It’s business as usual for Safe Fleet and its transportation fleet brands following an announcement of a pending sale to Oak Hill Capital Partners.
Financial terms were not disclosed. But a Safe Fleet representative told STN the acquisition from current owner The Sterling Group is expected to close before March 31.
“There will be little to no impact to Safe Fleet customers. The Safe Fleet leadership team, management, employees, operations, vision and strategy will remain the same,” the spokeswoman said. “This change of ownership helps support the company through its next phase of development as it continues to grow organically and through strategic acquisitions. Our vision to be the global leader in safety solutions for fleet vehicles.
Safe Fleet’s reach into the school bus industry includes Seon video surveillance and routing solutions; Pretoria flooring, step treads and bumpers; Specialty Manufacturing lighting and stop arms; and Transpec stop arms, crossing gates and evacuation roof hatches.
“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, in a statement on Tuesday. “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.”
Another partner, John Rachwalski, added that the Safe Fleet investment provides Oak Hill with the opportunity to invest in a niche market leader that is “supported by attractive secular tailwinds.”
Safe Fleet President and CEO John Knox recognized The Sterling Group’s ability to work with company’s 1,200 staff members at 11 manufacturing locations to execute a shared vision for serving an expanded group of fleet customers. “We believe our 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,” he added.
The acquisition will mark Oak Hill’s seventh investment in its portfolio.