TorQuest Partners has completed the sale of Global Traffic Technologies (GTT) to Gilbarco.
Terms of the transaction have not been disclosed.
GTT provides priority traffic control for public transit and emergency vehicles, with a growing presence in the broader public transit market for solutions that improve public transportation efficiency, safety and on-time performance.
Michael Hollend, a partner at TorQuest Partners, says: "GTT, a TorQuest Fund II investment, demonstrated an ability to leverage its intellectual property to innovate and develop products for emergency vehicles and transit systems, in North America and abroad. On behalf of TorQuest, we would like to thank GTT's management team for their dedication to the company and excellent work over the course of our ownership."
Eric Berke, managing partner at TorQuest, says: "The success of our investment in GTT exemplifies TorQuest's strategy of investing in complex corporate carve-outs. We had a unique opportunity to establish a stand-alone business around a group of successful products and committed employees from 3M."
Since acquiring GTT from 3M in 2007, TorQuest made significant investments in GTT's people, processes and capabilities to support the future growth and development of the business.
In recent years, GTT has positioned its product portfolio to capitalise on the rapid growth in the transit market, while expanding sales efforts in international geographies.