Northlane Capital Partners’ Portfolio Company SmartWave Technologies Acquires Multi-Tech Systems
BETHESDA, Md.–(BUSINESS WIRE)–Northlane Capital Partners (“NCP”) announced today that its portfolio company, SmartWave Technologies, has acquired Multi-Tech Systems, Inc., a leading global supplier of industrial communication devices and services. The acquisition will result in an integrated, end-to-end provider of innovative IoT solutions designed for process optimization in service-heavy industries with a significant presence in the hygiene market. The combined entity will operate under the MultiTech brand.
“The Internet of Things marketplace extends across industrial and commercial segments,” said David Steinglass, Partner at Northlane Capital. “By combining MultiTech’s strength in wireless technologies from LoRaWAN to Private LTE and soon 5G, with SmartWave’s consultative approach to solution design and commercialization, we expect the new MultiTech business will be well-positioned to provide end-to-end connectivity solutions to a wider range of customers while providing its current customers with the immediate benefit of a newly integrated IoT offering.”
MultiTech designs, develops and manufactures communications equipment for the industrial internet of things – connecting physical assets to business processes to deliver enhanced value. A commitment to quality and service excellence means customers can count on MultiTech products and people to address their needs, while a history of innovation ensures they stay ahead of the latest technology with a partner who will be there for the life of the solution.
“MultiTech has a reputation for best-in-class industrial communications equipment and a long history of customer service in critical industries around the world,” according to Jack Vresics, CEO of SmartWave, who will serve as Executive Chairman of the combined entity. “We’re excited to help bring their award-winning portfolio of modems, routers and gateways to our key markets. Our customers will be well served with deployable, off-the-shelf devices, which complement our custom solutions and further reduce time to market.”
Founded in 1994 and headquartered in Toronto, SmartWave designs and manufactures components for products that require sensing, verifying, or dispensing on behalf of companies in the healthcare, hygiene, sanitary, plumbing supply and other end markets. SmartWave adds value to customers’ products by incorporating technology that improves the product functionality and enhances the end user experience.
“SmartWave’s extensive short-range wireless experience and knowledge of sensor technology is a natural complement to our portfolio of long-range wireless technologies for both public and private networks,” said Stefan Lindvall, CEO of MultiTech, who will serve as CEO of the combined business. “Their knowledge of key industries will help us better serve our customer set with enabling technologies and complete, ready-to-deploy solutions with a focus on customer experience and usability.”
The new MultiTech will maintain its Mounds View, Minnesota headquarters and U.S. manufacturing operations; with an additional design and engineering organization in Toronto; sales offices in Chicago, London, Tokyo, and Munich; as well as expanded manufacturing capabilities in both North America and Southeast Asia.
ABOUT NORTHLANE CAPITAL PARTNERS
Based in Bethesda, MD, Northlane Capital Partners is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested $1.5 billion of equity capital. NCP’s strategy is to partner with industry leading companies and great management teams, aligning incentives to accelerate growth and build value. Northlane Capital Partners was recently named to Inc.’s 2020 Private Equity 50 list of the top founder-friendly private equity firms. For more information, please visit www.northlanecapital.com.
David Steinglass, Partner
Justin DuFour, Partner
Charlie Donahue, Vice President