BELTON, Mo. — Safe Fleet Holdings LLC has entered into a definitive agreement to be acquired by Oak Hill Capital Partners, the companies announced on Tuesday.
Oak Hill, a private equity firm based in New York City, will acquire Safe Fleet from its current owner, The Sterling Group. The transaction is expected to close in the first quarter of 2018.
Safe Fleet provides a variety of equipment for school buses, including video surveillance systems, stop arms, crossing arms, and roof hatches. The company’s brands include Seon, Specialty Manufacturing, and Transpec.
“We have tremendous respect for what Safe Fleet has accomplished. The company has built a unique and growing portfolio of market-leading safety and productivity solutions,” said Brian Cherry, a partner at Oak Hill. “We are excited to partner with Safe Fleet to support the company through its next phase of development, as it continues to grow both organically and through strategic acquisitions.”
Gary Rosenthal, a partner at Sterling and chairman of Safe Fleet’s board of directors, said that Safe Fleet has grown “from two small component suppliers to a leader in safety solutions for fleet vehicles.”
John Knox, president and CEO of Safe Fleet, added, “We believe our new partnership with Oak Hill, a firm that shares our culture of collaborative engagement and continuous improvement, will even further accelerate Safe Fleet’s growth trajectory as a highly differentiated safety and productivity solutions platform.”