Vicente Capital Partners Acquires Intellectual Technology
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Vicente Capital Partners Acquires Intellectual Technology

Vicente Capital Partners has acquired a controlling interest in Intellectual Technology, a provider of outsourced services to motor vehicle departments.  This is the firm’s seventh investment out of its $165 million Growth Equity Fund.

Intellectual Technology (ITI) is a provider of technology solutions and outsourced services to state motor vehicle departments across North America.  ITI’s service kiosks allow people to renew their vehicle registrations and renew their driver’s license at locations other than the physical offices of the DMV.  ITI currently provides kiosks to DMV offices in California, Nevada, South Dakota and New York. ITI also offers a fulfillment solution, whereby states can outsource their entire DMV registration operation to ITI’s corporate facility.  The company is based in Carlsbad, CA with a logistics and operations office located in Fort Wayne, IN (www.iti4dmv.com).

ITI’s management team is led by President Craig Litchin and Director of Operations Drew Nicholson. “We are excited to partner with Craig, Drew and their team,” said Jay Ferguson, Managing Partner of Vicente Capital Partners. “For over 20 years, ITI has maintained excellent customer service and developed long-term relationships with some of the largest jurisdictions in North America. We look forward to partnering with management to help the company accelerate its growth and capabilities.”

Intellectual Technology was represented by Imperial Capital, an investment bank servicing institutional investors and middle market companies.  OneWest Bank provided debt financing for this transaction.

Vicente Capital Partners is a private equity firm specializing in both non-control and control investments in businesses that have annual revenues between $5 million and $50 million. Sectors of interest include business services (outsourced services, Internet services, telecom services); consumer services (healthcare services, residential delivery, education); and specialty manufacturing (aerospace & defense, environmental products, networking/telecom equipment).  The firm is based in Los Angeles, CA (www.vicentecapital.com).

“Vicente Capital Partners shares our drive to modernize and improve the customer experience at DMVs across North America.  We are excited about this partnership and believe that together we can continue to grow and expand our offering,” said Craig Litchin, ITI President. “This partnership is a win for our customers, partners, employees, and suppliers.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-15-12

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