Ontario Teachers’ invests in MDP-backed Fleet Complete
Ontario Teachers’ Pension Plan has invested in Fleet Complete, a Toronto-based provider of connected vehicle technology. Terms weren't disclosed. Ontario Teachers' is acquiring equity from existing shareholders, including U.S. private equity firm Madison Dearborn Partners (MDP), which acquired Fleet Complete in 2014. MDP will retain an investment stake. Founded in 2000 by CEO Tony Lourakis, Fleet Complete provides connected solutions to fleets, assets and mobile workforce-based businesses. It services 500,000 subscribers and more than 30,000 companies in North America, Europe and Australia. Jane Rowe, senior managing director, private capital, at Ontario Teachers', said the deal will help "further accelerate Fleet Complete’s global growth ambitions."
