BBH Capital Partners Completes Investment in Clever Devices LTD.

February 03, 2021
  • Private Banking
BBH Capital Partners (BBHCP) announced today that it has completed a minority equity investment in Clever Devices Ltd.

New York, NY, February 3, 2021 — 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 expands 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.

Brown Brothers Harriman & Co. (“BBH”) may be used as a generic term to reference the company as a whole and/or its various subsidiaries generally. This material and any products or services may be issued or provided in multiple jurisdictions by duly authorized and regulated subsidiaries.This material is for general information and reference purposes only and does not constitute legal, tax or investment advice and is not intended as an offer to sell, or a solicitation to buy securities, services or investment products. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties under the U.S. Internal Revenue Code, or other applicable tax regimes, or for promotion, marketing or recommendation to third parties. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed, and reliance should not be placed on the information presented. This material may not be reproduced, copied or transmitted, or any of the content disclosed to third parties, without the permission of BBH. All trademarks and service marks included are the property of BBH or their respective owners.© Brown Brothers Harriman & Co. 2021 All rights reserved.

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