Avista Capital Partners has completed its previously announced acquisition of Telular Corporation, a provider of remote monitoring and asset tracking services.
Telular Corporation (NASDAQ: WRLS) provides remote monitoring and asset tracking services for business and residential customers, enabling security systems and industrial applications to exchange information wirelessly, typically through cellular and satellite technology. The company is headquartered in Chicago with additional offices in Atlanta; Washington, DC; and Miami (www.telular.com).
“We are delighted to have completed this acquisition. Telular is an attractive, high growth company with a strong recurring revenue business model and leadership positions in the rapidly growing end markets of wireless security monitoring and home automation, remote asset tracking, and industrial tank monitoring,” said Brendan Scollans, Partner at Avista Capital Partners. “As a platform company, Telular gives us the opportunity to leverage its expertise and scale in the machine-to-machine sector to pursue acquisitions in the company’s current end markets as well as adjacent verticals. Avista is excited to support Telular during its next phase of growth.”
Upon closing of the transaction, Joe Beatty has stepped down as chief executive officer of Telular. Allen Yurko, an Avista Capital Partners Industry Executive, will act as interim CEO of Telular while the Board of Directors conducts a search for a permanent successor.
“I am very pleased to be joining Telular at this exciting time. In partnership with Avista, Telular will continue to pursue its plan for growth in the machine-to-machine communications sector. I look forward to working with Telular’s strong existing management team to ensure that our customers continue to receive the very best service and solutions available. I would like to thank Joe Beatty for his leadership of Telular over the past five and a half years. As interim CEO, one of my most important priorities will be to help identify a successor who can build upon his vision,” said Mr. Yurko.
Avista Capital Partners, with over $5 billion of capital under management, makes control or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses. The firm was founded in 2005 and is based in New York with offices in Houston and London (www.avistacap.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-25-13