Founder-owned company with a laser focus on leveraging core strengths, results in a strategic buyer acquisition
Founder-owned company with a laser focus on leveraging core strengths, results in a strategic buyer acquisition
Xirgo Technologies, LLC (“Xirgo”) is a provider of wireless telematics modules for tracking, monitoring, protecting, and controlling remote assets and workers, supporting the IoT (“Internet of Things”) growth sector.
Headquarters: | Camarillo, CA |
Sector: | Business Services |
Acquisition Year: | 2016 |
Exit Year: | 2021 |
HKW was attracted to Xirgo’s position within the fast-growing telematics sector and the significant pipeline of opportunities, including some of the most recognizable corporations in the insurance and transportation industries. The opportunity checked all of HKW’s investment characteristics:
Xirgo was represented during the sale process by Near Earth, LLC, a boutique bank that provides specialized expertise in the Aerospace, Satellite, and M2M Telematics industries. Near Earth also partnered with Xirgo for the Baltic Car Equipment (“BCE”) add-on acquisition. Website: nearearthllc.com
During the investment period, HKW supported Xirgo through three primary initiatives:
HKW was able to assist us in getting Xirgo to the next level. We appreciate their support in helping us elevate the business to where it is today.
Shawn Aleman, CEO, Xirgo Technologies, LLC
HKW and Xirgo focused on three primary initiatives during HKW’s hold period. Due to the operational upgrades and support provided by HKW, Xirgo became an attractive target for a preemptive strategic buyer.
In late 2020, Sensata Technologies, a leading industrial technology company that develops sensors, sensor-based solutions, and other mission-critical products, contacted Xirgo. Sensata was interested in Xirgo to advance their Smart & Connected growth sector for transportation and logistics end-markets. After a smooth due diligence process, HKW announced the sale of Xirgo on April 6, 2021.
Case studies are for illustrative purposes only and have been selected to provide examples of the types of investments made by HKW and do not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein.