December 8, 2020
BBH Capital Partners Invests in Clever Devices
(Woodbury, New York) – Clever Devices announced that BBH Capital Partners (“BBHCP”) has become a minority investor in the company. The management structure of Clever Devices will remain in place and BBHCP will have representation on the company’s board of directors.
The new investment includes a significant equity infusion into Clever Devices which will accelerate the company’s ability to invest in innovative transit technology that addresses the evolving needs of its customers and expands its footprint around the world.
“Over the past decade, Clever Devices has grown exponentially. Because of our robust technology portfolio and our fierce commitment to our customers, we have become the partner of choice for hundreds of transit agencies in North America. Our partnership with BBH will enable us to continue to expand our business and invest in R&D while maintaining the customer-centric approach we are so proud of. BBH has a long history of partnering with mid-market companies like ours and their values align closely with ours. I’m excited to welcome them as a partner to the Clever Devices’ family,” said Frank Ingrassia, CEO of Clever Devices.
Brad Langer, Co-Manager of BBHCP and Managing Director of BBH & Co., commented: “We have had the opportunity to build a relationship with the Clever Devices ownership group and management team over the past ten years and we are excited that BBHCP has become the first outside investor in the company. Our diligence confirmed that Clever is the market leader in transit technology for public and private mass transit and we believe that the company has significant near term growth opportunities. The BBHCP investment is designed to facilitate this near term growth while leaving the prior ownership group in control. We look forward to working closely with Frank, Buddy and the senior management team of Clever.”