Holding company US Lighting Group sold Intellitronix to nonprofit Evergreen Cooperatives.
Evergreen will transition Intellitronix to an employee-owned company. Intellitronix makes electronic supply/management systems for RVs as well as LED temperature gauges. The company also makes aftermarket digital and analog gauges for the antique and muscle car markets.
“This transaction strengthens the development and growth of our other companies, and provides additional equity needed for up listing to NASDAQ,” US Lighting Group CEO Paul Spivak said.
Evergreen’s initiative, Fund for Employee Ownership, acquired Intellitronix’s brand name, products, equipment, website and social media presence.
US Lighting Group stated the purchase benefits its other subsidiaries, Cortes Campers, Fusion X Marine and an upcoming composite off-grid house line called Futuro Houses.
“(The subsidiaries) will now have additional capital to focus on new business opportunities, fuel growth and ensure that manufacturing operations of those companies continue to expand,” US Lighting Group stated. The company stated additional capital will provide resources to focus on its “newest ventures” in composites and the RV industry.
Evergreen said its initiative closely aligns with the Securities and Exchange Commission’s mission, which aims “to make a positive impact on America’s economy, our capital markets and people’s lives.”
“This transaction represents the first manufacturing company conversion for the Fund,” said Jeanette Webster, Evergreen Cooperatives’ chief investment officer of its Fund for Employee Ownership. “We are excited to add Intellitronix to our growing network of employee-owned businesses in the Cleveland area.”
