ProconGPS, Inc. announced today that it has partnered with Bertram Capital, a private equity firm based in San Mateo, CA with more than $850 million of capital under management, to complete a recapitalization of the company and to fund continued growth. ProconGPS’s existing leadership team will remain completely in place and continue to direct the Company’s strategy and manage day-to-day operations.
“We have been looking for an institutional partner that shared our vision and enthusiasm for the opportunity ahead. This partnership with Bertram Capital will enable us to provide our customers with breakthrough technology solutions and superior customer service. Additionally, we will re-invest in our business to develop new market opportunities and execute select strategic acquisitions,” said Brian Boling, CEO of ProconGPS.
ProconGPS is the leading supplier of risk mitigation products including GPS tracking and payment protection systems to the subprime vehicle finance industry. In addition, the company’s subsidiary Procon Fleet Services is one of the fastest growing providers of GPS-enabled fleet management solutions in the US.
This is Bertram Capital’s first investment in the mobile resource management industry. “After conducting extensive research, we identified ProconGPS as a uniquely positioned industry leader and quickly found a shared commitment to growth. We are eager to help the Company capitalize on the next phase of its development as we expand the Company’s products into other location based services applications,” said Jared Ruger, Partner at Bertram Capital.
