Lyceum acquires Wireless Innovation

The GP invested £20m in the platform, which will seek acquisition opportunities in the machine-to-machine and Internet-of-Things space.

As part of the deal, former Alternative Networks CEO Edward Spurrier has taken on the role of chairperson at the newly formed group and will oversee the acquisitive growth strategy alongside Wireless Innovation CEO and founder Phil Rouse. Lyceum partners Simon Hitchcock and Geoff Neville will take a seat on the board.

Lyceum is currently investing from its third fund, which closed on its £330m hard-cap in May 2013.

Debt
Santander provided £8m of committed senior debt facilities in order to both support the deal and to fund further acquisitions alongside follow-on equity funding from Lyceum.

Company
Founded in 2004 and headquartered in Churcham, Gloucestershire, Wireless Innovation is a satellite- and cellular-based machine-to-machine communications business. It focuses on communications for remote areas and serves clients in the oil & gas, aviation, marine, renewables, electricity, water and telematics industries. Its customers include EDF Energy, Iberdrola and Scottish Water.

According to a source close to the deal, Wireless Innovation generates a turnover of £8.1m.

People
Lyceum Capital – Simon Hitchcock (partner); Geoff Neville (partner); Luke Kingston (director); Tom Maizels (investment executive).
Wireless Innovation – Phil Rouse (CEO).

Advisers
Equity – Pinsent Mason, Amie Norris (legal); KPMG, Richard Aston (financial due diligence); Latitude Consulting, Steve Hacking (commercial due diligence).

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• Topics
• Buyouts
• UK / Ireland
• Technology
• United Kingdom
• Horizon Capital (formerly Lyceum Capital)
• Buy-and-build