Newport Beach-based private equity firm ClearLight Partners LLC said it has acquired a “significant” stake in Consumer Safety Technology LLC in Des Moines, Iowa.
Consumer Safety manufactures breath alcohol monitoring devices under the Intoxalock brand. The products are designed to prevent car engines from starting when alcohol is detected on the driver’s breath.
Terms of the deal were undisclosed.
ClearLight has $600 million in assets under management in two funds. The firm typically invests between $10 million and $50 million in equity, and currently holds nine companies in its portfolio.
It looks for companies that have revenue ranging from $20 million to $250 million, and pre-tax earnings of between $5 million and $25 million.