Zinwave, a VC-backed supplier of in-building wireless coverage solutions, has been acquired by McWane, a manufacturer of ductile iron pipe, fittings, hydrants and valves. The acquisition will allow Zinwave to invest in commercial and technical resources, customer service, customer support, geographical presence and infrastructure. It will also allow the company to accelerate its product development and enhancement programs for existing and emerging markets.
While Zinwave will become a wholly owned subsidiary of Birmingham, AL-based McWane, it will continue to trade as an independent company and maintain its established corporate identity. Also, Zinwave's U.K. presence will be maintained and will add to McWane Technology's expanding global footprint, which includes offices in the U.S., Canada and South Korea.
VC exits in the U.K. have been on the rise in recent years. Since the beginning of 2009, VC investors have exited 197 U.K.-headquartered companies via corporate acquisition, PE buyout or IPO, according to the PitchBook Platform. The number of exits completed each year has increased during that timeframe, doubling from 23 in 2009 to 50 in 2013. Aside from a down year in 2012, capital exited each year has also increased, more than tripling from $530 million in 2009 to $1.7 billion in 2013. The largest portion of exits belongs to the U.K.'s IT industry (38%), with the B2C and healthcare industries (both with 19%) following behind. Corporate acquisitions, including Nvidia's $367 million purchase of Bristol, England-based mobile chip maker Icera, accounted for 83% of the exits during the timeframe.