Investment house Three Hills Capital Partners (THCP) has acquired a significant minority stake in Cheshire-based telematics firm Trak Global Group (TGG).
Trak Global has long-standing partnerships with global insurers, mobility operators, and motor manufacturers, gathering and interpreting data from connected devices to help organisations manage driver and vehicle risk. The group also owns and operates telematics insurance broker Carrot Insurance.
The deal comes less than a year after TGG acquired IMS, one of North America’s three leading telematics solution providers. Joe Jefferies, UK coverage at THCP, will join TGG’s board.
“Trak Global is our first investment in the IoT and telematics space, and during our detailed diligence into the sector it quickly became clear that TGG was the stand-out performer,” he said. “The combination of management team strength and vision, as well as the company’s relentless focus on forming true partnerships with their customers, made for a compelling investment case. We are delighted to be Trak Global’s partners in what we expect to be a period of exceptional and transformative growth.”
Nick Corrie (pictured), group chief executive officer of TGG, said the partnership creates a capital structure that will “enable us to more rapidly execute our ambitious growth plans, both organic and by acquisition, to become the global leader providing connected, data-driven technology solutions for the insurance and shared mobility markets.”
“This is a real milestone for TGG, as we celebrate a decade in business,” he said. “In THCP we’ve found an investment partner that believes in our vision, is very well-aligned culturally and possesses the expertise to help steer the business through what will be an exciting phase of growth. THCP’s solution was unique in the market and matches our ambitions for the future. Worldwide, TGG already connects half a million vehicles and we are aiming to increase this figure exponentially over the coming years.”
