Another strategic overseas buyer sourced by Clearwater International who has advised private equity investor Kelso Place on the sale of the building controls and energy management solutions division of its portfolio business i2S Group Limited.
Employing around 110 people in key locations around the UK, including London, Maidstone, Milton Keynes and Cambridgeshire, i2S has a client base that includes leading names such as Canary Wharf, Fujitsu, HP Enterprise Services, Aviva, Nomura, UBS and Amec. Kelso Place made its initial investment in i2S in late 2003, when it purchased the business and assets of ARQ Communications Limited from administration and undertook a rapid turnaround of the business.
The sale to the engineering and technology group Carrier Corporation, part of NYSE listed United Technologies Corporation Inc, sees Kelso secure a 4x return on its investment whilst retaining a majority stake in the remaining data communications business.
This disposal demonstrates Clearwater International’s strong cross-border deal origination and transaction capabilities, achieving a strong multiple on earnings in tough market conditions.