This year has proved to be very active for Beringea. The private equity group, which provides equity and/or mezzanine debt to small- and-middle market companies, has exited five companies. Details on the transactions can be found below.
The Firm, which includes Michigan-based Beringea, LLC and its London, UK office (Beringea LLP), invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders.
In September, Livio Radio, a Ferndale, Mich.-based developer of software tools to support in-vehicle connectivity solutions, was acquired by Ford Motor Co. (NYSE: F). Beringea, LLC’s fund first invested in Livio in June 2010.
In August, Relume Technologies, an Oxford, Mich.-based manufacturer of outdoor LED products and smart grid control systems for outdoor lighting applications, was acquired by Revolution Lighting Technologies, Inc. (NASDAQ: RVLT), a leader in advanced LED lighting technology. Beringea, LLC’s fund first invested in Relume in December 2009.
In June, Pioneer® Surgical Technology, a Marquette, Mich.-based company that manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets, was acquired by RTI Biologics Inc. (NASDAQ: RTIX), a leading provider of orthopedic and other biologic implants. Beringea, LLC’s fund first invested in Pioneer in 2008. Under the terms of the merger agreement, RTI paid $130 million in cash to acquire all the outstanding stock of Pioneer.
In May, Beringea, LLP exited its investment in Fjord, a market-leading international service design consultancy based in London, UK. The company was sold to Accenture. Beringea, LLP first invested in Fjord in December 2008.
In April, Beringea LLP exited its investment in London, UK-based restaurant chain Tossed. Beringea, LLP first invested in Tossed in April 2010.