Goldman Sachs Merchant Banking Division and GRO Capital, a capital investment company, have today announced the acquisition of M-Tec Holding, Pandrup, the parent company of Trackunit, a leading global independent provider of machine telematics products and software.

Trackunit shows significant global growth and market penetration potential and will continue to focus on innovative and value-add products and services for OEMs, rental companies, contractors and other key customers around the world supported by the joint ownership of Goldman Sachs Merchant Banking Division and GRO Capital.

Founded in 1869, The Goldman Sachs Group, Inc. is headquartered in New York and maintains offices in all major financial centers around the world. The company provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Since 1986, the Merchant Banking Division of Goldman Sachs has raised over USD 140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and longstanding relationships with companies, investors, entrepreneurs and financial intermediaries.

GRO Capital was founded in 2014 and provides capital and knowledge to high quality companies with growth ambitions. Their objective is to develop and grow the companies they invest in. GRO Capital targets knowledge intensive sectors and look to identify companies with leading positions, high growth potential and strong management. GRO Capital has raised DKK 1 billion with target equity investment sizes of around DKK 50-200 million.

Terms of the deal are not being disclosed. Completion of the transaction is subject to customary regulatory approvals.

Bruun & Hjejle acted as legal adviser to Goldman Sachs Merchant Banking Division and GRO Capital.