Nashville-based Bridgestone Americas is finalizing a $391 million deal to acquire Azuga Holdings, a California-based fleet management platform.
Bridgestone’s deal with Sumeru Equity Partners, Danlaw Inc. and other Azuga shareholders is expected to close by the end of the third quarter, according to a release. Azuga, founded in 2012, provides GPS tracking and other safety and fleet management tools to about 6,000 fleet customers.
According to Bridgestone, the acquisition is part of a broader effort aimed at “becoming a sustainable solutions company.” The move follows the sale early this year of its building products unit and a recent investment in autonomous long-haul trucking company Kodiak Robotics. As part of the deal, Azuga will maintain its headquarters in California.
"Azuga is revolutionizing the way that fleets do business in the U.S. with class-leading software and a rapid innovation process that will further advance Bridgestone's vision to be a sustainable solutions company," Bridgestone Americas President and CEO Paolo Ferrari said in the release. "We are working toward providing the most sustainable and intelligent solutions for safer and more efficient mobility, and Azuga will help us accelerate their development and deployment to our customers."
According to the release, PJT Partners is serving as financial advisor to Bridgestone, and Hogan Lovells is serving as legal counsel. Barclays is serving as financial advisor to Azuga, and Gibson Dunn is serving as legal counsel.