Knorr-Bremse, the parent company of Bendix Commercial Vehicle Systems, has sold SafetyDirect to Rand McNally, a portfolio company of TELEO Capital
SafetyDirect
SafetyDirect is a product line of Bendix Commercial Vehicle Systems which provides fleet operators with comprehensive feedback on their fleet and drivers, along with videos of severe events. SafetyDirect uses data from Bendix advanced driver assistance systems (ADAS), including Bendix® Wingman® Fusion™ and the Bendix® Electronic Stability Program (ESP®) full-stability system, providing fleets key insights into common driving behaviors and trends across their operations.
The Deal
“Delivering value to our customers is at the core of all we do and the driver behind this action” said Piotr Sroka, President, Chief Executive Officer and Chief Operating Officer at Bendix. “Connectivity and data access are essential parts of Bendix’s strategy for our evolving ADAS solutions suite. The sale supports our desire to deliver enhanced functionality and more rapid and robust technology advancement under a partner well equipped to deliver on that need.”
Bendix will receive an equity stake in and an observer seat on the Board of Directors of Rand McNally. After the sale, Bendix will provide marketing, data and product integration support to Rand McNally, helping to enable a cohesive, coordinated approach for optimized customer solutions.
“The combined expertise of Rand McNally and SafetyDirect will result in an expanded catalog of offerings that cater to the diverse needs of the trucking industry and other companies that own or operate vehicle fleets” said Kevin Hatch, Operating Partner at TELEO Capital. “The acquisition will enable Rand McNally to deliver enhanced innovations in real-time monitoring and driver alerts, predictive maintenance, fleetwide management and compliance management, among other critical fleet operations.”
Our Perspective
John McClure, Lincoln International Managing Director who led the transaction, commented, “It’s been an absolute pleasure and privilege to work with Bendix and the SafetyDirect team. Hans Molin and the leadership team at SafetyDirect have created a truly unique platform that will be vital in shaping the future of vehicle safety and fleet management. We look forward to the future successes of SafetyDirect under its new partnership with Rand McNally.”
Knorr-Bremse
Knorr-Bremse (XTRA:KBX) is the global market and technology leader for braking systems and other rail and commercial vehicle systems. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. 33,000 employees at over 100 locations in approximately 30 countries develop and produce innovative solutions and services that meet the highest technological standards. In 2023, Knorr-Bremse’s two divisions together generated revenues of approximately $8.6 billion. For almost 120 years, the Company has been at the cutting edge of its industries, driving innovation in mobility and transportation technologies with a leading edge in connected system solutions.
Bendix Commercial Vehicle Systems
Bendix, a member of Knorr-Bremse, develops and supplies leading-edge active safety technologies, energy management solutions and air brake charging and control systems and components under the Bendix® brand name for medium- and heavy-duty trucks, tractors, trailers, buses and other commercial vehicles throughout North America.
Rand McNally
Chicago-based Rand McNally has been transforming travel and transportation for 164 years. Today, Rand McNally provides innovative fleet management and commercial transportation solutions, connected vehicle technology and consumer travel products.
TELEO Capital
TELEO Capital is a lower middle market private equity firm that looks to invest in opportunities where its strategic thought, operational resources and capital base empower management to perform and execute their business plan. TELEO brings a successful track record of executing corporate carve-outs, recapitalizing broken balance sheets, acquiring founder-owned companies and implementing buy and build strategies for its portfolio companies. TELEO targets opportunities in the technology and software, healthcare information technology, business services and industrial sectors. The firm is headquartered in Boise, Idaho with an additional office in Los Angeles.
With the sale of our SafetyDirect product line, we’re continuing the successful optimization of our truck division’s portfolio. Bendix will focus even more intensively on its range of core competencies, including braking, steering and ADAS, going forward. We want to thank Lincoln, who was instrumental in navigating us through a competitive process and helping us find the right partner for SafetyDirect’s next stage of growth. Lincoln’s process expertise and deep industry relationships enabled us to find an ideal buyer for SafetyDirect, who will be able to further develop and fully leverage its potential in the future.
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