Bowmark Capital exits CSL

Norland Capital, ICONIQ Capital and RIT Capital Partners have acquired CSL, a provider of critical connectivity solutions for machine-to-machine communications. The seller was Bowmark Capital. No financial terms were disclosed.


Bowmark Capital, the mid-market private equity firm, has sold CSL, the provider of critical connectivity solutions for machine-to-machine communications, to Norland Capital, ICONIQ Capital and RIT Capital Partners for an undisclosed sum.
CSL pioneered dual signalling technology in the alarm security industry where it manages the communications for over 400,000 commercial, retail and residential premises.

Since Bowmark invested in 2011, CSL has doubled both sales and profits and has significantly extended its product portfolio. The company has also expanded into new sectors, such as telehealth, and new geographic regions, including Ireland, Sweden and the Netherlands. Charles Ind, Bowmark managing partner, said: “CSL has been a great investment for Bowmark and we believe it is well-positioned to continue its strong record of growth over the coming years.”

Phil Hollett, CSL’s chief executive, commented: “With support from Bowmark, CSL has made great strides over the past five years. We have invested in the business and expanded into adjacent markets and new geographies where we have been able to deploy our market leading critical connectivity services.”

Ed Heale, CSL’s managing director, added: “With the support of our new financial partners, we plan to build on our previous successes and to accelerate our growth in the UK and international markets, both organically and by acquisition.”

Bowmark Capital is a leading private equity firm specialising in UK mid-market companies valued at up to £150 million. Founded in 1997, Bowmark manages and advises funds totalling approximately £850 million on behalf of a blue chip investor base including public pension funds, insurance companies and financial institutions from the UK, US and Continental Europe.

The Bowmark team has extensive experience of investing in growth companies, and has supported businesses in a range of industries including healthcare, education, business services, consumer and leisure, IT services and media.

Current investments include: Property Services Holdings, one of the largest property services providers in the UK; Autodata Publishing Group, Europe’s leading provider of technical information to the automotive aftermarket; CARE Fertility, the UK’s leading independent provider of fertility services; Aston Scott, a leading UK regional insurance broker; and Drake & Morgan, the fast growing London-based bar-restaurant group.

Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.