UK - Kelso Place reaps 4x money through partial exit of i2S Group

Deborah
20 November 2009

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Kelso Place Asset Management-backed i2S Group Limited, a provider of integrated building control and data communication systems, has sold its controls division, DMS Controls Limited, to US-based Carrier Corporation, a unit of United Technologies Corporation, generating a return of 4x money for the private equity firm.

Kelso Place still retains a majority stake in the remaining data communications business, ITM Communications Limited.

I2S is a provider of integrated building control and data communication systems, primarily for commercial office buildings and data centres. The company employs around 110 people in key locations around the UK, including London, Maidstone, Milton Keynes and Cambridgeshire. Its client base includes names such as Canary Wharf, Fujitsu, HP Enterprise Services, Aviva, Nomura, UBS and Amec. I2S has revenues in excess of £20m per annum.

Kelso Place made its initial investment in the company in late 2003, when it purchased the business and assets of ARQ Communications Limited from administration. After stabilising the business and creating a platform for growth, the private equity firm has worked with management to complete three acquisitions and one disposal. Philip Weston, partner of Kelso Place, is the current chairman of i2S Group.