True Wind Capital Recapitalizes Transflo

SAN FRANCISCO–(BUSINESS WIRE)–True Wind Capital Management today announced that it has led a new
investment in Transflo, partnering with its management team to
recapitalize the business. Based in Tampa, Florida, Transflo is a
leading mobile, telematics, and business process automation provider to
the transportation industry.

“The transportation industry is experiencing significant change, and
most of it comes from software and technology,” stated Frank Adelman,
President and CEO of Transflo. “We’re excited to work closely with True
Wind to meet the industry’s current and emerging needs. Their investment
and expertise will help us grow the business at greater scale and bring
innovation to more segments of the industry.”

True Wind’s investment serves as a capstone for Transflo’s 2017 growth.
Total downloads of Transflo Mobile, the company’s flagship enterprise
solution, grew to over 940,000 while active commercial driver users grew
72% during the year. Annually, Transflo facilitates nearly $54 billion
in freight volume and digitizes 500 million transportation documents
throughout the supply chain.

“Transflo’s technology platform, customer footprint, and impressive
growth have been hard to match,” shared Jamie Greene, Founding Partner
at True Wind. “We’re pleased to be a partner in the next stage of the
company’s growth and to invest in the future of fleet management and
logistics software. Our specialty in software and industrial technology
is well matched with the current position and future opportunities of
the company.”

With the recapitalization, private equity firm Carousel Capital,
Transflo’s owner since 2013, will remain a minority investor in the
company. Carousel has worked with the management team to grow Transflo’s
core document capture services, develop industry-leading mobile
solutions, and enter the telematics market.

“It’s been rewarding to work with Frank Adelman and this talented
management team as they’ve accomplished so much,” added Jason Schmidly,
Managing Partner at Carousel Capital. “We are grateful for our
partnership and are thrilled to continue as investors in the company.”

About Transflo

Transflo® by Pegasus TransTech is a leading mobile, telematics, and
business process automation provider to the transportation industry in
the United States and Canada. Through its technology, the company
delivers real-time communications to thousands of fleets, brokers, and
commercial vehicle drivers. The company’s mobile and cloud-based
technologies digitize nearly 500 million shipping documents each year,
representing approximately $54 billion in freight bills. Organizations
throughout the Transflo client and partner network use the solution
suite to increase efficiency, improve cash flow, and reduce costs.
Headquartered in Tampa, Florida, USA, Transflo is setting the pace of
innovation in transportation software. For more information, visit

About True Wind Capital

True Wind Capital is a San Francisco-based private equity firm focused
on investing in leading technology companies. True Wind is a value-added
partner, providing support and expertise that is rooted in 75+ years of
collective investing experience. Visit
for more information.

About Carousel Capital

Carousel Capital is a private investment firm that invests in companies
located in the Southeastern United States. Carousel’s investor base
includes institutional investors and an elite group of more than 100
current and former CEOs with significant operating experience. Since its
inception, Carousel has invested in 38 companies primarily in three
targeted growth sectors: business services; consumer services; and
healthcare services.


Pegasus TransTech
Samantha Jones, 813-386-2346