October 8, 2025

ECM sells majority stake in fleet management software company YellowFox to Peter Möhrle Holding for almost EUR 200m at an implied EV/EBITDA of close to 20x

Press Release
German Equity Partners V, a fund managed by ECM Equity Capital Management, has divested its majority shareholding in YellowFox, a telematics and fleet management SaaS provider in German-speaking Europe, to Peter Möhrle Holding, reportedly for close to EUR 200m. Under ECM’s ownership since 2021, YellowFox invested heavily in product innovation, workforce expansion, and sales infrastructure, enhancing its modular software suite and driving recurring SaaS revenue growth of around 20% annually. The company increased its recurring sales share from 70% in 2020 to 85% in 2024 while strengthening its market position across logistics, construction, and service sectors. YellowFox now manages over 100,000 active vehicles and serves 5,000 clients through a network of 70 partners. Transaction terms were undisclosed. Rothschild & Co (M&A), Milbank (legal), OC&C (CDD), and KPMG (FDD&TDD) advised ECM on the deal, while cf:M (M&A) and CODEX (CDD) advised PMH. NKP | M&A Insights in multiple proprietary
Transaction announcement
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September 4, 2025

Update: the much-anticipated Rothschild-led sale of ECM’s vehicle telematics software firm YellowFox is reportedly progressing, with management meetings held over the summer and some form of indicative bids expected ahead of IM distribution - marketed off a 2025E run-rate EBITDA of EUR 12m - acc. to sources (NKP | M&A Insights Proprietary)

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Early coverage by NKP | M&A Insights (headline)
January 24, 2025

Company to watch: YellowFox, a vehicle telematics software provider for the DACH region, backed by private equity firm ECM since January 2021, emerges as a likely H2 2025 exit candidate amid strong recent growth, expected 2024 ARR of EUR 20-25m with sustained 20% YoY growth and good profitability, acc. to sources (NKP | M&A Insights Proprietary)

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NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)

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