GI Partners LLP on Tuesday, Sept. 1, said it’s closed a majority investment in Renovo Capital LLC portfolio company Otodata Wireless Network Inc., a provider of remote monitoring and vehicle tracking solutions.

GI Partners didn’t disclose the financial terms of the transaction. Existing shareholders, including Renovo Capital and Otodata management, will retain a minority stake in the Montreal-headquartered company.

The Deal reported in July that Otodata was running a sale process, with potential bidders required to offer at least a $1.2 billion valuation to advance to management presentations, which were held in late May. The company generates Ebitda in the $70 million range, The Deal reported, adding that one or two sponsors remained in the auction.

Renovo acquired Otodata in January 2021.

Founded in 2010, Otodata provides remote monitoring technology for distributed tank assets and has an installed base of more than 3.5 million monitored tanks globally. Its technology helps customers remotely track tank levels, improve asset use and workforce efficiency and reduce costly runouts.

The company also operates Tag Tracking, a provider of vehicle tracking, theft prevention and stolen vehicle recovery services in Canada.

Otodata CEO Jeremy Eaton in Tuesday’s statement said GI Partners’ experience investing in internet of things businesses and digital infrastructure will help the company expand into new verticals and improve its offerings.

Dallas-based Renovo is a lower middle market private equity firm focusing on technical product and service businesses investments. Founded in 2009, Renovo has completed more than 40 transactions and raised more than $750 million of committed capital.

In 2024, Renovo closed its latest flagship fund, Renovo Capital Fund IV LP, with $350 million in committed capital.

San Francisco-based GI Partners invests in healthcare, services and software companies with enterprise values of up to $2 billion. GI Partners closed its sixth flagship fund in 2021 with $3.9 billion in commitments.

Elsewhere in the segment, Altas Partners LP, Abu Dhabi Investment Authority, GIC Pte. Ltd. and Leonard Green & Partners LP holding Pye-Barker Fire & Safety LLC in July added on ResponseTECH Security for an undisclosed amount. Pye-Barker in June bought TSI Security Inc. for an undisclosed amount.

Southwest Automated Security Inc. in May acquired Gates and Controls Inc. for an undisclosed amount.

Otodata tapped Evercore Inc. for financial advice and Daniel P. Rollman, Maddie Hoffmann, Marc Philibert and Josh White of DLA Piper for counsel.

GI Partners relied on Joel Cohen, Benjamin Pierce, Theo Blomquist and Nathan True-Daniels of Robert W. Baird & Co. for financial advice and Ropes & Gray LLP for counsel.