Australian private equity firm Advent Partners has taken a stake in intelligent access control systems company Integrated Control Technology and committed to try to help the business grow globally.
The company is based in Auckland and has operations in New Zealand, the United States, Canada, Europe and Australia.Advent Partners expects its capital injection to help ICT pick up a larger slice of the global access control market, which it says is worth $11 billion a year and expected to grow at 9 per cent a year in the coming five years.
Radcliffe-Smith said it was a similar investment for Advent to its former stake in technology products for water utilities, oil and gas businesses SCADAGroup, which grew five times in value under the firm’s ownership.Three Sixty Capital Partners, PwC, EY, ctoLabs and MinterEllisonRuddWatts advised on the deal.