Forward support Wireless Innovation on acquisition of Rock Seven and YB

Forward Corporate Finance is pleased to announce the acquisition of Rock Seven Mobile Services Limited and YB Tracking Limited by Horizon Capital portfolio company, Wireless Innovation.

Founded in 2008, Rock Seven and YB Tracking provide connectivity and hardware, which enable customers to track assets and IoT devices in remote and hazardous locations utilising the Iridium satellite network. The business has demonstrated significant growth, expanding sales by 200% over the last two years, and will allow the enlarged group to access new fast-growing markets in the M2M sector.

Having worked on the original acquisition of Wireless Innovation, Horizon invited Forward Corporate Finance to support them on these acquisitions. Working closely with all parties, Forward provided financial analysis and modelling support for the acquisition, including construction of historical management accounts, KPIs, and development of a fully integrated forecast model to support the investment case for both equity and debt funding.

Commenting on the transaction Steve Smith, Wireless Innovation CFO said: “Having supported Horizon on the Wireless Innovation transaction last year, Forward were well placed to quickly pull the information together for these first acquisitions. As an off-market transaction the business was not prepared for sale and Forward did a great of job of working with the management team to quickly pull a lot of information together for the two businesses, ready for due diligence.”

Nick Farrell, CEO of Rock Seven and YB confirmed, “Having Sarah involved in the transaction was extremely helpful for me. She assisted in helping us gather all our financial information and present it in a way that was required for this type of transaction. The process is quite intensive and her experienced support made a lot of difference. I would definitely recommend her to other businesses looking to work with private equity.”

Forward Director, Sarah Moores commented, “It has been a pleasure to work with the Horizon and Wireless Innovation teams again and help them complete their first acquisition. I wish them continued success in growing the business.”