Australian prison phone provider sells majority share to European market leader
Deal TypeCapital Markets
IndustryInformation Media and Telecommunications
Australian prison phone specialist, Comsec TR, has sold a majority stake in its business to European prison media and communications provider Telio. Comsec was founded in Sydney in 1991 and later designed and developed the ACTS prisoner phone system, with the first prisoner phone system installed in an Australian prison in Perth in 1994. Today Comsec TR is the provider of prison phone systems in Victoria, Queensland and Tasmania, servicing almost half the Australian prisoner population.
The investment marks Telio’s first step into the Asia Pacific region and continues the company’s global expansion roll out. Hamburg-based Telio provides its inmate phone system in Europe, the Middle East and Northern Africa, servicing 20 countries, over 650 prisons and more than 300,000 inmates. Comsec TR will carry on with current CEO Rosalie Windust at the helm ensuring the company’s proven service model will continue uninterrupted with the plan to roll out the Telio software to the Australian prison market in the medium term.
BDO was engaged by Comsec TR as the lead adviser to the deal.
“The team at BDO worked closely with my team and I throughout the entire deal process providing financial and taxation due diligence regarding the transaction. We were very impressed with the insight and quality of work displayed by Todd Grover and his team, achieving a great outcome for all stakeholders. BDO’s level of expertise and involvement ensured a smooth process and we would highly recommend the company and the Perth M&A team to anyone requiring this type of work”.”
ROSALIE WINDUST, CEO, Comsec TR