
has sold its ADS Ignition Interlock business to

a portfolio company of

ABOUT THE COMPANY:
SITUATION:
ENGAGEMENT:
OUTCOME:
Implementing tight liquidity management measures, G2 assisted Directed in negotiating a series of forbearance agreements without creating additional exposure for the Company’s senior lender. As a result of the ability to avoid incremental risk to the senior lender, the Company had sufficient runway to consummate two asset sale transactions in July 2020 that preserved the value of the going concern. The first was the sale of Directed’s Remote Start & Security and Connected Car Solutions businesses to VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets. The second was the sale of Directed’s ignition interlock device business, Alcohol Detection Systems (“ADS”), to CST Holding Company (“CST”). CST is a portfolio company of private equity firm Welsh, Carson, Anderson & Stowe (“WCAS”) and also owns the nation’s largest ignition interlock brand, Intoxalock.
DEAL TEAM:
SUB-SECTOR
Automotive Technology
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