RICHARD BAKER
Managing Partner
Through the acquisition, Vehco significantly grows the installed base of connected units and becomes the leading provider of systems for fleet management to heavy commercial vehicles (HCV) in Europe.
Vehco, a company in the AddSecure Group, today announced that it has signed an agreement to acquire Groeneveld ICT Solutions, a leading Dutch supplier of telematics and transport management software for a wide range of transport companies in the Netherlands, Germany, Belgium, France, Spain, England and Poland. By integrating Groeneveld ICT Solutions’ operations in its own activities, Vehco is taking one step further to becoming the European leader in Fleet Management to heavy trucks.
When AddSecure stepped in as new owners in May this year, Vehco attained the financial strength to become the largest provider of systems for Fleet Management in Europe to heavy commercial vehicles (HCV). Only three months later, Vehco announces the strategic acquisition of Groeneveld ICT Solutions, which will accelerate growth, expand Vehco’s geographic footprint and strengthen the company’s overall competitiveness and services in Europe.
“Through the aquision of Groeneveld ICT we take a major step forward to becoming the largest provider of systems for Fleet Management in Europe. Groeneveld ICT has built a solid reputation when it comes to supplying leading edge Fleet Management Solutions and state-of-the-art ICT solutions, and will bring a strong customer base”, said Magnus Orrebrant, CEO of Vehco.
“We are thrilled to now become a part of an expansive European group within Fleet Management. Groeneveld ICT brings a large installed base that will benefit from Vehco’s innovation, capabilities and expertise, and we look forward to supporting the growth and work in the Vehco team”, said Luc Lammens CEO of Groeneveld ICT Solutions
In 2017, Groeneveld ICT Solutions’ revenue amounted to close to 13 million Euro and the company had 67 employees.
Magnus Orrebrant, CEO at Vehco, commented:
“It has been great to continue the relationship built with Richard, David and Acuity on our first acquisition as part of AddSecure Group. We continue to benefit from the team’s hands-on support, their strategic and tactical input and their detailed knowledge of and network within the European telematics and FMS market. Having worked with us on the original acquisition plan, we look forward to their support on further acquisitions as we continue to build Europe’s market leading FMS business.”
Richard Baker, Managing Partner at Acuity said:
“Congratulations to both Vehco and AddSecure Group on the acquisition of Groeneveld ICT Solutions. Acuity has advised on Vehco’s first acquisition as part of AddSecure, further establishing Vehco’s market leading position in European Fleet Management Systems and commercial vehicle IoT solutions”
“It has been great to continue the relationship built with Richard, David and Acuity on our first acquisition as part of AddSecure Group. We continue to benefit from the team’s hand-on support, their strategic and tactical input and their detailed knowledge of and network within the European telematics and FMS market. Having worked with us on the original acquisition plan, we look forward to their support on further acquisitions as we continue to build Europe’s market leading FMS business.”
MAGNUS ORREBRANT | CEO
Vehco
Richard is a Co-Founder and Managing Partner at Acuity Advisors with 25 years’ experience in all aspects of corporate finance.
Having held influential leadership, corporate development and consulting roles at JPMorgan, Monitor and Diageo plc, Richard has had great insight into the world’s most successful businesses. He has extensive experience working alongside investment banks on M&A transactions across the technology sector and has deep-rooted longstanding relationships with many venture capital and private equity investors.
Richard has been instrumental in building Acuity’s Deep Tech Practice which, along with our successes in the semiconductor sector, has firmly established Acuity as the most successful Deep Tech mid-market advisor. With many notable funding and exit mandates completed, clients have come to rely on Richard’s sector insight to help shape and deliver shareholder value.
Insight is one of Richard’s notable strengths. He very quickly grasps what drives a company’s bottom line and growth, an understanding that’s bolstered by his personal experience of running and then exiting his own business. Richard easily builds strong working relationships with potential buyers and has a keen and intuitive sense for what motivates them.
Since securing a first class degree in Economics with Statistics, Richard has worked extensively in Europe, the US and Asia, creating an enviable and comprehensive international network.