25 Sep 2003
ICON advised shareholders including 3i Group Plc on the sale of Cleartone Telecoms Plc to a management buy in team led by Richard Hill.
Established in 1976, Cleartone Telecoms, based in Pontypool, South Wales, is a leading designer, manufacturer and supplier of radio communication products for the emergency services. Police Forces in the UK are currently replacing their existing analogue radios with new TETRA digital mobile radios and most Forces have chosen Cleartone as their preferred supplier.
The consideration was not disclosed but was primarily financed by HBOs, who also provided working capital facilities for the new owners.