Montagu nets €2bn SACV to fund Wireless Logic's expansio

Montagu has secured a €2 billion single-asset continuation vehicle to extend its control of Wireless Logic and fund the company’s next expansion phase. The fund, launched by Montagu with institutional backing, was significantly oversubscribed and ranks among the largest European SACVs this year.

The vehicle is anchored by TPG (through its GP Solutions arm) with co-leads including CVC Secondary Partners and Partners Group. The investor group’s appetite underlines sustained confidence in Wireless Logic’s performance and the private market’s continued demand for high-quality connectivity platforms as strategic long-duration assets.

Founded in 2000 and based in the UK, Wireless Logic operates a global Internet of Things platform that consolidates device connectivity, management and security across networks and geographies. Under Montagu’s stewardship since 2018 the business has scaled rapidly: headcount has risen by more than 7x, revenue has increased over 6x and EBITDA has expanded by over 7x. The company has completed 15 acquisitions during that period to broaden its product set and international reach.

Private equity managers increasingly use continuation vehicles to hold onto high-performing assets while offering liquidity to early backers. This transaction enables Montagu and the Wireless Logic leadership to reset the capital structure and pursue an aggressive global roll‑out, customer diversification and further platform investment without a full exit. The deal is expected to reach contractual close in December 2025.

Enterprise IoT deployments and connected-device counts continue to climb, driven by 5G rollout, private wireless networks and greater adoption of automation and AI at the edge. Analysts estimate billions of additional connected endpoints and a low-double-digit CAGR for many IoT subsectors over the coming five years, creating a wider addressable market for connectivity platforms that can manage scale and security.

Montagu’s statement highlights the firm’s desire to back category leaders through multiple ownership cycles. Ed Shuckburgh, Montagu’s CEO, said the reinvestment reflects conviction in Wireless Logic’s team and product set and the opportunity to keep building share internationally. Oliver Tucker, Co‑founder and CEO of Wireless Logic, described the new capital as a means to accelerate automation, simplify connectivity for customers and expand service capabilities.

Advisors on the transaction included Evercore as financial adviser, Rothschild & Co on sector and transaction advice, and Paul, Weiss as legal counsel. For the broader market, this SACV illustrates how private capital is recycling into proven tech platforms: firms prefer continuation structures to hold winners longer while still delivering liquidity to certain investors, a trend likely to persist where category leaders show scalable margins and strong inorganic growth avenues.