With over $3.5 billion in capital and investments in the global transportation and logistics industries, Greenbriar becomes the primary investor in Spireon as a result of the transaction.
“Spireon is the leader in vehicle analytics and telematics solutions in the U.S., with a strong foothold in the automotive and commercial transportation sectors, which makes the company a natural fit with our portfolio of transportation and logistics companies,” stated Michael Weiss, managing director at Greenbriar.
Greenbriar has close to 20 years of experience investing in and supporting manufacturing and services businesses in partnership with proven management teams. The company says Spireon fits with its successful track-record of backing rapidly growing technology-enabled businesses.
According to the announcement, the decision to invest in Spireon reflects Greenbriar’s understanding of Spireon’s end markets and high level of confidence in the company’s business strategy and execution abilities.
In August, Spireon reported growth within all segments of its business during the first half of 2018, including a 65 percent increase in device shipments to franchise auto dealers, 36 percent increase in revenues from the trailer segment, and 45 percent increase in device shipments to the SMB fleet market year over year.
Spireon has announced five new products this year, as well as a new partnership with Ford Commercial Solutions to integrate Ford telematics data with Spireon’s FleetLocate.
“We couldn’t be more excited to have Greenbriar as a partner and our new primary investor,” noted Kevin Weiss, Spireon CEO. “Greenbriar’s extensive knowledge and relationships in our industry, along with its financial strength, make it the ideal partner to open new opportunities that will help us reach the next level of growth.”
