Teletrac Closes $100 Million Co-Led by WFCF, Capital One
Teletrac Ltd. and its subsidiaries announced that they have closed a $100 million senior secured credit facility co-led by Wells Fargo Capital Finance and Capital One Bank.
Teletrac is an independent provider of fleet management software systems and devices to long-haul, local, service and delivery fleets. Proceeds of the facility were used to refinance existing senior indebtedness, provide a dividend to the sponsor and finance Teletrac’s continued growth and working capital requirements.
“We’re excited to partner with the Wells Fargo Capital Finance and Capital One Bank teams as we evolve and grow our business,” said Tom Patterson, CFO, Teletrac. “Obtaining the facility solidifies our financial position and provides the foundation to continue to accelerate our growth as a leader in providing fleet management solutions.”
Teletrac’s solutions provide fleet operators with critical asset management and driver tracking functionality, such as messaging and dispatch capabilities, vehicle diagnostics management, driver behavior and safety analytics data which assist customers in meeting their regulatory compliance requirements. Teletrac is headquartered in Garden Grove, CA and employs over 500 professionals around the world.
“We’re pleased to provide a financing solution to support Teletrac, one of the largest independent U.S. telematics solution providers, in partnership with Wells Fargo Capital Finance’s Technology Finance Division,” said Dean Graham, SVP and head of Commercial and Specialty Finance, Capital One Bank.
“We are excited to bring an effective group of syndicate partners together to deliver this increased facility and meet the company’s ongoing financing needs,” said John Leonard, head of the Technology Finance Division at Wells Fargo Capital Finance. “Over the last two years, we have developed a successful relationship with Teletrac and its sponsor, Vector Capital, and we look forward to continuing our support going forward.”
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