PE-backed Safe Fleet completes Seon Design acquisition

Safe Fleet Holdings, a portfolio company of The Sterling Group, has closed its buy of Seon Design. No financial terms were disclosed. Seon is a maker of video surveillance and fleet management solutions for school and transit buses.

PRESS RELEASE

HOUSTON, Sept. 22, 2014 /PRNewswire/ — The Sterling Group, a private equity firm based in Houston, Texas, today announced that its portfolio company, Safe Fleet Holdings LLC, has completed the acquisition of Seon Design Inc.Safe Fleet is a market leader in providing safety solutions for fleet vehicles. The company designs and manufactures safety- and productivity-oriented components for the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets. Seon is Safe Fleet’s second acquisition in the last nine months and further broadens Safe Fleet’s extensive product offering, in line with its on-going growth strategy.

Seon is the leading manufacturer of video surveillance and fleet management solutions for school and transit buses. “Seon has developed and built an industry-leading software and hardware platform for mobile surveillance and fleet asset tracking and management,” said John R. Knox, Safe Fleet President and CEO. “The Seon products and capabilities are a great addition to Safe Fleet’s existing portfolio and will help us further serve our fleet vehicle customers.”

Safe Fleet was formed in 2013 through the simultaneous acquisitions of ROM Corporation and Specialty Manufacturing Inc. “Safe Fleet is committed to increasing its ability to provide critical safety products to its loyal customer base,” said Gary Rosenthal, a Partner at The Sterling Group. Safe Fleet will continue to pursue new acquisition opportunities to expand the products and solutions it offers its fleet vehicle customers.

About Safe Fleet
Headquartered in Belton, MO, Safe Fleet is a leading provider of safety solutions for fleet vehicles. Safe Fleet owns a portfolio of brands that help its customers improve the safety and efficiency of their fleets, operators, passengers and pedestrians. These fleets include: emergency vehicles, refrigerated trucks and trailers, utility vehicles, and bus and rail cars. The Safe Fleet family of brands includes ROM, Bustin, Prime Design, FRC, Specialty Manufacturing (SMI), Pretoria, Transpec, FoamPro, and now Seon. For more information about Safe Fleet and its family of brands, please visit www.safefleetsolutions.com.

About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.0 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Roberts Gordon and Aquatic.