CVC Capital Partners (CVC) has acquired Wireless Logic from ECI Partners, the parties have announced.

ECI first invested in Wireless Logic in 2011. Its tenure saw the M2M managed services provider expanding internationally; setting up bases in France, Germany and Spain.

The investment allowed ECI to buy that business back from Phones International Group – who previously bought the business in 2002.

During that time the underlying subscriber base has tripled to 1.5 million. The exit has delivered a return of investment of around 6 times ECI’s initial layout.

The M2M connectivity and related services market is forecast to grow from €7.1 billion in 2014 to €22.5 billion in 2019 – with subscriptions increasing from 214 million to 600 million across the same period. Wireless Logic itself services high-profile digital customers such as Just Eat and Isotrak.

>See also: CTI Digital acquired by Paperhat

Paul McCreadie, partner in ECI’s TMT team, said that it had been a pleasure working with the Wireless Logic team over the past few years and “working with them to deliver their vision”.

“Since 2011, the business has achieved a huge amount and this deal adds to our strong track record in backing high growth tech businesses to expand internationally,” he continued.

CVC MD Aaron Dupois said the firm has been “proactively targeting the M2M sector for investment”.

“[We] identified Wireless Logic as one of the companies that is best positioned to benefit from these trends,” he continued. “Wireless Logic has established its market leading position in Europe by relentlessly focusing on customer satisfaction and quality of service.”