Having originated the proprietary deal via its own network in 2004, 3i originally invested through a BIMBO for a 55% stake in Ezurio. 3i worked closely with the management team to define a new strategy for the business, successfully transitioning it from retail focused provider of Bluetooth solutions, to a supplier of industrial wireless solutions to original equipment manufacturers. The execution of this new strategy enabled Ezurio to reposition itself and consolidate its lead in this fast growing Bluetooth market, multiplying its revenue by five times over a 3 1/2 year period.

In addition to the financial support provided, 3i were instrumental in the creation of the current management team. At the time of the investment, 3i introduced Chris Shannon, former CEO of Indigo Photonics; another 3i investment, as CEO plus Ivor Thomas as Chief Operating Officer and also Gary Vanstone as Chairman. 3i director Krishna Visvanatham and 3i partner Laurence Garrett have taken an active role in the running of the business alongside the management team.

Krishna Visvanatham commented on the sale: “3i’s investment in Ezurio is testament to our approach in backing high calibre companies and impressive entrepreneurs. We have been particularly impressed by the level of professionalism of the Ezurio management team and the lengths they have gone to to strategically transform and grow the business. We are delighted with Ezurio’s rapid growth and remain confident the company is destined for great success in the future with the support of Laird Technologies, Inc.”

Laurence Garrett added: “Over the past four years, Ezurio has developed an outstanding customer base in the OEM/Industrial space, including the mobile communications and vehicle monitoring markets. Laird Technologies, Inc. has acquired, through Ezurio, an excellent technology platform which it can leverage to its global customer base, scaling Ezurio’s business around the world.”

Ezurio Chief Executive Officer, Chris Shannon, said: “3i has been an outstanding partner; their clear vision, partnership style and extensive network have transformed our business, both strategically and operationally, and delivered formidable returns. They have shared our ambition and guided us into a new space which will ensure our future growth. “