California-based equity firm buys Iowa company
CLIVE (AP) — A California-based private equity firm has bought an Iowa company that produces breath-alcohol monitoring devices.
The Des Moines Register reports that Consumer Safety Technology says the purchase by ClearLight Partners, of Newport Beach, Calif., will provide the capital the Clive company needs to expand. It has about 145 employees nationwide.
Consumer Safety Technology CEO Dave Arringdale says ClearLight understands “what it takes to make these things work, and they are willing to invest in and support us.”
Financial terms aren’t being disclosed.
Consumer Safety Technology makes Intoxalock products. They include home monitors that people use voluntarily and auto ignition locks that courts require of some people convicted of drunken driving.