Driving Dynamics' Liggio Buys Out Retiring Owners
Art Liggio, Driving Dynamics' president and CEO, has acquired the fleet driver training company from its retiring founders with the help of an investment firm and Philadelphia-based financial institution.
Liggio steps into the role of managing owner with majority owner Intuitis LLC, an investment firm with offices in New York and Paris, and investment bank Delancey Street Capital Partners of Conshohocken, Pa.
"This transition of leadership will allow the company to continue servicing its traditional market and capture significant new growth opportunities," said Nicolas Delcourt, founding partner of Intuitis. "Driving Dynamics is perfectly in line with our investment strategy: a strong management team already in place, a company with a solid track record of historical cash flows and significant upside potential."
The Newark, Del.-based Driving Dynamics has been under the private ownership of Bill Buff and Paull Hubbard since 1987. Liggio joined the company in 2008.
Intuitis partners liked Driving Dynamics' domain expertise, a strong position in the driver training space, good reputation in the marketplace, a passion and commitment of the leadership team for growing the business, and the proven ability to execute, according to the company.
"We were very impressed by Art's leadership skills, deep knowledge of the safety market, and strategic vision," said John Perrachon, an Intuitis partner. "We now look forward to working hand in hand with management, further expanding Driving Dynamics, and executing its strategic plan with a special focus on the e-learning offering."