Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras.
Photo courtesy of Verra Mobility.
Gores Holdings II, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, today announced that it completed the acquisition of Verra Mobility, the leading provider of tech-enabled smart transportation solutions.
The transaction was unanimously approved by the boards of directors of both Gores Holdings II and the parent company of Verra Mobility, and was approved at a special meeting of Gores Holdings II’s stockholders yesterday. Holders of fewer than 1% of the outstanding shares elected to exercise their redemption rights. In connection with the transaction, Gores Holdings II has been renamed Verra Mobility Corporation, and its common stock and warrants now trade on NASDAQ under the symbols “VRRM” and “VRRMW,” respectively.
As previously announced, in addition to the $400 million raised by Gores Holdings II in its initial public offering, large institutional investors such as GIC, Hamilton Lane, and Northwestern Mutual participated in a $400 million private placement, which was led by Alec Gores, chairman and CEO of The Gores Group.
As a result of the acquisition and the private placement, funds managed by affiliates of Platinum Equity, the prior majority owners of Verra Mobility, hold an approximately 34% combined stake in the company.
Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility maintains its leadership position in the marketplace through meaningful scale and has demonstrated consistent revenue growth underscored by its differentiated transaction processing model.
Until recently, Verra Mobility was known as American Traffic Solutions, and was rebranded following the acquisitions of Highway Toll Administration and Euro Parking Collection, transactions that helped transform the business into a global enterprise with a broad range of transportation technology solutions.
Verra Mobility is headquartered in Mesa, Ariz., and currently operates in 15 countries.
As of the closing of the acquisition, the Verra Mobility Board of Directors consists of Randall Bort, Jacob Kotzubei, Bryan Kelln, Jeffrey Rea, David Roberts, Jay Geldmacher, and John Rexford.
Deutsche Bank Securities Inc. acted as lead capital markets advisor, lead private placement agent, and financial advisor to Gores Holdings II. Goldman, Sachs & Co acted as joint capital markets advisor and joint private placement agent and financial advisor and Moelis & Company and Credit Suisse LLC acted as financial advisors to Gores Holdings II.
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