Toronto, Ontario – TorQuest Partners, along with members of the senior management team of the businesses, announced today it has completed the acquisition of 3M's Opticom Priority Control Systems and Canoga Traffic Detection businesses.
The new company, called Global Traffic Technologies LLC ("Global Traffic Technologies"), will be headquartered in the St. Paul / Minneapolis area of Minnesota under the leadership of Rick Sachse, formerly manager of these businesses that were part of the 3M Traffic Safety Systems Division. The Opticom® priority control system provides green light priority to emergency vehicles for improved response times, and enhances delivery of public transit services. Canoga traffic detection supports advanced traffic management with vehicle detection and monitoring technology.
"Global Traffic Technologies will continue to fully support and expand our market leading technologies in priority control systems including our infrared-based and GPS radio systems, and traffic detection systems," said Rick Sachse. "Customers will continue to be supported by our strong network of local dealers and the same organization that has supported them in the past."
Added TorQuest Principal Bogdan Cenanovic, "We believe this business will thrive as a stand-alone company because it has the management and technology to capitalize on important global trends related to improving public security and the flow of public transit. TorQuest is committed to investing in the development of new products, services and technologies that will continue to provide value for customers. The products will continue to be sold under the Opticom and Canoga brands offering the reliability, quality and performance required by customers, and will continue to be serviced around the world."
Founded in 2002, TorQuest Partners Inc. is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise.
About Global Traffic Technologies
Global Traffic Technologies, which will be headquartered in the St. Paul / Minneapolis area of Minnesota, is a worldwide leader in traffic signal priority control systems and traffic detection systems. The traffic signal priority control systems, which are marketed under the Opticom name, are hardware and software systems that grant priority to emergency response and transit vehicles approaching an intersection. The traffic detection systems, which are marketed under the Canoga name, are used for a variety of applications including freeway traffic monitoring and analysis.