Avista Capital Partners and Telular Corporation announced that Avista Capital Partners successfully completed its acquisition of Telular. Earlier in the day, Avista Capital Partners announced the completion of its tender offer for all outstanding shares of Telular common stock.
As previously announced, Joe Beatty stepped down as chief executive officer of Telular in connection with the closing. Avista Capital Partners industry executive Allen Yurko will act as interim CEO while the board of directors conducts a search for a permanent successor and will serve as Chairman thereafter.
Yurko said, "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. 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. As interim CEO, one of my most important priorities will be to help identify a successor who can build upon his vision."
Brendan Scollans, partner at Avista Capital Partners, said, "We are delighted to have completed this acquisition. 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. As a platform company, Telular gives us 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. Avista is excited to support Telular during its next phase of growth."