Goldman Sachs completes Trackunit deal

Trackunit has announced the closing of a major investment from Private Equity at Goldman Sachs Alternatives, which now becomes the company’s majority owner. No financial details of the deal have been disclosed. 

The move, first announced in February, signals a renewed partnership between the two companies, following Goldman Sachs Alternatives’ previous ownership of Trackunit between 2015 and 2021.

It also sees Hg, Trackunit’s most recent majority shareholder, retain a minority stake.

Hg described the transaction as a “partial exit” and confirmed it had reinvested in the business alongside Goldman Sachs Alternatives.

Trackunit CEO Soeren Brogaard said the agreement marks the beginning of a new growth phase for the company:

He said, “We’re thrilled to officially welcome Goldman Sachs Alternatives and to continue our journey with Hg. Their commitment supports our long-term ambition to unlock value for our customers and partners through bold innovation, ecosystem partnerships, and by enabling our customers to harness the power of their data and make it useful to eliminate downtime and achieve savings.

“The focus remains on delivering value and business outcomes for our customers while advancing the construction industry. I look forward to leveraging the global Goldman Sachs network and their extensive investment expertise. This is an exciting time to be a part of this great company and to propel the construction industry forward”

Trackunit, which employs around 400 people, provides a suite of IoT-enabled devices and data-driven software platforms, inlcuding its IrisX operating platform for which it received the Rental Technology of the Year at the European Rental Awards.

Trackunit gains new majority owner Previous owner reinvests in the telematics and data specialist