Machine to Machine (M2M) service provider Wireless Logic (Buckinghamshire, England) has been sold to ECI Partners (London, England), a mid-market private equity firm, by owner Peter Jones CBE for $50 million.
Wireless Logic has 3,600 customers and nearly 600,000 Subscriber Identification Modules (SIMS) under management in the United Kingdom and continental Europe, according to the company.
Wireless Logic, whose partners include Vodafone, Orange, O2, T-Mobile and Telenor, was formed in 1999 by the current Managing Director, Oliver Tucker, and Sales Director, Philip Cole, and was acquired by Jones in 2002.
“[Wireless Logic] has grown significantly in a fairly short time frame since I made the decision to acquire the business in 2002,” says Jones. “I will be watching with interest how the business develops further.”
This is the third major telecom sale in the past year by Jones, having sold SIM card reseller DSNC and IT service firm PJ Media in July. Both businesses were sold to Expansys PLC for $70.5 million.
Wireless Logics is the sixth major company ECI Partners has invested in this year. The private equity firm, who has a total committed capital of over $1.6 billion, has invested in companies ranging from Stewart Groups, a manufacturer and supplier for technical plastic products, to CarTrawler, a Dublin-based provider of online car rental distribution systems.