LOS ANGELES, Dec. 19, 2023 /PRNewswire/ -- Vance Street Capital LLC ("Vance Street") is pleased to announce it has signed a binding Sale and Purchase Agreement to sell Terra Insights ("Terra") to Orica (ASX: ORI), one of the world's premier mining and infrastructure providers, for CAD $505 million. Headquartered in Vancouver, British Columbia, Terra Insights is one of the leading global end-to-end sensor and data delivery technology platforms, providing geotechnical, structural and geospatial monitoring of critical assets in mining and infrastructure. The transaction is anticipated to close in the first half of 2024.
Vance Street invested in Terra through its second fund ("Vance Street Fund II") in 2017 as part of an ongoing industrial technology thesis around connected critical asset monitoring technology. Under Vance Street's ownership, Terra Insights has achieved double digit organic growth since 2017 and more than tripled revenue and while expanding margins. Growth was driven by the acceleration of new product development around connectivity and data systems, commercial expansion into new customers, geographies and monitoring technologies and executing complementary acquisitions to expand the integrated solutions to the Terra Insights customer base. This transaction marks the fifth realization for Vance ...