Evergreen Cooperatives, Cleveland, Ohio, a nonprofit focused on revitalizing urban neighborhoods by preserving jobs that build middle-class wealth, has added to its growing portfolio of employee-owned businesses with the asset purchase of Intellitronix, an industry-leading producer of LED automotive aftermarket digital and analog gauges. Terms of the deal were not released.
The deal represents the fourth transaction by the Fund for Employee Ownership, an Evergreen Cooperatives social impact initiative designed to fund company transitions to employee ownership. The Fund closely aligns with the US Securities and Exchange Commission’s mission “to make a positive impact on America’s economy, our capital markets and people’s lives.”
Intellitronix, a wholly owned subsidiary of the US Lighting Group (OTC: USLG), manufactures microprocessor-controlled LED products, energy saving devices designed for the automotive electronic, marine and recreational vehicle markets. The company produces a wide range of automotive electronics, accessories and digital gauges sold and distributed internationally. All products are made at its manufacturing facility near Cleveland, Ohio. The company has approximately 35 employees, but that number is expected to increase after the conversion is completed.
The transaction benefits the remaining subsidiaries of the US Lighting Group, which now will have additional capital to focus on new business opportunities, fuel growth, save existing jobs and ensure that manufacturing operations of those companies can remain in the Cleveland area.
For more information, visit www.evgoh.com.