MidCap Financial provided a senior secured credit facility, comprising an asset-based revolving line of credit and term loan to Rand McNally. Proceeds from the MidCap credit facility will be used as growth capital and to provide for the business’ ongoing working capital needs.
Founded in 1856 and headquartered in Skokie, IL, Rand McNally transforms commercial and personal travel with revolutionary mobility technology. Leveraging its fast-growing telematics and fleet management expertise, along with its commercial navigation, Rand McNally provides innovative solutions for drivers, shippers, carriers, logistics and supply chain customers.
Based in Los Angeles and Boise, ID, TELEO Capital Management is an operationally-focused private equity firm targeting companies in the software and technology, healthcare IT, business services and industrial sectors. TELEO acquired Rand McNally in October of 2020, providing management with strategic thought, operational resources and capital base to perform and execute its business plans.