Pamlico Capital Exits TMW Systems
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Pamlico Capital Exits TMW Systems

Pamlico Capital has announced the sale of TMW Systems, a provider of enterprise software to transportation and logistics companies, to Trimble Navigation for $335 million in cash.

TMW Systems has more than 1,800 customers in the trucking, 3PL, private fleet, construction, municipal government, retail repair and waste management industries. TMW Systems was founded in 1984 and has offices in Cleveland, OH (headquarters); Durham, NC; Indianapolis, IN; Dallas, TX; Vancouver, BC; Nashville, TN; and Oklahoma City, OK (www.tmwsystems.com).

Pamlico acquired TMW from the company’s founder in 2005. During its ownership period, Pamlico recruited and hired the current CEO, Dave Wangler, and assisted the company with five acquisitions. In addition, TMW expanded its market by launching new products and services and targeted new segments of the transportation industry. During Pamlico’s ownership, TMW has grown annual revenue from approximately $25 million to approximately $96 million today.

“Pamlico helped TMW scale and grow into a leading provider of enterprise software to the transportation industry,” said Dave Wangler, TMW’s Chief Executive Officer. “We have truly enjoyed our partnership with Pamlico and want to thank them for their support and confidence in us.”

Pamlico Capital, formerly known as Wachovia Capital Partners, was founded in 1988 and has invested in excess of $3.5 billion in over 200 middle market companies since its inception. Pamlico Capital seeks growth equity and buyout investments of up to $75 million alongside management teams in its target industries, which include business & technology services, communications, and healthcare. The firm currently manages over $2 billion in assets and is based in Charlotte, NC (www.pamlicocapital.com).

“TMW was a tremendous investment for Pamlico and our limited partners. Dave Wangler and his team did an outstanding job of generating strong organic growth and enhancing the company’s position as a leader in the transportation technology market,” said Walker Simmons, a Partner at Pamlico.

TMW and Pamlico were advised by William Blair & Co. (financial advisor) and King & Spalding LLP (legal advisor). Trimble was advised by Lazard (financial advisor) and Weil Gotshal & Manges LLP (legal advisor).

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-27-12

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