NEW YORK, Feb. 3, 2021 /PRNewswire/ -- BBH Capital Partners (BBHCP) announced today that it has completed a minority equity investment in Clever Devices Ltd. (Clever Devices) in partnership with the existing management team and shareholder group. The existing management structure of Clever Devices will remain in place and BBHCP's Brad Langer and Rusty Lewis have joined the company's board of directors.
Founded in 1988, Clever Devices is a North American market leader in the design and development of Intelligent Transportation Solutions (ITS) for various modes of public transportation, including bus, rail, and paratransit. Headquartered in Woodbury, NY, the company also has offices in Canada, Brazil, and Italy. Clever Devices' mission critical technology solutions optimize the operations and management of transit fleets, enhance safety and security, and improve rider experiences through real time passenger information.
The new equity investment into Clever Devices will accelerate the company's ability to invest in innovative transit technology that addresses the evolving needs of its customers and expand its footprint around the world. "Over the past decade, Clever Devices has grown exponentially. Because of our robust technology portfolio, and our fierce commitment to our customers, we have become the partner of choice for hundreds of transit agencies in North America. Our partnership with BBHCP will enable us to continue to expand our business and invest in R&D while maintaining the customer-centric approach we are so proud of. BBHCP has a long history of partnering with mid-market companies, like ours, and their values align closely with ours. I am excited to welcome them as a partner to the Clever Devices' family," said Frank Ingrassia, CEO of Clever Devices.
Brad Langer, Co-Manager of BBHCP and Managing Director of BBH & Co., commented: "We have had the opportunity to build a relationship with the Clever Devices ownership group and management team over the past ten years, and we are excited that BBHCP has become the first outside investor in the company. Our diligence confirmed that Clever Devices is the market leader in transit technology for public and private mass transit and we believe that the company has significant near-term growth opportunities. The BBHCP investment is designed to facilitate this near-term growth while leaving the prior ownership group in control. We look forward to working closely with Clever Devices' senior management team."
About Clever Devices Ltd.: Founded in 1988, Clever Devices Ltd. (Clever Devices) is a global leader in the ITS market, with hardware and software products installed on more than 45,000 public and mass transit vehicles throughout the U.S. and Canada. The company's mission critical technology solutions optimize transit operations and the management of transit fleets, enhance safety and security, and improve rider experiences through real time passenger information. Clever Devices' product suite serves as the central operating system for major public and private mass transit authorities and the company is the market leader with 14 of the top 20 mass transit agencies in North America as customers.
About BBH Capital Partners: BBH Capital Partners (BBHCP), a private equity strategy of Brown Brothers Harriman & Co. (BBH), provides friendly capital solutions to growth-oriented middle-market companies with enterprise values between $50 million and $750 million. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities as needed. BBHCP typically invests between $50 million and $150 million per platform investment, and our capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations, buy-and-build strategies and acquisitions.
SOURCE Brown Brothers Harriman