Xirgo, which is backed by HKW, has acquired UAB Baltic Car Equipment, a Lithuanian provider of fleet management solutions. No financial terms were disclosed.
INDIANAPOLIS, IN- HKW announced this week that portfolio company, Xirgo Technologies, LlLC (“Xirgo”), has acquired UAB Baltic Car Equipment (“BCE”) based in Kaunas, Lithuania.
Founded in 2006, BCE provides a variety of fleet management solutions, including hardware and software suites for light vehicles, trucks, heavy machinery, and agricultural equipment targeting a variety of industries.
Shawn Aleman, CEO of Xirgo, stated, “We are very excited to welcome the BCE team to Xirgo. The joining of our companies will allow Xirgo to establish a European footprint improving our access to Europe, the Middle East, and Africa, enabling our companies to target new customers and better serve our existing clients. BCE’s product offering will also provide select North American customers access to customized end to end solutions.”
Luke Phenicie, HKW’s Lead Transaction Partner and Chairman of Xirgo’s Board of Directors, stated, “BCE’s geographic footprint and mix of products complement Xirgo’s existing portfolio quite well. We are looking forward to working with founder, Andrius Zabulionis, and director, Giedrius Žibikas, as well as their talented team on this opportunity. We also feel fortunate to continue HKW’s support of Xirgo as it continues its expansion in the IoT sector.”
Near Earth LLC, a specialized investment bank serving the satellite, aerospace and M2M telematics sectors, acted as financial and strategic advisor to Xirgo.
About Xirgo – Xirgo is a leading provider of customized IoT solutions for various verticals including insurance telematics, fleet management, asset tracking, monitoring & control, transportation logistics & mobility. More information regarding Xirgo is available at
About HKW – HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 60 platform transactions of lower middle-market companies throughout North America, as well as 64 add-on acquisitions. For more information on HKW, please visit www.hkwinc.com.