M&A Deal Summary

Barings Private Equity and 3i Infrastructure Acquire Wireless Infrastructure Group

On December 1, 2012, private equity firm Barings Private Equity and infrastructure investor 3i Infrastructure acquired communications company Wireless Infrastructure Group from Penta Capital and Souter Investments Limited

Acquisition Highlights
  • This is Barings Private Equity’s 1st and 3i Infrastructure’s 1st transaction in the Communications sector.
  • This is Barings Private Equity’s 2nd and 3i Infrastructure’s 5th transaction in the United Kingdom.
Investment Fate
  • Wireless Infrastructure Group was sold to a consortium of financial buyers in 2019 for 575M GBP.

M&A Deal Summary
Date 2012-12-01
Target Wireless Infrastructure Group
Sector Communications
Buyer(s) Barings Private Equity
3i Infrastructure
Sellers(s) Penta Capital
Souter Investments Limited
Deal Type Secondary Buyout

Target

Wireless Infrastructure Group

Bellshill, United Kingdom
Wireless Infrastructure Group Ltd. is a telecoms infrastructure company involved in the ownership and management of mobile cell sites in the UK and Europe. WIG acquires, manages and operates wireless cell sites (rooftop or greenfield masts or towers) for wireless service providers. Wireless Infrastructure Group Ltd. was established in 1995 and is based in Bellshill, United Kingdom.

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Buyer(S) 2

Buyer

Barings Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 21 of 53
Sector (Communications) 1 of 1
Type (Secondary Buyout) 9 of 20
Country (United Kingdom) 2 of 3
Year (2012) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-05 Service Logic

Charlotte, North Carolina, United States

Service Logic is an independent provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipment, chilled water systems, and building automation and control systems. Service Logic was formed in 1945 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-11 Rose City Printing & Packaging

Vancouver, Washington, United States

Rose City Printing & Packaging, Inc. is a specialty printing and packaging converters in the western U.S. The Company manufactures folding cartons and beverage carriers for over 180 food, beverage, nutrition, and consumer products companies and has differentiated itself by providing superior service to its customers.

Buy -
Buyer

3i Infrastructure

St Helier, Channel Islands

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2007
PE ASSETS 3.9B GBP
Size Large
Type Sector Focused
DESCRIPTION

3i Infrastructure plc is a listed infrastructure investment arm of 3i Group plc. 3i infrastructure invests mainly in Europe and Asia companies with stable underlying performance: asset-intensive businesses, providing essential services over the long term, often on a regulated basis, or with significant contracted revenues. The firm focuses on the Utilities, Transportation, and Social Infrastructure sectors through equity and junior or mezzanine debt investments in the range of £100m–£300 million per transaction. 3i infrastructure was formed in 2007 and is based in Jersey, Channel Islands.

DEAL STATS #
Overall 10 of 31
Sector (Communications) 1 of 4
Type (Secondary Buyout) 1 of 11
Country (United Kingdom) 5 of 10
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Elenia

Tampere, Finland

Elenia is an electricity distribution network in Finland. The Elenia Group includes the electricity network company Elenia Verkko Oyj and Elenia Oy, which specializes in energy services. Elenia was founded in 2012 and is based in Tampere, Finland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-25 Alpha Schools

London, United Kingdom

Alpha Schools (Highland) Limited is a GBP176m project to build 10 new schools in Scotland under a 30 year PFI contract and in which 3i Infrastructure Limited has committed to invest c.GBP7m. Construction has started and the target date for completion of all schools is 2010.

Sell £21M

Seller(S) 2

SELLER

Penta Capital

London, United Kingdom

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Penta Capital is a mid-market private equity firm that concentrates on later-stage investment opportunities throughout the UK and Ireland. Penta looks to invest between £5 and £200 million. Sectors of interest include leisure, consumer products/services, and business services. The Firm generally looks to support growth capital needs, as well as management buyouts/buy-ins. Penta Capital was formed in 1999 and maintains offices in London and Glasgow.

DEAL STATS #
Overall 8 of 14
Sector (Communications) 2 of 2
Type (Secondary Buyout) 2 of 4
Country (United Kingdom) 7 of 13
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 Omniport Holdings

London, United Kingdom

Omniport Holdings Ltd. is an airport investment and management company specializing in the operation and development of regional airports. Omniport Holdings was established in 2000 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-10 esure

Reigate, United Kingdom

esure is a motor insurer offering car, home, pet and travel insurance over the internet and by phone through the esure and Sheilas’ Wheels brands. esure was founded in 2000 and is based Reigate, United Kingdom.

Sell -
SELLER

Souter Investments Limited

Investor Investor Investor Investor Investor

Category Family Office
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Souter Investments is a family office focused on private equity investing throughout the UK. The Firm looks to commit £2 to £30 million to support a variety of transaction situations including buyouts, growth capital financings, corporate divestitures, and balance sheet restructurings. Broad areas of interest include transportation, luxury goods, financial services, healthcare, and business services. Souter Investments was established in 2008 and is based in Edinburgh, Scotland.

DEAL STATS #
Overall 1 of 12
Sector (Communications) 1 of 2
Type (Secondary Buyout) 1 of 5
Country (United Kingdom) 1 of 10
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-28 Avalon Funeral Plans

Cheshire, United Kingdom

Avalon Funeral Plans is an independent pre-paid funeral plans provider with operations in the UK and Spain. Pre-paid funeral plans allow customers to provide financially for their funeral, with funds being held in dedicated trust funds until the point of need. Avalon Funeral Plans was founded in 1990 and is based in Cheshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-03 Winn Solicitors

Newcastle upon Tyne, United Kingdom

Winn Solicitors provides a market leading road traffic accident claims management service. Winn specialises in managing the entire claims process by offering a wide breadth of services from reporting the claim to insurance companies, providing medical reports, arranging hire cars and repairs, together with the legal processing of personal injury claims. Winn Solicitors was founded in 2002 and is based in Newcastle upon Tyne, United Kingdom.

Buy -
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