TMW Systems to be Acquired by Two Investment Firms

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leet-management software firm TMW Systems said Monday it had finalized an agreement to be purchased by Wachovia Capital Partners and Peppertree Capital Management. Terms of the deal were not disclosed.

TMW said the infusion of new capital will enable it to accelerate its growth and increase the pace of new product introductions.

Tom Weisz, who founded TMW Systems and has served as its chairman and chief executive officer, will continue as chairman. The entire TMW management team will remain intact, the company said in a statement.

“With greater access to financial capital, TMW will continue to build upon our legacy of excellence and innovation and solidify our position as the leading provider of technology solutions for trucking companies,” Weisz said.

Founded in 1983, TMW said it has had eight straight years of profitability and record revenue performance.

The company said that over the past year and a half it added more than 100 new customers, introduced five new products and increased its workforce by 20%.

Wachovia Capital Partners is the principal investing group of Wachovia Corp., the nation's fourth-largest bank holding company.

Peppertree Capital Management is a private equity fund manager focused on growth equity, recapitalization and buyout opportunities in media, telecommunications and business services industries.