Investment firm BlackBern Partners has acquired Cadec Global, a provider of fleet management systems. A privately held company, Cadec was formerly owned by Brú Venture Capital. The transaction was completed 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 experience in private and concentrated public market investing as well as operating experience.
Based in Manchester NH, Cadec helps improve fleet efficiency and safety by automatically monitoring driver behavior and vehicle information and providing actionable information to fleet managers. Cadec also helps clients extend their supply chain into truck cabs by providing mobile systems 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,” said 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.”
Bernstein has joined Cadec as chief executive officer and chairman. Cadec’s current management team will remain in place, with active support from these new board members:
•Jon Bernstein—He is currently 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 ARC Wireless Solutions Inc.
•Ian Black—Before 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.
•Gary Krow—He spent more than seven years as president of Comdata. Krow has been a director of The Howard Hughes Corporation since 2010.
