A consortium of private equity firms led by Atlantic Bridge Ventures has acquired LogicaCMG’s telecoms products business for £265 million (€393.6 million).
The deal is the ninth investment from Atlantic Bridge’s first fund, which has been about 70 percent invested.
Paul Harvey, partner at Atlantic Bridge, said: “Through this deal, the fund is announcing its final close on €100 million. This is the largest new European technology focused private equity fund to be launched since the technology crash.”
Atlantic Bridge leads the consortium with Larry Quinn, the former chief executive and chairman of Logica Mobile Networks. The two other biggest consortium members are Access Industries, a US-based investment firm, and International Investment & Underwriting (IIU), Irish entrepreneur Dermot Desmond’s private equity vehicle.
The deal is expected to be completed in May. Atlantic Bridge’s other investments in the telecoms sector include Open Mind Networks and Accuris Networks.
The business, which is to be renamed Acision, is the world’s leading provider of converged mobile messaging solutions. In 2005, it generated sales of £254 million (€377.2 million) and EBITDA of £23 million (€34.2 million).
Founded in 2005, Atlantic Bridge is a multi-stage firm that concentrates on the technology sector and that operates from Dublin and London. The firm’s investors include fund-of-funds Harbourvest, IIU, Enterprise Ireland and Anglo Irish Bank.