Investcorp acquires wireless testing company

The global investment company has taken a majority interest in Willtek, a German wireless equipment tester.

(PrivateEquityCentral.net) Global investment group Investcorp has acquired a majority interest in German wireless communication test equipment manufacturer Willtek Communications.

 

Terms of the deal were not disclosed, although Willtek reported revenues last year of E34m ($36.75m) in 2002.

 

Willtek’s products are used for testing wireless handsets at the production and repair stage. Products are also used for deploying wireless networks. Customers include Nokia, Motorola, Ericsson, Verizon, T-Mobile and Cingular. The company is led by chief executive officer Cyrille Damany.

 

Willtek was a subsidiary of US-based testing software company Acterna until April 2002, when Willtek’s management completed a buyout of the company. That MBO was financed by Willtech, a Korean wireless engineering firm. Management teams of Willtek and Willtech will remain shareholders in the company.

 

“The performance of Willtek over the course of the last year has been very strong despite the tough market conditions,” Hazem Ben-Gacem, a partner at Investcorp, said. “Willtek is very well placed for strong growth in Asia and from the increasing demand they are seeing from operators planning to upgrade and roll out new networks.”

 

In February, Investcorp acquired recreation equipment and playground company PlayPower in a $280m deal. PlayPower manufactures indoor and outdoor playground systems, water slides, floating docks and boat lifts, and running tracks.

 

In December, Investcorp acquired Aero bed maker Aero Products from Miami-based Trivest for $231.5m. Trivest invested $30m in the company and held it for only 17 months.

 

Founded in 1982, Investcorp is a global investment group with offices in New York, London and Bahrain. The firm invests in the corporate, real estate, asset management and technology sectors, and has completed transactions with an aggregate value of approximately $20bn. The firm typically invests in companies with an acquisition value ranging from $100m to $2bn.