Palamon-backed FairConnect buys DriveQuant

Following the transaction, an investment of €5m is to be made available for the next three years with the aim of supporting both companies’ growth, according to a statement.

FairConnect CEO Carmine Carella will lead the new group, while DriveQuant’s management will join FairConnect’s leadership team.

Palamon acquired a majority stake in FairConnect in a deal valued at €100m in July 2018. LGT provided a senior debt package to support the buyout. At the time, the GP was deploying equity via its third fund, which held a final close in June 2017 on €402m.

Company
DriveQuant is a software platform for connected vehicle data. The platform collects data from Internet of Things (IoT) devices for use in insurance, fleet management and shared mobility functions. Factors measured include fuel consumption, driving safety ad tyre and break wear. The company was founded in 2017 in partnership with the French research institute IFP Energies Nouvelles.

People
Palamon Capital Partners – Julian Carreras (partner).
FairConnect – Carmine Carella (chairman, CEO).
DriveQuant – Philippe Moulin (co-founder, CEO).

Advisers
Acquirer – KPMG (financial due diligence); McDermott Will & Emery (legal).

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