French tyre manufacturer, Michelin has agreed to buy European telematics company Masternaut for an undisclosed amount, but will continue to operate under its own brand as a fully-owned subsidiary within Michelin.
Masternaut manages over 220,000 mostly light utility vehicles under contract, and Michelin’s takeover of the company was made on the basis of eight-times 2018 EBITDA before synergies.
Michelin managing general partner, Florent Menegaux said: “Masternaut represents a further step in the expansion of our services and solutions business, especially in Europe and for light vehicle fleets.”
Michelin adds that the deal, which is expected to completed in the next 60 days, will increase its presence in the field of customer services.
Masternaut is Michelin’s third major acquisition in the fleet telematics industry, with previous investments in Nextraq in North America and Sascar in South America.