Bus

Specialty Manufacturing acquired by private equity group

Posted on October 10, 2013

The Sterling Group, a middle market private equity firm based in Houston, announced that its affiliated investment fund, Sterling Group Partners III LP, has completed the acquisition of ROM Corp. and Specialty Manufacturing Inc. (SMI), combining the businesses through its holding company, Safe Fleet Acquisition Corp.

The investment is Sterling’s fifth investment in its third fund, an $820 million fund raised in 2010. The companies were formerly owned but independently operated and financed by Century Park Capital Partners.

Headquartered in Belton, Miss., the newly combined company provides safety-and productivity-oriented components to the emergency vehicle, truck and trailer, utility vehicle, school bus and transit bus end markets. Together, ROM and SMI maintain a leading market position across the majority of its niche product lines. The company’s value-added products focus on enhancing worker safety and productivity and are characterized by their durability, reliability, and versatility in usage and application.

“We are pleased to partner with Sterling to bring these two companies together, deepen our product offerings, and expand our ability to serve our customers,” said Joe Uebbing, former CEO of SMI and newly appointed CEO of Safe Fleet.




View comments or post a comment on this story. (0 Comments)

More News

Calif. purchase incentives now available for New Flyer electric buses

The Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project was created by the California Air Resources Board to speed the early market introduction of clean, low-carbon hybrid and electric vehicles and is administered and implemented through a partnership with CALSTART.

REI receives New Flyer's gold 'Supplier' award

The company was recognized for exceeding delivery expectations for the fourth year in a row.

Luxury bus Leap Transit shut down for operating illegally

The startup was recently granted what’s known as the “authority to operate” — a precursor to an official license. But by driving its route between the Marina district and the Financial District without a license, regulators determined that Leap was breaking the law, according to SFGate.

New York MTA bus ridership down

Tens of thousands have been ditching the bus in Brooklyn and Manhattan, while there were modest gains on Bronx and Staten Island routes; Queens had a small decline in ridership, according to the MTA figures. The decline is attributed to traffic congestion and fare hikes.

DC Circulator set to intro new diesel-electric buses

In addition to being more energy efficient, the new buses will have better air conditioning and USB ports for riders to charge their phones.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close