Fleet News

TRACKER buy-out agreed as profits hit record level

TRACKER Network, the stolen vehicle location equipment company, has announced record turnover and profits, and also revealed that its board has reached agreement on a £39.2million buy-out offer.

Venture capital firm Apax Europe IV is behind the offer, using a 'shell' company called Kickshaws, which will change its name to TRACKER Network once the buy-out is completed.

Ralph Kanter, TRACKER founder, chairman and chief executive, will become non-executive director. He has made a three-year consultancy agreement with Kickshaws. Financial director Kevin Watters will take over as managing director, which will include taking over the chief executive's role. A replacement for the chairmanship had not yet been decided.

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