MOKENA, Ill.--(BUSINESS WIRE)--Vehicle Management Solutions LLC (“VMS”), a portfolio company of Mill Point Capital LLC (“Mill Point”), announced the acquisition of TEGSCO LLC (“TEGSCO” or the “Company”), a full-service auto pound management provider, primarily operating in San Francisco, CA and Indianapolis, IN. This strategic partnership marks a significant step forward in VMS's growth strategy and further solidifies its position as the preeminent player in vehicle storage management services.
The combination brings TEGSCO’s expertise and use of world-class technology solutions and pairs it with VMS’s wider array of resources, nationwide reach and growth engine to create an undisputed leader in vehicle storage management across the country. Furthermore, the partnership will allow the combined organization to deliver enhanced outsourced solutions that optimize operations, tackle vehicle-related challenges and enhance the citizen experience for municipalities, departments of transportation and police departments throughout the nation.
"We are excited to welcome TEGSCO into the VMS family,” stated Kevin Corcoran, Chief Executive Officer of VMS. “This partnership is a testament to our commitment to growing our vehicle storage segment and our dedication to providing top-tier services to our customers.” “TEGSCO has built an outstanding track record in the industry, and we are eager to combine our strengths to better serve our clients," commented Chris Hearing, Partner, Operations of Mill Point.
"Under John Wicker’s leadership and his management team, TEGSCO has successfully optimized two of the largest auto pound operations in the nation. We look forward to partnering with John and the rest of the TEGSCO team to continue to grow the VMS platform and execute on our Value Creation Plan,” said Sebastian Bustamante, Vice President of Mill Point.
John Wicker, Chairman of the TEGSCO Board of Directors, added, "Joining forces with VMS is a tremendous opportunity for our organization to partner with a high-growth platform to further our geographic reach. Additionally, this partnership will allow VMS to leverage our seasoned management team, processes and controls. Our shared values of excellence, innovation, and commitment to our customers make this partnership a natural fit. We look forward to the enhanced capabilities and resources this will bring to our team."
About Vehicle Management Solutions LLC
Headquartered in Mokena, IL, VMS is a leading provider of end-to-end vehicle management solutions including dispatch, vehicle storage and traffic incident management. VMS’s mission is to keep streets, roads and highways moving safely and effectively. With a nationwide presence across 12 states, VMS focuses on building long-term relationships with states, municipalities, law enforcement agencies, insurance companies, logistics companies and various other clients to serve their communities. For more information, please visit www.vmsolutions.com.
About TEGSCO LLC
TEGSCO LLC provides vehicle towing and storage management solutions for the cities of San Francisco and Indianapolis. Founded in 2002, TEGSCO has a long-standing reputation of utilizing technology to modernize municipal auto pound logistics and deliver superior service to its clients. For more information, please visit www.tegsco.com.
About Mill Point Capital LLC
Mill Point is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.