Atlanta-based private equity firm Arcapita Inc. announced that B.R. Lee Industries Inc. (B.R. Lee) has entered a purchase agreement to be acquired by Vision Technologies Land Systems, Inc. (VTLS), a subsidiary of Singapore Technologies Engineering Ltd (ST Engineering).
The deal, valued at $129 million before closing adjustments, is expected to close after satisfaction of closing conditions and due regulatory approvals.
Arcapita executive director Charlie Ogburn said, “We are proud of our six-year relationship with B.R. Lee and its management team. Additionally, we are pleased to provide our investors with a profitable exit transaction.”
B.R. Lee, with its LeeBoy and Rosco brands, is a leader in the road construction and maintenance equipment market. It is the number one original equipment manufacturer in the U.S. by unit volume for commercial class asphalt pavers and brooms.
“ST Engineering offers B.R. Lee the infrastructure and vision to expand on a global landscape,” said Kelly Majeskie, president and CEO of B.R. Lee. “Our products have earned the reputation for productivity, performance and quality. Leveraging on ST Engineering’s financial strength and engineering resources, B.R. Lee aims to better serve its customers and stay at the forefront of pavement solutions technology with innovative quality products and excellent after sales support. We also welcome the opportunity to expand globally leveraging on ST Engineering’s established marketing network and business presence in Asia.”