- Eland was founded in 2009 by Bo Qian
- Cross Keys Capital served as financial advisor to Eland while Stifel served as financial advisor to GAI and Comvest
- Based in West Palm Beach, Florida, Comvest invests in the middle market
GAI Consultants, which is backed by Comvest Partners, has acquired Fort Lauderdale, Florida-based Eland Engineering, a provider of engineering consulting and field maintenance services for intelligent transportation systems and traffic signal systems. No financial terms were disclosed.
GAI Consultants is a planning, engineering, and environmental consulting firm.
Eland was founded in 2009 by Bo Qian.
“The acquisition of Eland brings unique ITS expertise and capabilities that further strengthen GAI’s distinguished position in the transportation engineering and consulting market,” said Kevin LaHatte, a partner at Comvest in a statement. “State and municipal governments are increasing their infrastructure investments, which include building smart cities and improving traffic control and management technologies. Comvest looks forward to continuing to support GAI’s growth and investment in strategic acquisitions.”
Cross Keys Capital served as financial advisor and Silverman Schermer served as legal advisor to Eland in connection with the transaction. Stifel served as financial advisor and Akerman LLP served as legal advisor to GAI and Comvest in connection with the transaction.
Based in West Palm Beach, Florida, Comvest invests in the middle market, Comvest manages more than $9.3 billion in assets, and has invested over $11 billion since inception.