OneWest Bank Provides Financing for Vicente Capital Investment
Vicente Capital Partners, a growth equity investment firm, announced that an affiliate of its Growth Equity Fund acquired a controlling interest in Intellectual Technology, Inc. (ITI), a provider of technology solutions and outsourced services to motor vehicle departments (DMVs). ITI’s common stock will cease trading on the OTC Pink Sheets.
ITI was represented by Imperial Capital, an investment bank that serves institutional investors and middle-market companies. OneWest Bank provided debt financing. No further financial details were disclosed. This is Vicente Capital’s seventh investment out of its $165 million Growth Equity Fund.
Carlsbad, CA-based ITI offers both on-demand printing and fulfillment solutions to modernize DMV operations and services.
“Vicente Capital Partners shares our drive to modernize and improve the customer experience at DMVs across North America. We are excited about this partnership and believe that together we can continue to grow and expand our offering,” said Craig Litchin, ITI president. “This partnership is a win for our customers, partners, employees, and suppliers.”
Vicente Capital Partners is a private equity firm specializing in both non-control and control investments in growth businesses that have annual revenues between $5 million and $50 million.