Greenbriar Acquires Telematics Firm Spireon From Bertram Capital
Bertram Capital announced the sale of Spireon Inc., a fast-growing truck and trailer telematics provider, to Greenbriar Equity Group, a handoff welcomed by Spireon CEO Kevin Weiss as a way to expand the business further.
“We couldn’t be more excited to have Greenbriar as a partner and our new primary investor,” Weiss said in a statement Oct. 11. “Greenbriar’s extensive knowledge and relationships in our industry, along with its financial strength, make it an ideal partner to open new opportunities that will help us reach the next level of growth.”
Terms of the transaction were not disclosed.
Spireon provides vehicle analytics and telematics to automotive and commercial transportation sectors. Bertram Capital acquired the business in 2011, and Weiss was an operating partner at the investment firm before joining Spireon as CEO in June 2016.
Under Bertram’s ownership, Spireon significantly expanded its sales and marketing capabilities, completed several acquisitions and updated its technology systems with help from Bertram Labs, according to Jeff Drazan, managing partner of Bertram Capital in San Mateo, Calif. “The result of our work with the Spireon team is a market leading business in multiple attractive vertical segments with a significant amount of near-term growth potential,” he said.
Michael Weiss, a managing director at Greenbriar, said Spireon’s foothold in the automotive and commercial transportation sectors “makes the company a natural fit with our portfolio of transportation and logistics companies.” He said that Greenbriar will work with Spireon “to accelerate growth and fuel continued innovation in vehicle intelligence systems.”
Greenbriar’s investments include Frauscher Sensor Technology and Nordco Holdings in the rail industry, GB Auto Service, Morgan Auto Group and Muth Mirror Systems in the automotive sector, package delivery specialist LaserShip, Lazer Spot Inc., a company that provides yard management services for shippers, and Seko Logistics.
Started in 2002 and based in Irvine, Calif., Spireon collects data from vehicles for almost 4 million active subscribers, including new and used car dealers, lenders and financial institutions, rental car agencies, insurers, consumers, and fleet, trailer and asset management companies.