CVC Capital Partners has sold Wireless Logic Group to Montagu Private Equity. The financial details of the deal were not disclosed. CVC acquired Wireless Logic in February 2015 from ECI Partners.
The sale marks CVC's first exit from its technology growth fund. ECI backed the founders of Wireless Logic to buy back the business from Phones International Group in 2011, owned by Dragons' Den star and serial entrepreneur Peter Jones CBE for £35m.
Berkshire-based Wireless Logic was founded in 2000 and provides IoT and M2M platform managed services in Europe, with over 2,500 customers and more than 3.1 million subscriptions.
Wireless Logic also has offices in Denmark, France, Germany and Spain.
The company's co-founder and CEO Oliver Tucker said: "Under the stewardship of the CVC Growth Fund we have continued our double digit organic growth complemented by four acquisitions in the UK, Germany and Denmark, with each introducing new technologies and skill sets."
Montagu Director Ed Shuckburgh said: "Montagu intends to work with the management team to continue to drive growth, leveraging Montagu's experience, network and resources to strengthen the business."