Eberle Design, Inc (EDI) has been sold for an undisclosed sum.
Los Angeles-based private equity provider Vance Street Capital has acquired EDI from PPG, which itself bought EDI in December 2020 as part of the Ennis-Flint business.
Ennis-Flint remains as PPG’s traffic solutions business unit and is not impacted by the sale of EDI, PPG says.
EDI’s existing management team will continue to lead the day-to-day business operations under its new ownership.
Vance Street says EDI , formed in 1980, will become part of its traffic and pedestrian safety ITS platform.
This comprises Polara Enterprises (bought in 2021) and Carmanah Technologies (which Vance Street acquired last month).
Vance Street plans to put money into its new buy; partner Steve Sandbo said: "We are prepared to make significant investments at EDI to accelerate the businesses product innovation, organisational infrastructure and manufacturing excellence.”
EDI president Dr. John Shearer said the deal opened up "significant opportunities for EDI to further its position as the leader in intersection safety and mission critical ITS products for safe & connected infrastructure".
“EDI is a great example of our efforts to invest organically as well as through M&A to build a leading ITS platform to support Vision Zero’s movement to eliminate traffic-related fatalities through providing a holistic product and technology solution to municipalities and DoTs,” said John LeRosen, partner at Vance Street.
Harris Williams and Paul Hastings acted as financial and legal advisors to Vance Street and Polara/Carmanah. Debt financing for the transaction was provided by Barings’ Global Private Credit and Manulife Investment Management.