Orrick has advised Michelin on 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. The transaction closed on May 22, 2019.
Founded in 1996, Masternaut is one of Europe’s largest telematics providers, operating primarily in the UK and France. Masternaut provides solutions for fleet tracking and optimization, driver behavior improvement and digital transformation and manages over 220,000 mostly light-utility vehicles under contract.
The Orrick team on the acquisition includes London-based James Connor, Katie Cotton, Shaun Malone, Cecile Renaud, Heidi Wardle, Kirstie Parr, Kevin Wong, Dominic O’Brien, Richard Hunt, Kolvin Stone, Alex Sobolev, Harsharon Puaar, Charlotte Oliver and Mandy Perry. In addition, Alexis Marraud des Grottes, Gergana Rodriguez Bacarreza and Chek-Lhy Luu provided French law support.