MILAN, March 27 (Reuters) - Octo Telematics, an Italy-based company that makes vehicle recording devices for the auto insurance market, is looking for a buyer and will send information to potential bidders in the second part of April, a person close to the matter said.
“The bigger private equity funds are interested because it’s a company that is doing well in a high-growth sector,” said the source who requested anonymity.
Octo Telematics, present in 26 countries, makes “clear boxes” which measure and report back on the mileage and how well a car is driven. Installing a clear box can help reduce auto insurance costs.
Octo Telematics declined to comment.
The company, 65 percent controlled by Italian investment fund Charme II, had sales of 72 million euros ($92 million) in 2011 and is expected to post revenues of almost 100 million euros in 2012.
Amadeus Capital Partners and R Capital Management of Rothschild together hold 25 percent of its capital.
“The financial shareholders should sell all their shares,” the source said, adding that the advisor was Goldman Sachs .