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Navman Wireless Acquisition backed by Prairie Capital
Vehicle tracking and mobile data specialist Navman Wireless has been backed by acquisition capital from Chicago-based private investment firm Prairie Capital.
The sale of Brunswick New Technologies' (BNT) fleet management business by Brunswick Corporation, for an undisclosed sum, has seen the services of its successful senior management team secured to continue running the company.
"We are delighted that Prairie Capital has chosen to back Navman Wireless, and its management team, in a deal that will enable us to grow the business, expand into new markets and accelerate research and development initiatives," said Tony Neill, Vice President Europe, Middle East and Africa.
"As a financial sponsor, Prairie Capital has a proven track record of successful commercial investments and we are confident this move will make us even stronger in the global telematics marketplace."
With more than 500 million under management, Prairie Capital has completed more than 60 equity and mezzanine business investments since its launch in 1997.
The board of newly formed Navman Wireless Holdings will be made up of Prairie Capital and senior members of the Navman Wireless and BNT management team. These will include former President of BNT TJ Chung, who will head up Navman Wireless Holdings, Tony Neill, and former BNT Chief Financial Officer Mike Henn.
Navman Wireless's UK turnover for the year to December 2006 was £13 million, with UK turnover for 2007 estimated to be in excess of £17 million.
Christopher Killackey, Managing Director of Prairie Capital, added: "Prairie is extremely excited to be partnering with the Navman management team. The company is poised for significant growth and we intend on helping the team realise its vision of being a global market leader in the GPS-enabled fleet tracking solution business."