Abry-backed Vehco acquires Groeneveld ICT

Vehco is part of Abry-backed Swedish communications systems developer AddSecure, which trades as MSI Holding.

With the strategic acquisition, Vehco will grow the installed base of connected units and expand its reach as a provider of fleet management systems in Europe.

Boston-based Abry wholly acquired Norwegian-Swedish AddSecure – a provider of communications services for home security alarms – in June 2016.

Company
Established in 1989 and headquartered in Gorinchem, South Holland, Groeneveld ICT is a supplier of telematics and transport management software for a range of transport companies.

The company is part of Groeneveld Group, a Dutch developer of industrial systems for the transportation sector, which is owned by The Timken Company, based in North Canton, Ohio. Groeneveld ICT generated around €13m in revenues in 2017.

People
Groeneveld Group – Richard Butler (CEO).
Groeneveld ICT Solutions – Luc Lammens (CEO).
Vehco – Magnus Orrebrant (CEO).
Abry Partners – Rob Nicewicz (principal).

Advisers
Equity – Acuity (corporate finance); DLA Piper (legal); EY (financial due diligence).
Vendor – Nielen Schuman (corporate finance); Jones Day (legal); PwC (financial due diligence).

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