RoadSafe Traffic Systems, a provider of traffic control and pavement marking services, has acquired Optim Earth.
Optim Earth is the third add-on acquisition for RoadSafe since ORIX Capital Partners acquired the company in February 2016 from Falcon Investment Advisors and Aperion Management. Aperion continues to have a minority equity interest in the company.
Optim Earth provides its customers with on-demand access to 3D subsurface information required to plan and build structures, roads, bridges, tunnels and pipelines. The company was founded by its president Bill Honjas and is headquartered in Reno, NV. Mr. Honjas and other members of the senior management team are remaining with the company under RoadSafe ownership.
“We are a service company that has some of the same customers as RoadSafe, such as state transportation departments, general contractors and utility companies,” said Mr. Honjas. “Optim Earth has products all over the world used for geotechnical investigations. We can provide huge cost savings to end users in the project design phase because they can plan for what is underground and avoid the headaches of project delays encountered when running into something unknown. Optim Earth joining RoadSafe is a win-win situation for everyone, and I’m excited to see the endless possibilities and opportunities that lie ahead.”
RoadSafe Traffic Systems is the largest and only national provider of pavement marking, sign installation, and traffic control services and equipment to heavy highway, building and specialty contractors; state transportation departments; local governments; special events organizations; railroads; and utility companies. RoadSafe operates from 50-plus locations, enabling it to serve projects of any size in over 40 states. The company is led by CEO David Meirick and is headquartered in Chicago (www.roadsafetraffic.com).
“The addition of Optim Earth creates synergies between our two companies, with many of the same customers supported for infrastructure construction, repair and maintenance projects,” said Mr. Meirick. “Optim Earth has earned a solid reputation with contractors and engineers for its expert staff, service and cutting-edge technology. Our goal is to expand that footprint across the country and leverage our customer partnerships nationwide in doing so.”
“With the acquisition of Optim Earth, ORIX Capital Partners continues to realize our goal of seeking strategic add-ons for RoadSafe,” said Terry Suzuki, president and CEO of ORIX Capital Partners. “This will complement the strong organic growth Optim Earth has experienced as a result of the incredible value, reliability and safety of its services.”
In October 2016, RoadSafe acquired Lemoyne, PA-based Protection Services which offers traffic control and pavement marking services to private contractors, federal agencies, state transportation departments, governmental entities and utilities; and in July 2017 it acquired Gibsonia, PA-based Beth’s Barricades, a provider of traffic control services and products (traffic signals, message and arrow boards, speed trailers) to contractors, municipalities and developers throughout Pennsylvania and Maryland.
ORIX Capital Partners invests from $50 million to $150 million of equity capital per transaction in North America based middle-market companies. The group will invest across a range of industries and special situations. Areas of specific interest include business services, retail, consumer, industrials, telecommunications and technology (www.orixcapitalpartners.com).
Aperion Management, which has been an investor in RoadSafe since its inception in 2007, invests in small to midsize businesses valued between $15 million and $150 million. The firm is based in New York.
© 2018 Private Equity Professional | August 30, 2018