SAINT-BRUNO-DE-MONTARVILLE, Que. – The private equity firm Pamlico Capital has made a growth investment in fleet management solutions provider Isaac Instruments, the two companies announced Wednesday.
The financial details were not disclosed, but they said co-founders Jacques DeLarochelliere, David Brillon and Jean-Sebastien Bouchard will maintain significant ownership in Isaac.
“Isaac’s unique offering has positioned our company well for future growth by providing the leading driver-centric fleet management solution to truck carriers,” said DeLarochelliere, who is also president of Isaac.
“Our team is proud of our success to date, and is excited to bring in Pamlico as our first institutional equity partner.”
DeLarochelliere said Isaac plans to leverage Pamlico’s extensive experience investing in transportation technology as well as successful history of supporting founder-owned businesses to accelerate the company’s growth.
The company had invested in trucking industry software developer TMW Systems (now a Trimble subsidiary) in the mid-2000s, and other transportation-related businesses.
“We have 68% of the largest carriers in Quebec and 40% of the largest fleets in Canada. The next step is the United States. We’re going to need a bigger engine and more fuel to go into a market that’s 15 times bigger, ” he said.
“At the end of the day, for people in the industry, there will be few differences.”
The company will keep the same management team, the same name and the same head office, he said.
Due to the momentum the company has gained over the years, and because of the advent of regulations on electronic logging devices, DeLarochelliere believes that Isaac is set to double in size in Canada over the next 18 months, and eventually have three times its current size.
Vaquero Capital acted as advisor to Isaac on the transaction.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle-market companies in North America.
“We are incredibly excited to partner with cofounder Jacques DeLarochelliere and the rest of the Isaac management team to help support their next phase of growth,” said Pamlico partner Walker Simmons.
“Our investment will allow Isaac to accelerate core product innovation and expand into new geographical markets.”
- This story has been updated with fresh comments from DeLarochelliere.
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