Advised Investcorp on its $210m acquisition of ABAX, a leading international telematics vendor, from Norvestor
Jun 2017
acquired
$210 million
  • Sector: Industrial Tech
  • Deal Type: Founder-led Businesses; Private Equity Deals
  • Engagement type: Buyside
  • Size: $210 million
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Arma Partners is pleased to announce that it has acted as exclusive financial advisor to Investcorp on its acquisition of ABAX Group, an international market leader in vehicle tracking technology, from Norvestor Equity AS for an enterprise value of NOK 1.8 billion ($210 million).

Founded in 2003 and headquartered in Norway, ABAX Group has become one of Europe’s fastest growing technology businesses developing and delivering sophisticated fleet tracking, electronic triplogs, equipment & vehicle control systems and order management systems. The company has around 350 employees, over 25,000 customers and 200,000 active connected vehicle subscriptions, with established operations across the Nordic region as well as in Poland, the Netherlands, the UK and China.

Building on their exceptional success and experience with Fleetmatics, SageQuest and Arvento, Investcorp plan to support ABAX’s international growth both organically and through add-on acquisitions, further expanding the company’s customer base into new geographies as telematics solutions become increasingly relevant in the smart city ecosystem.

This transaction demonstrates Arma Partners’ deep sector expertise in IoT / industrial technology and our ability to work closely with private equity firms to successfully navigate competitive auction processes.

-Founded in 2003, ABAX is one of Europe’s fastest growing technology businesses and the leading telematics service provider in the Nordics

-The company develops and delivers sophisticated fleet tracking, electronic triplogs, equipment & vehicle control systems and order management systems

-Headquartered in Larvik, Norway, the company has around 350 employees and established operations across the Nordic region as well as in the UK, Poland, the Netherlands and China

-As of January 2017, ABAX had over 200,000 active subscriptions to its service and 25,500 customers

-Leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis

-Since its inception in 1982, the Investcorp Group has made over 170 corporate investments in the U.S., Europe and the Middle East and North Africa region, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 400 commercial and residential real estate investments in the U.S., for in excess of $53bn in transaction value

-Employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. It is publicly traded on the Bahrain Bourse

-Operating in a highly fragmented market, ABAX is well positioned to leverage its prominent brand and reputation to continue to deliver a high quality of service to its customers backed by the additional operational experience Investcorp is able to bring to the company

-Investcorp plans to support ABAX’s international growth both organically and through add-on acquisitions, further expanding its customer base into new geographies

-Arma Partners acted as exclusive buy-side advisor to Investcorp supporting all aspects of the transaction including advising on due diligence, financial modelling, valuation, deal tactics and overall transaction co-ordination

-Arma assisted Investcorp in front-running a very competitive process, drawing on Arma’s expertise in fast-paced auction processes, its deep understanding of the telematics sector and knowledge of the buyers’ universe

-This transaction underscores Arma Partners’ deep sector expertise in IoT and our ability to work closely with private equity firms to successfully navigate competitive auction processes