New York: Investment firm BlackBern Partners has acquired Cadec Global. A privately held company, Cadec was formerly owned by Brú Venture Capital. The transaction was completed on August 11, 2011.
BlackBern Partners was founded in 2010 to invest in operating companies with proven business models and differentiated products. Firm principals Ian Black and Jon Bernstein have extensive experience in private and concentrated public market investing as well as operating experience. The two are hands-on investors who will lead delivery of Cadec solutions to new and existing customers in the growing transportation management sector.
Cadec, based in Manchester, NH, is well known for helping customers improve fleet efficiency and safety by automatically monitoring driver behavior and vehicle information and providing actionable information to fleet managers. Cadec also helps customers extend their supply chain into truck cabs by providing mobile solutions that enable drivers to collect and track delivery details in real time.
"Cadec has built a strong reputation for innovation since its founding in 1976," says Bernstein. "The company has all the right ingredients for success: a superior product; a large, loyal customer base; talented employees with extensive industry expertise; and a growing market. We're investing in growing the business, and excited about moving it forward and delivering on the commitments Cadec has made to its customers."
Effective immediately, Bernstein has joined Cadec as CEO and Chairman. Cadec's current management team will remain with the company, with active support from the following new board members:
- Jon Bernstein: Bernstein was the second member of the Pershing Square Capital Management investment team and has also worked for First Manhattan Consulting Group and Founders Equity. He is currently the Vice Chairman of Corfin Industries LLC, Director of EOL Electronics LLC, Chairman of Minds Matter Inc., a member of the Columbia Business School Social Enterprise Program Alumni Circle, and a Director of NASDAQ-listed ARC Wireless Solutions Inc. He holds a BS in Electrical Engineering from Cornell University and an MBA with Honors from Columbia Business School.
- Ian Black: Prior to co-founding BlackBern Partners with Bernstein, Black worked in investing, finance, and strategic planning for UBS, The New York Times, and a Greycroft-backed media venture. He holds a BA from the University of Pennsylvania and an MBA from Columbia Business School with Honors, and received his CFA charter in 2003.
- Gary Krow: A 17-year veteran of Comdata, Krow has deep transportation industry experience. He spent more than seven years as president of Comdata, where he transitioned the company from a diesel fuel-card processor to a global supplier of payment and business services. Krow also led the company to double-digit revenue growth for 13 straight quarters while pretax income grew to more than $150M annually. Previously, he served as CEO of GiftCertificates.com, Consultant for Light Year Capital, and Executive Vice President of Ceridian Corporation. Krow has been a Director of The Howard Hughes Corporation since 2010 and also served as Director for the National Association of Travel Centers Foundation, TIMM Communications Inc., and the American Heart Association.
"Cadec's legacy has been about bringing innovative, technology products to the transportation industry. We're excited about this opportunity to drive Cadec's business forward and committed to being a strong partner through a customer-focused approach," says Krow.
"With BlackBern's backing, we are strengthening our resources to continue providing robust fleet management solutions that drive measurable ROI for customers," says Owen Smith, Senior Vice President at Cadec. "Gary's track record for building customer-centric organizations will drive continued focus on our commitment to industry-leading service."