CLEVELAND, May 18, 2021 /PRNewswire/ -- Evergreen Cooperatives, an internationally recognized nonprofit focused on revitalizing urban neighborhoods by preserving jobs that build middle-class wealth, has added to its growing portfolio of employee-owned businesses with the asset purchase of Intellitronix, an industry-leading producer of LED automotive aftermarket digital and analog gauges. Terms of the deal were not released.
The deal represents the fourth transaction by the Fund for Employee Ownership, an Evergreen Cooperatives social impact initiative designed to fund company transitions to employee ownership. The Fund closely aligns with the U.S. Securities and Exchange Commission's mission "to make a positive impact on America's economy, our capital markets, and people's lives."
Intellitronix, a wholly owned subsidiary of the US Lighting Group (OTC: USLG), manufactures microprocessor-controlled LED products, energy saving devices designed for the automotive electronic, marine, and recreational vehicle markets. The company produces a wide range of automotive electronics, accessories and digital gauges sold and distributed internationally. All products are 'Made in the USA' at its own manufacturing facility near Cleveland, Ohio.
The company currently has approximately 35 employees, but that number is expected to increase at least modestly after the conversion is completed.
The transaction benefits the remaining subsidiaries of the U.S. Lighting Group, which will now have additional capital to focus on new business opportunities, fuel growth, save existing jobs and ensure that manufacturing operations of those companies can remain in the Cleveland area.
Paul Spivak, CEO of US Lighting Group, added that, "This transaction strengthens the development and growth of our other companies for US Lighting and provides additional equity needed for up listing to NASDAQ."
Jeanette Webster, Chief Investment Officer of the Fund for Employee Ownership at Evergreen, stated, "This transaction represents the first manufacturing company conversion for the Fund. We are excited to add Intellitronix to our growing network of employee-owned businesses in the Cleveland area."
On a visit to Evergreen, Senator Sherrod Brown of Ohio called the Evergreen approach, "A model for how we can create green jobs in communities all across Ohio and the country. These for-profit, environmentally responsible businesses are helping revive historic but often neglected neighborhoods in downtown Cleveland. Most importantly, the Evergreen Cooperatives are putting Ohioans back to work in good-paying jobs—and over time, those employees even have a stake in the company. It's a truly revolutionary way of doing business that promotes local economic development."
Launched in 2008 by several Cleveland-based institutions, the Evergreen Cooperative Initiative works to create living-wage jobs in six low-income neighborhoods in the Greater University Circle area. The Fund for Employee Ownership, an Evergreen initiative, is designed to preserve local jobs, helps employee-owners build wealth and assists small business owners interested in transitioning beyond their current business interests.
Media Contact: Emma Sherrie, [email protected]
SOURCE Evergreen Cooperatives