• Acuity advises Vehco on strategic sale to AddSecure (backed by Abry Partners)

    DIVESTITURE

AddSecure has acquired Fleet Management technology specialist Vehco AB to support their continuing European expansion and IoT growth plans.

Acuity’s Richard Baker and David Copp advised the Vehco shareholders on a global exit process. The acquisition will further strengthen AddSecure’s position as a leading international provider of secure critical communications, whilst best realising Vehco’s growth potential.

Vehco is a profitable European Fleet Management Systems (FMS) platform built and positioned for continued growth and market leadership in the European market and beyond. Vehco complements AddSecure, which has operations across Europe and is aiming to expand internationally.

Vehco, established in 2001, is a leading provider of Fleet Management Systems. The core business is focused on Heavy Commercial Vehicles, where Vehco has the market leading technology proposition. The company has offices in Sweden (HQ), Finland, Norway, Denmark, Germany, France and in Italy. The company markets and sells its products through a dedicated sales team and through partners in Europe and in North America.

AddSecure is a leading IoT platform, a supplier of secure critical communications solutions backed by Abry Partners, a US private equity fund. Serving more than 50,000 customers worldwide with close to 400,000 connections and 1 million delivered connected devices, the company is dedicated to safety, reliability, quality and innovation.  Headquartered in Sweden, the Group currently operates in five business segments; building security, building automation, utilities and fleet management.

Magnus Orrebrant, Vehco CEO, commented:

“We would like to thank the Acuity team for their support throughout the process. Acuity’s sector knowledge, global buyer network and hands on approach has been key in preparing us for sale, guiding the team and shareholders through the process and in driving a great outcome. The Acuity team were committed to the project throughout, across each and every detail, leveraging their detailed knowledge of the FMS market, the wider IoT sector and their broad M&A experience. I strongly recommend Acuity as an advisor that delivers in the IoT sector through both their knowledge and hands-on advice.”

Ulrika Everingham, who represents Chalmers Ventures on the Vehco Board, said:

“Vehco was founded in 2001 at Chalmers School of Entrepreneurship at Chalmers University of Technology (Sweden).  Chalmers Ventures is a main investor.  Over the years Vehco has grown to become a well-positioned European platform in telematics.  The shareholders were looking for an acquirer with the capital and infrastructure to support further growth and scale.  With the AddSecure Group as owners Vehco’s potential will best be realized.”

Richard BakerManaging Partner at Acuity, said:

“It has been a pleasure to work with Magnus, the team and the shareholders on delivering the optimum outcome for all stakeholders. As part of AddSecure Group, we look forward to seeing Vehco further build on their market leading position in providing best in class solutions into European fleets. The European market continues to consolidate as customers look for deeper and richer solutions and we see Vehco continuing to be at the very forefront of this high growth market within Industrial IoT.”

“We would like to thank the Acuity team for their support throughout the process. Acuity’s sector knowledge, global buyer network and hands on approach has been key in preparing us for sale, guiding the team and shareholders through the process and in driving a great outcome. The Acuity team were committed to the project throughout, across each and every detail, leveraging their detailed knowledge of the FMS market, the wider IoT sector and their broad M&A experience. I strongly recommend Acuity as an advisor that delivers in the IoT sector through both their knowledge and hands-on advice.”

MAGNUS ORREBRANT | CEO
Vehco

Richard is a Co-Founder and Managing Partner at Acuity Advisors with 25 years’ experience in all aspects of corporate finance.

Having held influential leadership, corporate development and consulting roles at JPMorgan, Monitor and Diageo plc, Richard has had great insight into the world’s most successful businesses. He has extensive experience working alongside investment banks on M&A transactions across the technology sector and has deep-rooted longstanding relationships with many venture capital and private equity investors.

Richard has been instrumental in building Acuity’s Deep Tech Practice which, along with our successes in the semiconductor sector, has firmly established Acuity as the most successful Deep Tech mid-market advisor. With many notable funding and exit mandates completed, clients have come to rely on Richard’s sector insight to help shape and deliver shareholder value.

Insight is one of Richard’s notable strengths. He very quickly grasps what drives a company’s bottom line and growth, an understanding that’s bolstered by his personal experience of running and then exiting his own business. Richard easily builds strong working relationships with potential buyers and has a keen and intuitive sense for what motivates them.

Since securing a first class degree in Economics with Statistics, Richard has worked extensively in Europe, the US and Asia, creating an enviable and comprehensive international network.

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