Michelin’s Acquisition Of European Telematics Provider Masternaut

Orrick, Kirkland & Ellis, Simpson Thacher, Addleshaw Goddard and DLA Piper advised on the deal.

Michelin announces its acquisition of the Masternaut Group from majority owners Summit Partners and Fleetcor Technologies for a transaction value equal to 8x 2018 EBITA before synergies.

Founded in 1996, Masternaut is one of Europe’s largest fleet telematics service providers, with leading positions in the UK and France. Masternaut provides solutions for fleet tracking and optimisation, driver behaviour improvement and digital transformation. With Masternaut technology, customers improve driver safety, save on average £660 per vehicle annually, improve their service processes and reduce CO2 emissions (by over 230,000 tonnes in 2018).

Masternaut is Michelin’s third major acquisition in the fleet telematics industry, with previous investments in Nextraq in North America and Sascar in South America. This acquisition provides Michelin access to Europe’s rapidly-growing telematics market – projected by industry analyst Berg Insight to grow by over 15% p.a. in the next five years.

Orrick has advised Michelin on the deal with a team led by London M&A and private equity partner James Connor (picture) with French law support from Paris partner Alexis Marraud des Grottes.

Kirkland & Ellis advised the sellers, Summit Partners and Fleetcor Technologies.

Simpson Thacher advised Masternaut on its financing arrangements.

Addleshaw Goddard advised Masternaut management, and DLA Piper advised Masternaut’s lenders.

Involved fees earner: James Connor – Orrick; Alexis Marraud des Grottes – Orrick;

Law Firms: Orrick;

Clients: Michelin Group;