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Orrick advises Michelin on Masternaut acquisition

Orrick has advised Michelin on its acquisition of the Masternaut Group from majority owners Summit Partners and Fleetcor Technologies for a transaction value equal to 8x 2018 EBITA before synergies. The transaction closed on 22 May, 2019.

Founded in 1996, Masternaut is one of Europe’s largest telematics providers, operating primarily in the UK and France. Masternaut provides solutions for fleet tracking and optimisation, driver behaviour improvement and digital transformation and manages over 220,000 mostly light-utility vehicles under contract.
The Orrick team was led by London M&A and private equity partner James Connor with French law support from Paris partner Alexis des Marraud des Grottes. Kirkland & Ellis advised the sellers, Summit Partners and Fleetcor Technologies. Simpson Thacher advised Masternaut on its financing arrangements. Addleshaw Goddard advised Masternaut management, and DLA Piper advised Masternaut’s lenders.

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