NEWPORT BEACH, CA June 25, 2012 – Private equity firm ClearLight Partners announced today that it has acquired a significant ownership interest in Consumer Safety Technology, LLC, manufacturer of the state-of-the-art Intoxalock® breath alcohol monitoring devices. Commonly used by DUI offenders in order to retain driving privileges, Consumer Safety Technology’s core ignition interlock products prevent an engine from starting when alcohol is present on the driver’s breath. CST will use the investment from ClearLight to fund a range of attractive growth initiatives. Financial terms of the transaction were not disclosed.
David Arringdale, CEO of Consumer Safety Technology, commented “We are excited to be partnering with ClearLight Partners as we enter the next phase of our company’s growth and development. ClearLight shares our vision of reducing drunk driving and other alcohol-related crimes, while providing excellent and compassionate service to our customers.”
Josh Mack, a Principal at ClearLight, stated “Consumer Safety Technology has developed industry-leading technology and has displayed a strong and consistent track record of impressive growth. We look forward to providing the capital to support the company’s continued expansion, enabling Consumer Safety Technology to capitalize on the increased use of interlock devices to combat drunk driving.”
Michael S. Kaye, Managing Partner at ClearLight, added “We are impressed with the great job that CST’s co-founders, Kevin Doyle and Scot Lewton, have done and with David Arringdale’s leadership in building on the platform they established. We are excited to partner with David and his management team to continue to build on the company’s legacy of innovation and growth.”
About ClearLight Partners
ClearLight Partners is a private equity firm located in Newport Beach, CA with $600 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential.
For more information, visit www.clearlightpartners.com
About Consumer Safety Technology
Founded in 1992, Consumer Safety Technology designs and develops breath alcohol monitoring devices under the Intoxalock® brand. Its technology is used in breath alcohol ignition interlock devices (BAIID or IID) and home alcohol monitoring devices. The company’s core interlock products are installed into customer vehicles via a network of more than 1,000 conveniently-located installation centers throughout the U.S. Consumer Safety Technology is headquartered in Des Moines, Iowa.
For more information, visit www.intoxalock.com.