Investment firm BlackBern Partners announced that it has acquired Cadec Global, a provider of advanced fleet management solutions. A privately held company, Cadec formerly was owned by Brú Venture Capital. BlackBern Partners was founded in 2010 to invest in operating companies it deems has proven business models and differentiated products. Terms were not announced.
Cadec, based in Manchester, N.H., is known for helping customers improve fleet efficiency and safety by automatically monitoring driver behavior and vehicle information and providing actionable information to fleet managers. Cadec also helps customers extend their supply chain into truck cabs by providing mobile solutions that enable drivers to collect and track delivery details in real time.
Effective immediately, Blackbern principal Jon Bernstein has joined Cadec as chief executive officer and chairman. “Cadec has built a strong reputation for innovation since its founding in 1976,” Bernstein says. “The company has all the right ingredients for success – a superior product, a large loyal customer base, talented employees with extensive industry expertise and a growing market. We’re investing in growing the business and excited about moving it forward and delivering on the commitments Cadec has made to its customers.”
Cadec’s current management team will remain with the company. “With BlackBern’s backing, we are strengthening our resources to continue providing robust fleet management solutions that drive measurable ROI for customers,” says Owen Smith, senior vice president at Cadec. “Gary’s track record for building customer-centric organizations will drive continued focus on our commitment to industry-leading service.”