Adding to mergers and acquisitions in the , Avista Capital Partners announced earlier this week that it has successfully wrapped up its acquisition of Telular Corporation. As per the terms of acquisition earlier announced, Joe Beatty stepped down as the CEO of Telular to complete the closing of the deal. That position will be filled by Allen Yurko, Industry Executive, Avista Capital Partners, who will act as the interim CEO while the Avista Board of Directors finalizes the person to take over the coveted position.
In an acquisition announced earlier this year on April 29, Avista and Telular entered an agreement that provides for the acquisition of Telular for $12.61 per share net in cash along with an approximate $18.5 million in net debt.
This announcement represents a very positive event for our shareholders,” said Joe Beatty, former chief executive officer of Telular. “We are proud of our nineteen years as a public company, during which we believe we have served our shareholders well, and the partnership with Avista will allow the company to expand and build on its success to date. For our customers, we will continue to deliver the best remote wireless monitoring and tracking solutions available in the markets we serve,” concluded Mr. Beatty.
Brendan Scollans, a partner at Avista, is excited about the deal and said that the strong market presence of Telular in three fast-growing machine-to-machine communications is going to be a hugely attractive platform for Avista.
We are looking forward to working with Telular’s talented management team to drive the next phase of the company’s growth both organically and through acquisitions.”
The stepping up CEO, Yurko, said that he is extremely happy to be a part of this deal with Telular at this exiting time. Telular, in partnership withAvista, will go on pursuing its plan to grow in the machine-to-machine communications arena.
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.”
Another major acquisition only brings good news all along, for the end-users of and intrusion detection alarm systems. In the wake of FBI reports recently, a growing number of Americans are beginning to take more cautionary steps to safeguard their homes. A healthy market merger at such a time provides consumers with the opportunity to be picky about their favored choice of .
Kris Murphy
Author – Kris has been learning the ropes, but already has 4 years of industry experience working with us. He is in charge of researching our security system reviews and putting together new content for our site’s blog section.