Levine Leichtman Inks Deal for DRI, Mobitec

Levine Leichtman Capital Partners  said Wednesday that it has agreed to buy nearly all the operating assets of DRI Corp., including those under the Mobitec brand name. Financial terms weren’t announced. DRI makes and sells Mobitec and TwinVision display systems and digital recorders. In March, DRI announced it planned to sell its operations via a Chapter 11 bankruptcy.

PRESS RELEASE

Levine Leichtman Capital Partners (“LLCP”) is pleased to announce that an affiliate has signed a definitive asset purchase agreement with DRI Corporation (“DRI”) to purchase substantially all of DRI’s operating assets and its worldwide operating subsidiaries including those operating under the Mobitec brand name.  Upon successful completion of the sales proceeding, the purchase of the assets will be funded through an existing LLCP portfolio company, Luminator Technology Group.  In 2010, LLCP partnered with Luminator’s management to acquire Luminator Technology Group, a global supplier of advanced passenger information systems and LED displays for a wide range of applications in metropolitan and commercial transportation systems.

 

About Levine Leichtman Capital Partners

Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $5.0 billion of institutional investment capital through private equity partnerships, distressed debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners IV, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., and Levine Leichtman Capital Partners Deep Value Fund II, L.P. Prior investments by Levine Leichtman Capital Partners include CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group, Overhill Farms and Quizno’s.