Bowmark divests CSL Dualcom to Iconiq et al.

Investment firm Norland Capital also forms part of the buying consortium.

Since Bowmark's initial investment, the company has undertaken an international growth strategy, expanding into the Irish, Swedish and Dutch markets. It has also invested in new product development.

Under its new owners, the company will look to further its international expansion, both organically and through bolt-on acquisitions.

Previous funding
CSL first received backing from institutional fund managers via an Octopus Investments-backed management buyout in 2006. Octopus injected £3m in exchange for a majority stake, according to unquote" data, as part of a deal valuing the business at £6m.

In January 2012 Bowmark invested £13m in CSL as part of a secondary buyout deal valuing the business at £32m. The sale generated a 4.3x money multiple for the vendor, representing an IRR of 38%.

Company
Founded in 1996 and headquartered in Harefield, Middlesex, CSL provides signalling systems used in fire alarms, security alarms and health alarms. It works alongside mobile telecommunications companies in addition to fixed-line operators, where the industry has typically focused on the latter.

People
Bowmark - Charles Ind (managing director).
CSL - Phil Hollett (CEO); Ed Heale (managing director).

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