Investment house takes minority stake in Carrot owner

Investment house Three Hills Capital is to take a minority stake in Trak Global Group (TGG), the owners of telematics broker Carrot.

TGG is a telematics company with offices in the UK, USA and Europe, that gathers and interprets driving data to assess risk.

Announcing the deal, it said the new investment of over £40m would accelerate the development of new products and services for customers.

TGG chief executive Nick Corrie said the partnership will enable the group to “more rapidly execute our ambitious growth plans, both organic and by acquisition, to become the global leader providing connected, data-driven technology solutions for the insurance and shared mobility markets.”

Joe Jefferies, UK coverage at Three Hills Capital, who will join TGG’s board, said: “Trak Global is our first investment in the IoT and telematics space, and during our detailed diligence into the sector it quickly became clear that TGG was the stand-out performer.

“The combination of management team strength and vision, as well as the company’s relentless focus on forming true partnerships with their customers, made for a compelling investment case.

“We are delighted to be Trak Global’s partners in what we expect to be a period of exceptional and transformative growth.”