CHICAGO — Mapping company Rand McNally has been acquired by TELEO Capital Management, the companies announced Friday, Oct. 23. Joseph Roark has been named chairman of Rand McNally, which will continue to operate out of its Chicago headquarters, with warehousing in Kentucky and several global sourcing and development operations.
During the past decade, Rand McNally, a 164-year company, has expanded into the commercial transportation and logistics software industry. The company now provides proprietary fleet-management solutions and mileage and routing software to carriers, shippers and third-party logistics providers, along with a suite of driver technologies that integrate into the fleet-management platform.
TELEO Capital, a private equity firm, has headquarters in Boise, Idaho, and Los Angeles. According to a prepared statement, TELEO Capital is committed to investing in and growing Rand McNally’s position in the commercial and industrial transportation technology market.
On the day of the sale closing, Roark was in Rand McNally’s Chicago office, diving into a full three-year product plan with engineers and managers.
“We are extremely excited to support the Rand McNally team through this next stage of growth,” said Roark, an operating partner at TELEO Capital. “We fully intend to help grow Rand McNally through organic and acquisitive investment. Our focus will be on breakthrough products and solutions and first-class customer service.”