TORONTO, Oct. 28, 2016 /CNW/ - TorQuest Partners announced today that the firm has completed the sale of Global Traffic Technologies, LLC ("GTT") to Gilbarco Inc. ("Gilbarco"). Terms of the transaction were not disclosed.
GTT is the global leader in priority traffic control for public transit and emergency vehicles, with a growing presence in the broader public transit market for solutions that improve public transportation efficiency, safety, and on-time performance. GTT has a substantial installed base, a reputation for technology leadership, and a proven record of product performance and reliability.
Michael Hollend, a Partner at TorQuest Partners, said, "GTT, a TorQuest Fund II investment, demonstrated an ability to leverage its intellectual property to innovate and develop products for emergency vehicles and transit systems, in North America and abroad. On behalf of TorQuest, we would like to thank GTT's management team for their dedication to the Company and excellent work over the course of our ownership."
Eric Berke, Managing Partner at TorQuest, added, "The success of our investment in GTT exemplifies TorQuest's strategy of investing in complex corporate carve-outs. We had a unique opportunity to establish a stand-alone business around a group of successful products and committed employees from 3M."
Since acquiring GTT from 3M in 2007, TorQuest made significant investments in GTT's people, processes and capabilities to support the future growth and development of the business. In recent years, GTT has successfully positioned its product portfolio to capitalize on the rapid growth in the transit market, while expanding sales efforts in international geographies. GTT enjoys strong long-term customer relationships worldwide and is well-positioned for continued success as a part of Gilbarco.
GTT and its shareholders were advised by William Blair & Co. and Stikeman Elliott LLP.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
SOURCE TorQuest Partners
For further information: For TorQuest Partners media inquiries: Joel Shaffer, Longview Communications, (416) 649-8006