Levine Leichtman Capital Partners has recapitalized its portfolio company Smith System Driver Improvement Institute through a new $35 million senior credit facility provided by the Bank of Ireland. Proceeds of the transaction were used to refinance existing debt, pay a shareholder dividend, and provide for on-going working capital needs of the company. Smith System was acquired by Levine Leichtman in June 2014.
Smith System provides accident avoidance training for fleet vehicle drivers. Smith works with fleet managers of any vehicle type to provide training programs and resources to change driver behaviors by focusing on Smith’s 5 Keys to On Road Driver Safety. Smith has trained millions of drivers in over 100 countries and in 22 languages through its on-road, classroom, e-learning and new technology-based training and driver improvement programs. The company was founded in1952 and is based in Arlington, TX (www.smith-system.com).
Here’s a company safety video from 1956.
Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. Prior investments by LLCP include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group, and Luminator Technology Group. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).
2014 PEPD • Private Equity’s Leading News Magazine • 11-4-14
