M&A Deal Summary

Bestpass Acquires Fleetworthy Solutions

On November 28, 2023, Bestpass acquired business services company Fleetworthy Solutions from First Analysis and Argentum Capital Partners

Acquisition Highlights
  • This is Bestpass’ 1st transaction in the Business Services sector.
  • This is Bestpass’ 3rd transaction in the United States.
  • This is Bestpass’ 1st transaction in Wisconsin.

M&A Deal Summary
Date 2023-11-28
Target Fleetworthy Solutions
Sector Business Services
Buyer(s) Bestpass
Sellers(s) First Analysis
Argentum Capital Partners
Deal Type Add-on Acquisition

Target

Fleetworthy Solutions

Madison, Wisconsin, United States
Fleetworthy Solutions is a provider of outsourced compliance services to owners and operators of truck fleets that take them Beyond Compliant. Fleetworthy combines exceptional client service, advanced technologies and more than 30 years of transportation industry expertise to make sure that drivers and assets are fleet worthy. The company helps private fleets, for-hire carriers, and third-party logistics companies of all sizes surpass compliance of federal, state, and local regulations and streamline processes to reduce costs and mitigate risks. Fleetworthy Solutions was established in 1983 and is based in Madison, Wisconsin.

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Buyer(S) 1

Buyer

Bestpass

Albany, New York, United States
Category Company
Founded 2001
Sector Software
DESCRIPTION

Bestpass is a comprehensive payment platform provider and leader in toll management solutions for commercial fleets of all shapes and sizes. With more than 13,000 customers and more than 675,000 deployed toll transponders in the United States and Canada, Bestpass ensures data accuracy, consolidates payments, delivers invaluable industry expertise, and saves its users time and money. Bestpass was founded in 2001 and is based in Albany, New York.

DEAL STATS #
Overall 3 of 4
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (Wisconsin) 1 of 1
Country (United States) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-29 ExpressTruckTax

Rock Hill, South Carolina, United States

ExpressTruckTax offer truckers and fleet owners a simple solution for maintaining their compliance with the IRS by filing Form 2290 and amendments. ExpressTruckTax was founded in 2011 and is based in Rock Hill, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Drivewyze

Edmonton, Alberta, Canada

Drivewyze is a smart mobility services company for the transportation industry. Drivewyze serves commercial drivers and fleets with innovative trucking apps such as Drivewyze PreClear Bypass service. Drivewyze was founded in 2010 and is based in Edmonton, Alberta.

Buy -

Seller(S) 2

SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.

DEAL STATS #
Overall 71 of 71
Sector (Business Services) 5 of 5
Type (Add-on Acquisition) 51 of 51
State (Wisconsin) 2 of 2
Country (United States) 70 of 70
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-07 Netchex

Covington, Louisiana, United States

Netchex is a web-based human capital management platform offering single sign-on, integrated solutions for the complete employee lifecycle. Netchex’s software features hiring, onboarding, payroll, human resources, time management, benefits, and reporting tools to control labor costs and enhance the employee experience. Netchex was founded in 2003 and is based in Covington, Louisiana.

Sell -
SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 42 of 44
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 29 of 31
State (Wisconsin) 1 of 1
Country (United States) 40 of 42
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-21 WarrCloud

Meridian, Idaho, United States

WarrCloud is a provider of technology-enabled auto warranty processing services. WarrCloud’s innovative technology streamlines and automates the warranty claim creation and submission process, thereby decreasing manual tasks, reducing errors, and accelerating cash collections by dealers. WarrCloud is based in Meridian, Idaho.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-11 Orion Labs

San Francisco, California, United States

Orion Labs is a secure and encrypted global platform for instant voice communication for people and machines, on any device, over any network, over any distance, without boundaries. Orion’s platform provides a heads-up and eyes-free interface that enables people to communicate and do things with the power of their voice. Orion Labs was formed in 2013 and is based in San Francisco, California.

Sell -
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