Quadrant acquires Australia phone mount business
Australia’s Quadrant Private Equity has acquired a controlling stake in Quad Lock, a local smart phone accessories maker focused on device mounts for bikes and cars.
It is the sixth investment from Quadrant’s growth fund, which closed last year at A$400 million ($285 million) with a view to deploying up to A$50 million per deal for minority and control stakes. The private equity firm, which typically targets larger buyouts, aims to expand its range into the lower middle market.
Founded in 2011 through a crowdfunding campaign, Quad Lock manufacturers a range of patented phone mounts, utility clips, and tripod adaptors for attaching devices to bicycles, motorcycles, cars, and sports armbands, as well as for home applications. Quadrant describes the company as a global leader in its field that has shipped “millions” of products to more than 100 countries.
“We are particularly attracted to Quad Lock’s global customer reach via its market leading direct-to-consumer online business,” Justin Ryan, a managing partner at Quadrant, said in a statement. “The company’s continued growth is supported by established industry tailwinds including our increasing reliance on connectivity through smart phones and the importance of outdoor activities as part of a healthy lifestyle.”
The Quadrant Growth Fund has demonstrated a distinct interest in lifestyle and consumer-facing models. Its previous investments in these themes include ModiBodi, an underwear brand, Adore Beauty, an online retailer that stocks more than 200 beauty and wellness brands, and Love To Dream, a baby care brand focused on swaddles and sleepwear.
The fund’s first investment was a A$60 million commitment across two auction sites, GraysOnline and AreYouSelling. Grays was established in 1922 as a livestock auctioneer and has expanded into various industrial and commercial spheres, while AreYouSelling focuses on cars. Earlier this year, it acquired the enterprise services division of IT specialist Arq Group for A$35 million.
Quadrant has led about 75 investments across 10 funds since inception in 1996. Its ninth flagship fund closed at A$1.1 billion in 2017 with a mandate to invest companies with enterprise values of A$100-500 million. Fund VIII closed at A$980 million, while the two previous vehicles had corpuses of A$850 million and A$750 million, respectively.
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