Perwyn buys majority stake in JT's IoT division

The deal is valued at around £200m, a source familiar with the situation confirmed to Unquote.

The government of Jersey is the sole shareholder in JT, which will retain a minority stake in the IoT division as part of the transaction.

Perwyn said in a statement that it had been monitoring JT's development in the IoT space for some time and that it aims to support the company's continued growth.

Perwyn's private equity strategy invests in businesses with enterprise values of £50-250m, making primary or secondary buyouts and regularly pursuing buy-and-build strategies.

The GP opened a Paris office in May 2021, with the aim of developing its investment strategy in Europe, as reported.

Prior to its acquisition of JT IoT, the GP's latest platform investment was the SBO of UK-based Agilitas IT Solutions from NVM Private Equity.

Company
JT was founded in 1888. Its IoT division was formed in 2014 as part of the company's international expansion plans. The company provides IoT cellular connectivity for the remote management of around 10 million SIMs and other connected devices. The company employs 70 staff. JT IoT is based in St Helier and will continue to be headquartered in Jersey following Perwyn's investment.

People
Perwyn Private Equity – Mark Blower (partner); Andrew Wynn (founder, managing partner).
Jersey Telecom – Phil Male (chairman).

Advisers
Equity – IA Global (M&A); Eversheds Sutherland (legal); EY (commercial due diligence); KPMG (financial due diligence, tax); Diligize (technology due diligence); Marsh (insurance due diligence).
Vendor – Arma Partners (M&A); Latham & Watkins (legal); Bedell Cristin (legal); Altman Solon (commercial due diligence); PwC (financial due diligence, tax); Intuitis (technology due diligence).
Management – Liberty Corporate Finance (corporate finance); Bedell Cristin (legal).

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