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Rand McNally announced its acquisition by private equity firm Teleo Capital is completed, and that Teleo named Joseph Roark chairman of the 164-year-old company.
Terms were not disclosed.
Roark is an operating partner at Teleo Capital.
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“We are extremely excited to support the Rand McNally team through this next stage of growth,” Roark said in a release.
Over the past 10 years, Rand McNally expanded aggressively in the commercial transportation and logistics software space, becoming a leading technology company. It provides a proprietary fleet management solution, and mileage and routing software to carriers, shippers and third-party logistics providers, complemented by a full suite of driver technologies that integrate seamlessly with its fleet management platform, according to the Chicago-based company.
Most recently, it launched its OverDryve and TND dashboard tablets and ClearDryve 2-in-1 headset-headphones.
“We fully intend to help grow Rand McNally through organic and acquisitive investment,” said Roark. “Our focus will be on breakthrough products and solutions and first-class customer service.”
Teleo Capital reported it targets investment opportunities in the technology and software, health care IT, business services and industrial sectors. The firm is based in Boise, Idaho, and Los Angeles.
Rand McNally will continue to operate out of its Chicago headquarters, with warehousing in Kentucky and several global sourcing and development operations. — Transport Topics
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