Spanish Private Equity Firm Buys Teltronic
"...the transaction guarantees the continuity of Teltronic’s management team to preserve and strengthen our business model, management style and strategic position in the market..."
Private equity firm N+1 reached an agreement with Teltronic’s current shareholder IBV to buy 100 percent of the shares of Teltronic and other companies of the group. The deal is part of the divesting process initiated by IBV some years ago, which led to significantly increase the value of its owned companies.
IBV has been the sole shareholder of Teltronic for 15 years during which the company’s turnover multiplied by four, according to a letter from Teltronic CEO Juan R. Ferro.
“This acquisition has been made with no impact against Teltronic’s financial solvency so that the company is more capable than ever to implement its technological and commercial plans with its own resources,” said Ferro. “In addition, the transaction guarantees the continuity of Teltronic’s management team to preserve and strengthen our business model, management style and strategic position in the market. Teltronic is committed to continue with the development of its own technology-based portfolio, to increase consistently its international market share and to keep its strong customer-oriented policy.”
Teltronic’s North American subsidiary, PowerTrunk, recently won a contract with Canadian utility BC Hydro for a TETRA network. N+1 is a Spanish private investing group, with more than 3 billion euros (US$3.9 billion) under management and a successful track record of investments, Ferro said.
Source: radioresourcemag.com
