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PRESS RELEASE: Beringea, LLC portfolio company Livio sold to Ford Motor Co.
October 2, 2013
FARMINGTON HILLS, Mich. — Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has announced its fund’s exit from Livio (formerly Myine Electronics DBA Livio Radio). The Ferndale, Mich.-based company, which builds products and software tools to support in-vehicle connectivity solutions, was bought by Ford Motor Co. (NYSE: F) for an undisclosed amount.
Livio, which was founded by Jake Sigal in 2008, will become a wholly owned subsidiary of Ford Global Technologies and function as a separate department within Ford Electrical/Electronic Systems Engineering. Beringea’s fund first invested in Livio in 2010; the exit is the fifth this year for the private equity group, which includes Beringea’s London, UK affiliate, Beringea LLP.
“Livio is a great Michigan story — the company was founded in metro-Detroit, funded by Mich.-based firms (among others) and acquired by one of Michigan’s most well-known global companies,” said David Ruby, principal at Beringea. “Jake and his team should be commended for growing the company and preparing it so well for its next stage of development, as a business unit of Ford.”
Ford’s purchase of Livio is designed to accelerate innovation by providing access to each other’s talented engineers and unique intellectual property, as well as enabling both companies to work toward developing an industry standard for smartphone-to-vehicle communications.
“With the additional expertise Livio provides us, Ford intends to continue to lead the next generation of in-car connectivity with technology advancements that give consumers more options to access their devices on the go,” said Paul Mascarenas, chief technical officer and vice president, Ford Research and Innovation.
“At Livio, our philosophy is centered on bringing customers more connectivity with less hassle,” said Livio CEO Jake Sigal. “We believe this partnership is an excellent match, as it will give us the ability to work with Ford to provide customers even more access to new technologies in the vehicle infotainment space.”
Metro-Detroit-based Livio was built in the guest bedroom of Livio founder and CEO Jake Sigal’s home in 2008 on the foundation of “More Music, Less Work.” Today, those words remain more than a catchy slogan. It’s a philosophy, a way of life that drives Livio employees and a growing list of breakthrough products. It’s about streamlined engineering, fewer headaches for their customers, and putting an end to unnecessary product hassles. Livio collectively fights above its weight class in the pursuit of American innovation, giving their big-name business partners the freedom to do what they do best. More information can be found at www.LivioConnect.com.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 177,000 employees and 65 plants worldwide, the company’s automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford and its products worldwide, please visit http://corporate.ford.com.
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.