Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that Smith System Driver Improvement Institute, Inc. (“Smith”), a portfolio company of Levine Leichtman Capital Partners V, L.P., successfully completed a recapitalization whereby Smith (http://www.smith-system.com/) raised a $35.0 million senior credit facility. Proceeds of the transaction were used to refinance existing debt, pay a shareholder dividend, and provide for on-going working capital needs of Smith. The senior credit facility was provided by Bank of Ireland.
Based in Arlington, Texas, Smith is considered the pioneer and market leader in accident avoidance training for fleet vehicle drivers. Founded in 1952, Smith works with fleet managers of any vehicle type to provide training programs and content resources to change driver behaviors by focusing on Smith’s 5 Keys to On Road Driver Safety®. Smith has trained millions of drivers in over 100 countries and in 22 languages through its on-road, classroom, e-learning and new technology-based training and driver improvement programs making it the most comprehensive driver management solution provider.