Wed, 11/06/2014 - 06:05
Los Angeles-based private equity firm Levine Leichtman Capital Partners (LLCP) has partnered with management to complete the acquisition of Smith System Driver Improvement Institute.
Based in Arlington, Texas, Smith specialises in accident avoidance training for fleet vehicle drivers.
Smith has trained millions of drivers in over 100 countries and in 22 languages through its on-road, classroom, e-learning and new technology-based training and driver improvement programmes.
Smith is the third investment from Levine Leichtman Capital Partners Fund V.
Lauren Leichtman, co-founder and CEO of LLCP, says: "Smith System is a truly unique company offering its customers programs and content to invest in the safety of their employees, while also reducing accident rates and decreasing fleet operating costs. We are excited to partner with Tony Douglas and the rest of the Smith senior management team and look forward to continuing its history of best-in-class training programmes."
Tony Douglas, Smith's chief executive officer, and his management team will retain significant ownership in the company and will continue to lead Smith.
Douglas says: "I am very excited about partnering with LLCP as the company seeks to further strengthen its global market position and advance into its next stage of growth. LLCP has a long history of being a value-added partner to its portfolio companies through their strategic, financial and M&A expertise, and I expect our partnership to contribute meaningfully to the continued growth of our business."
Smith System was advised by Robert W Baird & Co.
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