SALT LAKE CITY — A Utah-based private equity firm has purchased controlling interest in a southern Utah technology company.
Wilson Electronics, a manufacturer of cellular signal boosters, announced that it has been acquired by Sorenson Capital — headquartered in Salt Lake City. Additionally, Solamere Capital co-invested in a minor capacity with Sorenson Capital.
“We look forward to continuing Sorenson Capital’s tradition of taking companies to the next level by capitalizing on Wilson’s strong product leadership and transformational growth opportunities,” said LeGrand Lewis, principal with Sorenson Capital.
Lewis, along with Sorenson Capital managing directors Fraser Bullock and Tim Layton, will join Wilson Electronics’ board of directors.
The company’s patented technologies and designs solve weak signal connectivity problems for individual cellular subscribers and cellular users in business and government.
The technology works through antennas and signal boosters, with Wilson's signal amplifying solutions providing strong signal reception and reliable data transfer for offices, homes and commercial buildings located in weak signal areas, as well as mobile environments, said Robert Van Buskirk, president and CEO of Wilson Electronics.
The technology can boost typical signal strength five to 10 times, he explained.
“With Sorenson Capital on board, we anticipate a significant growth phase as we continue to develop technology and consumer, enterprise and industrial products that drive value for cellular users,” Van Buskirk said.
Wilson Electronics designs and manufactures a broad product portfolio of cellular signal boosters, antennas and related components that significantly improve fixed and mobile cellular communication for use in consumer, enterprise and industrial applications worldwide, he explained.
All Wilson products are designed, manufactured and tested at the company's U.S. headquarters in St. George, he said, by the company’s nearly 200 employees.
As a privately owned company, Wilson does not release its financial data, but Van Buskirk said annual revenues are in the $100 million range. Products range in cost from about $100 for consumer-level devices up to $3,000 for business devices.
Currently, the company does the vast majority of its business in the U.S. and Canada, something management aims to change in the near future.
“There is a whole world out there that we have yet to tap into,” Van Buskirk said. “We’re growing, we’re profitable (and) we are in a market that is expanding.”1 comment on this story
With the help of new investors and abundant business resources, the company is poised to become even more successful, said Wilson Electronics founder Jim Wilson.
“We are thrilled to have found a strategic partner in Sorenson Capital to assist us in delivering improved cellular service on a greater scale,” Wilson said.