Harris Williams & Co. Advises Safe Fleet on its Pending Sale to Oak Hill Capital Partners
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the pending sale of Safe Fleet, a portfolio company of The Sterling Group (Sterling), to Oak Hill Capital Partners (Oak Hill). The transaction is being led by Joe Conner, Frank Mountcastle, Jershon Jones, James O'Malley and Elliott Yousefian of Harris Williams & Co.’s Transportation & Logistics (T&L) Group and Daniel Savage of the firm’s Richmond office.
“Safe Fleet continues to redefine fleet safety and push forward technological innovations that are making fleets safer and more productive than ever before,” said Joe Conner, a managing director at Harris Williams & Co. “Safe Fleet’s unmatched platform enables the company to strengthen its existing leadership position while continuously entering new end markets, product categories and geographies.”
“Safe Fleet represents a landmark transaction for Harris Williams & Co. and the T&L Group,” added Frank Mountcastle, a managing director at Harris Williams & Co. “We have the highest respect for what management and Sterling have accomplished. The success of this transaction is indicative of Safe Fleet's unique position in the market and ability to capitalize on key, global mega-trends including safety, productivity and connectivity.”
Headquartered in Belton, Missouri, Safe Fleet owns a portfolio of brands that provide safety and productivity solutions to fleet vehicle manufacturers and operators around the world. These brands serve several major markets including: Bus, Rail, RV, Truck & Trailer, Work Truck, Law Enforcement, Emergency, Waste, Industrial and Military. With over 1,200 employees and 11 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger and pedestrian safety.
Oak Hill is a private equity firm managing funds with more than $10 billion of initial capital commitments since inception from leading global endowments and foundations, public and corporate pension plans, sovereign wealth funds, insurance companies, financial institutions, consultants and family offices. Over the past 30 years, the professionals at Oak Hill and its predecessors have invested in over 85 significant private equity transactions across broad segments of the U.S. and global economies. Oak Hill applies an industry-focused, theme-based approach to investing in the following sectors: Industrials; Consumer, Retail & Distribution; Media & Communications; and Services. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value.
Founded in 1982, Sterling is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 billion of assets under management.
Harris Williams & Co. (www.harriswilliams.com) a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s T&L Group serves companies in a broad range of attractive niches, including automotive and heavy duty vehicle, third-party logistics (3PL), truck, rail, marine and air transportation, and transportation equipment. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.