CSL's secondary MBO backed by Iconiq, Norland and RIT
Arrowpoint Advisory's TMT sector team has advised the management team of CSL, a machine-to-machine (‘M2M’) and Internet of Things (‘IOT’) solutions provider, on a secondary management buy-out from Bowmark Capital, backed by Iconiq Capital, Norland Capital and RIT Capital.
With operations in the UK, Ireland, Sweden and the Netherlands, CSL's solutions provide complete end-to-end connectivity for Security, Fire, Health and other mission critical M2M applications, predominantly to the Security and Healthcare sectors.
Since Bowmark invested in 2011, CSL has doubled both sales and profits and has significantly extended its product portfolio. Charles Ind, Managing Partner at Bowmark, commented: “CSL has been a great investment for Bowmark and we believe it is well-positioned to continue its strong record of growth over the coming years.”
Phil Hollett, Chief Executive at CSL, said: “With support from Bowmark, CSL has made great strides over the past five years. We have invested in the business and expanded into adjacent markets and new geographies where we have been able to deploy our market leading critical connectivity services.”
Ed Heale, Managing Director at CSL, added: “With the support of our new financial partners, we plan to build on our previous successes and to accelerate our growth in the UK and international markets, both organically and by acquisition. Arrowpoint Advisory provided round the clock support to ensure the deal went smoothly and quickly, and gave us great confidence the team were protected throughout the process.”
Simon Cope-Thompson, Managing Director at Arrowpoint Advisory, concluded: “We are delighted to have helped Ed, Phil and the team negotiate this deal with Iconiq, Norland and RIT. The management team now has another strong financial partner to pursue its growth ambitions and fully aligned incentives to benefit from the future upside.”