Vontier Announces Agreement to Sell Teletrac Navman

Vontier announced a definitive agreement to sell a majority of Teletrac Navman, its global telematics and asset management business to private equity firm, Respida Capital, for a purchase price that values the business at $220 million. Vontier will receive $80 million in cash, with the remainder comprised of an interest-bearing seller note and a minority equity stake in the business.

“This transaction reflects our ongoing portfolio simplification efforts and continues Vontier’s transformation into a more focused industrial technology company,” said Mark Morelli, CEO of Vontier. “While this sale marks the end of the business’s journey with Vontier, we are confident Teletrac will continue to thrive within Respida’s portfolio. We are grateful to the team for their dedication to the business, and wish our colleagues continued success under its new leadership.”

“We’re excited to partner with Teletrac and build on its strong momentum,” said James Zubok, Founder and Managing Member of Respida Capital. “Teletrac plays a mission-critical role for fleets and field operations around the world. The company’s broad suite of fleet management solutions, which are built on a modern, AI-enabled platform, help customers make real-time decisions and simplify regulatory complexity. We look forward to leveraging our technology expertise to help Teletrac’s talented team accelerate growth and continue delivering for customers.”

Serving fleet customers across several industries, Teletrac Navman is an end-to-end telematics platform that provides AI-enabled vehicle fleet and asset management solutions – empowering customers to operate their businesses in a safe, sustainable and efficient manner.

Financial results for the business are currently reported within the Mobility Technologies segment of Vontier and will be excluded from continuing operations as of the completion date expected in late Q2.

Source: Vontier media announcement