Thursday, June 21, 2018

Arizona's Verra Mobility Sold To Gores Group For $2.4 Billion

Mesa, Arizona-based Verra Mobility, which develops red light camera systems, speed enforcement, railroad crossing, and other systems used for traffic management, has been sold in a private equity deal worth $2.4 billion. The company's current private equity owner, Platinum Equity, said it has sold Verra Mobility to another private equity company, The Gores Group, via a plan of merger with Gores Holdings II, Inc., a special purpose acquisition company. The deal values Verra Mobility at 11.0x the company's 2018 pro forma Adjusted EBITDA of approximately $219 million. Newly renamed Verra Mobility was most recently known as American Traffic Solutions.