Ireland-based AMCS provides a cloud and software platform for clients across 80 countries, managing more than 700,000 vehicles globally. Its current investors include Insight Partners, Clearlake Capital, Highland Europe and the Ireland Strategic Investment Fund, and they will reportedly continue to have minority stakes in the company.
Although the deal price has not been officially disclosed, EQT expects the transaction to close before the first quarter of next year.
AMCS joins a list of waste industry companies in the investors portfolio, including Reworld a nd Heritage Environmental Services. While the latter companies receive investment from EQT’s infrastructure division, AMCS received investment from its private equity firm.
Founded in 2003, AMCS provides a cloud-based software platform that integrates various functions for fleets, including route management, AI-enabled camera technology, data reporting and others. AMCS is said to have benefitted as the collections industry has consolidated, bringing more fleets into its clients’ portfolios.
‘Fantastic opportunity’
“We have followed the progress of AMCS closely for many years and have been hugely impressed by what it has achieved, establishing itself as a clear market leader and delivering continuous innovation on behalf of its customers,” said Robert Maclean, a partner in the EQT Private Equity advisory team. “We strongly believe that AMCS has a fantastic opportunity to further support the circular economy and drive a greater share of recycling within the waste industry.”
Co-founder and CEO Jimmy Martin is expected to continue leading the company, per the release. He said EQT’s backing is “instrumental” to AMCS’ mission to champion the circular economy.
