NEW YORK and CHICAGO, June 24,
2013 /PRNewswire/ -- Avista Capital Partners and Telular
Corporation ("Telular") today announced that Avista Capital
Partners has successfully completed its acquisition of Telular.
Earlier today, Avista Capital Partners announced the completion of
its tender offer for all outstanding shares of Telular common
stock.
As previously announced, Joe
Beatty has 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.
Mr. 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."
About Telular Corporation
Telular Corporation (NASDAQ: WRLS) provides remote monitoring
and asset tracking solutions for business and residential
customers, enabling security systems and industrial applications to
exchange actionable information wirelessly, typically through
cellular and satellite technology. With over 25 years of experience
in the wireless industry, Telular Corporation has developed
solutions to deliver remote access for voice and data without
significant network investment. Headquartered in Chicago, Telular Corporation has additional
offices in Atlanta, Washington, D.C., and Miami. For more information, please visit
www.telular.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with
over $5 billion under management and
offices in New York, Houston and London. Founded in 2005, Avista's strategy is
to make controlling or influential minority investments in
growth-oriented energy, healthcare, communications & media,
industrials, and consumer businesses. Through its team of seasoned
investment professionals and industry experts, Avista seeks to
partner with exceptional management teams to invest in and add
value to well-positioned businesses.
Media Contact for Telular:
Pam
Benke
Telular Corporation
pbenke@telular.com
(678) 909-4616
Media Contacts for Avista Capital
Partners:
James David or
Jeffrey Taufield
Kekst and Company
james-david@kekst.com or jeffrey-taufield@kekst.com
(212) 521-4800
SOURCE Avista Capital Partners; Telular Corporation
