RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Xirgo Technologies, LLC (Xirgo), a portfolio company of HKW, on its pending sale to Sensata Technologies, Inc. (NYSE:ST; Sensata). Xirgo is a leading provider of innovative, full-featured, application-specific wireless IoT communication devices for tracking, monitoring, and protecting remote assets and workers across an array of end markets. The transaction is being led by Giles Tucker, Eric Logue, Chris Toussaint and Nick Kron of the Harris Williams Industrials Group and Andy Leed of the firm’s Technology Group.
“Xirgo is a pioneer of wireless telematics and asset tracking devices for the IoT growth sector, and is recognized throughout the industry for its innovative solutions and extensive software and engineering capabilities,” said Giles Tucker, a managing director at Harris Williams. “Xirgo’s advanced asset tracking and telematics communication solutions, combined with Sensata’s leading sensor portfolio, offer a compelling platform in the rapidly evolving smart and connected IoT ecosystem. It was a pleasure working with the Xirgo and HKW teams on this transaction and we are excited to have found a partner that shares in management’s strategic vision for the business.”
“This transaction highlights the interest from corporate buyers in sectors such as industrial connectivity and data analytics, which offer significant growth potential and are early in the adoption curve,” added Eric Logue, a managing director at Harris Williams. “Xirgo represents another marquee transaction for Harris Williams in the industrial technology sector, and we are thrilled to have advised the company and HKW.”
Xirgo is a leading global provider of innovative, full-featured, customizable wireless IoT communication devices and software solutions. An expansive product line facilitates best-in-class solutions for an array of end markets and applications. With comprehensive in-house engineering and software capabilities in all key development disciplines, Xirgo consistently delivers compelling solutions to companies searching for ways to become more competitive, improve operational efficiencies and unlock new revenue streams. In conjunction with its partners, Xirgo has provided competitive solutions in the realm of telematics, fleet management, heavy equipment, asset tracking, usage-based driving, high-risk vehicle finance, cold chain and rental applications.
HKW is a middle market private equity firm investing in companies with talented management teams in the U.S. and Canada. HKW targets companies in the business services, health and wellness, and technology sectors. Since 1982, HKW has sponsored 63 platform transactions of lower middle market companies throughout North America, as well as 70 add-on acquisitions.
Sensata is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle and off-road, industrial, and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner, and more efficient, electrified and connected.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Industrials Group has experience across a variety of sectors, including advanced manufacturing; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.
The Harris Williams Technology Group advises leading private and public companies, founders, and private equity, growth equity and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The Technology Group has deep domain expertise in software and technology-enabled services and dedicated focus areas across a variety of vertical software applications and end markets. For more information on the Technology Group and its recent transactions, visit the Technology Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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