LONDON, June 27, 2018 – Montagu Private Equity (“Montagu”), a leading private equity firm in Europe, and CVC Capital Partners (“CVC”) announced today that they have reached an agreement for Montagu to acquire Wireless Logic Group (“Wireless Logic” or “the company”), Europe’s leading provider of smart connectivity platforms, from CVC’s Growth Fund. The sale of Wireless Logic marks the first exit for CVC’s Growth Fund. The terms of the transaction were not disclosed.
Wireless Logic was founded in the United Kingdom in 2000 and offers enterprises specialized Internet of Things (IoT) and machine-to-machine (M2M) platform services via mobile, satellite, low-power wireless, and fixed-line networks. The company’s services enable the intelligent connectivity of applications and devices, creating two-way communication over secure private networks. The platform offers organizations of all sizes the ability to access a highly complex and secure IT infrastructure at zero capital cost, thereby creating unparalleled opportunities for new and innovative IoT solutions.
Today, Wireless Logic is the market leader in managed IoT and M2M platform services in Europe, with more than 2,500 customers and over 3.1 million subscriptions. It has the technology, scale, and geographic reach to provide comprehensive connectivity solutions to a large number of customers and applications across Europe with a global reach. Headquartered in Hurley, Berkshire, the company operates throughout Europe with offices in the United Kingdom, Denmark, France, Germany, and Spain.
During the CVC Growth Fund’s investment period, Wireless Logic has continued its impressive track record of organic growth, complemented by several strategic acquisitions. Montagu intends to work with the management team to continue driving growth, leveraging Montagu’s expertise, network, and resources to further strengthen the business.
Oliver Tucker, co-founder and CEO of the Wireless Logic Group, said: “We are delighted to welcome Montagu to the Wireless Logic Group. Under the leadership of the CVC Growth Fund, we have continued our double-digit organic growth, which has been complemented by four acquisitions in the United Kingdom, Germany, and Denmark—each of which has introduced new technologies and key capabilities to the group’s business. While we thank CVC for its partnership and guidance, the group’s board looks forward to a bright, ambitious, and exciting future with Montagu as we set out to continue our strategy to build the Wireless Logic Group into a world-class platform offering.”
Ed Shuckburgh, a director at Montagu, said: “We are very impressed by the quality and achievements of the management team, which has founded and developed the business to become Europe’s leading provider of M2M and IoT connectivity platforms in less than 20 years. We look forward to partnering with them to support the company’s continued expansion to meet the growing demand for smart connectivity solutions.”
Aaron Dupuis, senior managing director at CVC, said: “We have had a tremendous partnership with Oliver and his team. We have been proud to be part of Wireless Logic’s continued success and wish the team all the best as they embark on the next phase of their journey.”
The company and the CVC Growth Fund were advised by William Blair, Fried Frank, Deloitte, and OC&C. Montagu was advised by Arma Partners, Morgan Stanley, and Freshfields.
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