Evergreen Cooperatives, an internationally recognized nonprofit focused on revitalizing urban neighborhoods by preserving jobs that build middle-class wealth, has added to its growing portfolio of employee-owned businesses with the asset purchase of Intellitronix, an industry-leading producer of LED automotive aftermarket digital and analog gauges. Terms of the deal were not released.
The deal represents the fourth transaction by the Fund for Employee Ownership, an Evergreen Cooperatives social impact initiative designed to fund company transitions to employee ownership. The Fund closely aligns with the U.S. Securities and Exchange Commission's mission "to make a positive impact on America's economy, our capital markets, and people's lives."
Intellitronix, a wholly owned subsidiary of the US Lighting Group (OTC: USLG), manufactures microprocessor-controlled LED products, energy saving devices designed for the automotive electronic, marine, and recreational vehicle markets. The company produces a wide range of automotive electronics, accessories and digital gauges sold and distributed internationally. All products are 'Made in the USA' at its own manufacturing facility near Cleveland, Ohio.
The company currently has approximately 35 employees, but that number is expected to increase at least modestly after the conversion is completed.