(PRESS RELEASE) Clermont-Ferrand, France, 17-May-2019 — /EuropaWire/ — Michelin signed an agreement to acquire the entire share capital of Masternaut, one of the largest European telematics providers. The acquisition is in line with the Group’s development strategy in the Services & Solutions business and leveraging the experience it has gained following the Sascar and NexTraq acquisitions in America.
Masternaut provides a technical platform equipped with the latest technology. The company offers on-board telematics solutions to optimize vehicle fleet management and monitoring. Masternaut manages over 220,000 mostly light utility vehicles under contract. It operates mainly in France and the United Kingdom. The transaction has been made on the basis of 8 times 2018 Ebitda before synergies.
The acquisition will speed up the development of Michelin‘s Services & Solutions business for light vehicles and support the booming fleet market. The deal will also enable Masternaut to roll out its offering across the whole of Europe by taking advantage of the Michelin network’s geographical coverage. The acquisition will also increase the volume of data captured, allowing Michelin to offer its customers the best solutions, improve product performance and develop its data science deployments, such as predictive maintenance.
Florent Menegaux, Managing General Partner, comments: “Michelin is consolidating its expertise in telematics, enabling us to optimize customer mobility and respond to the needs of a changing market. Masternaut represents a further step in the expansion of our Services & Solutions business, especially in Europe and for light vehicle fleets.”