Avista Capital Partners has entered into an agreement to acquire Telular Corporation for$235 million in cash plus the assumption of $18.5 million of net debt. The proposed acquisition has fully committed financing and is currently expected to close within 50-75 days.
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, D.C.; and Miami (www.telular.com).
“Telular’s strong position in three rapidly growing machine-to-machine communications end markets and compelling recurring revenue business model make it a highly attractive platform for Avista. We are looking forward to working with Telular’s talented management team to drive the next phase of the Company’s growth both organically and through acquisitions,” said Brendan Scollans, Partner at Avista
Avista Capital Partners, with over $4 billion 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).
Oppenheimer & Co. is acting as exclusive financial advisor to Telular. SunTrust Robinson Humphrey is acting as financial advisor to Avista and has provided the debt financing commitment for the acquisition.
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-30-13