely excited to support Rand McNally through this next stage of growth.”
“Commercial fleets and drivers are essential to our supply chain, and Rand McNally’s technology platform and maps are critical tools for its customers,” says Joe Roark, an Operating Partner at TELEO Capital & Chairman of Rand McNally. “TELEO’s investment in breakthrough products and solutions in combination with first-class customer service will build on the company’s impressive 164-year heritage.”
“Transportation management is a very exciting sector given the strong tailwinds in digitisation and need for productivity, safety and connectivity solutions,” said Jason Russell, a Managing Director at PJ SOLOMON. “TELEO is an ideal partner for Rand McNally; its team has a strong track record with portfolio companies and history of investing in people, product and operations to drive customer success and growth.”
PJ SOLOMON served as Rand McNally’s financial advisor and Latham & Watkins as its legal counsel. Troutman Pepper Hamilton Sanders LLP served as TELEO’s legal counsel.
