Montagu Private Equity, a pan-European private equity firm, and CVC Capital Partners have announced that they have reached an agreement for Montagu to acquire Wireless Logic Group, Europe´s smart connectivity platform provider, from CVC´s Growth Fund, the company said.
The Wireless Logic sale represents the first exit for CVC´s Growth Fund.
The terms of the transaction were not disclosed.
Wireless Logic was established in the UK in 2000 and provides businesses with specialist Internet of Things (IoT) and Machine-to-Machine (M2M) platform services across mobile, satellite, low-power wireless, and fixed line networks. Today, Wireless Logic is a market provider of IoT and M2M platform managed services in Europe, with over 2,500 customers and over 3.1 million subscriptions.
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.