Avista Capital Partners has completed its acquisition of Telular Corp., the New York-based private equity firm announced Monday.
In April, Telular Corp. announced it had agreed to be acquired by Avista in a deal valued at more than $250 million. Avista acquired all of the outstanding shares of Telular Corp.’s common stock for $12.61 per share. In the initial statement, the companies said Avista would also assume $18.5 million debt as part of the deal.
Through its Telguard division, Telular provides wireless alarm communications equipment and asset tracking solutions for business and residential customers through cellular and satellite technology.
Joe Beatty stepped down as CEO of Telular in connection with the closing. Avista Industry Executive Allen Yurko will act as interim CEO while the Board of Directors conducts a search for a permanent successor. He will serve as chairman thereafter.
In a press release, Yurko said as interim CEO one of his top priorities will be to help identify a successor who can build upon Beatty’s vision.
“I am very pleased to be joining Telular at this exciting time. In partnership with Avista, Telular will continue to pursue its plan for growth in the machine-to-machine communications sector,” Yurko said. “I look forward to working with Telular’s strong existing management team to ensure that our customers continue to receive the very best service and solutions available. I would like to thank Joe Beatty for his leadership of Telular over the past five and a half years.”
Founded in 2005, Avista has more than $5 billion under management with offices in New York, Houston and London. The firm makes controlling or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses.
As a platform company, Telular will provide Avista the opportunity to leverage its expertise and scale in the machine-to-machine sector to pursue acquisitions in the company’s current end markets as well as adjacent verticals, according to Brendan Scollans, a partner at Avista.
“Telular is an attractive, high growth company with a strong recurring revenue business model and leadership positions in the rapidly growing end markets of wireless security monitoring and home automation, remote asset tracking, and industrial tank monitoring,” he says.