Fleetsu was a private, industry leading fleet management and telematics business. Founded in 2015 by Jakub Felinski, Fleetsu had grown a strong Australian presence and had secured several key Australian clients, including Toyota and Centurion. Following a number of equity raisings, Fleetsu was looking to expand in Australia and large international markets, such as North America. Fleetsu was approached by Teleo Capital and its investee Rand McNally, a 150-year-old business and trusted brand, with access to a large pre-existing North American customer base in its Fleet Management arm, but which required cutting-edge technology.
A merger was agreed, whereby Fleetsu shareholders received cash and shares in the unlisted Rand McNally Fleet and Jakub Felinski was appointed CIO and a Director.




Conquest Capital was exclusive financial adviser to Fleetsu following previous equity raising assignments.

Conquest Capital advised on relative valuations, assisted in negotiations and the preparation of financial forecasts, managed vendor and acquirer due diligence and project management.


Merger combined the financial power of Teleo, the trusted brand of Rand McNally Fleet and the globally cutting-edge technology of Fleetsu

Fleetsu shareholders received a highly attractive revenue multiple for their business and a well-priced entry into Rand McNally Fleet. This provides significant future value upside structured in a tax-effective manner.

Fleetsu founder retained a significant minority stake in Rand McNally Fleet and is aligned to the future success of the merged business.


"Simply put, this sale would not have happened without John and his team. The intensity of the transaction and detailed scrutiny of Fleetsu’s business was met by a logical and measured firmness from John, who negotiated hard on key matters, but was pragmatic to resolve issues so that the vision of the overall merger was achieved. He was in command and across all of the varied issues that the transaction threw at him – scrip for scrip taxation issues, acquirer demerger, relative valuation, Fleetsu financial forecasts and due diligence, Rand McNally financial forecasts and due diligence, issues arising from the legal documentation and process management. Most importantly he was able to bridge the cultural and structural differences of doing transactions between a US private equity firm and their New York counsel and the Australian way of normally undertaking these. Whilst he took a strategic view across the entire transaction, he was across all of the detail and on many occasions rolled up his sleeves to “get it done”. I have worked with John a number of times since he first assisted us 5 years ago with a capital raising. He is transparent and open with his advice, has excellent problem-solving skills and brings with it absolute integrity and tenacity to work in the best interests of Fleetsu.”

Jakub Felinski
Fleetsu (March 2022)
CEO and Founder

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