ECI Partners exits CSL with 3.5x return, pioneering its first continuation fund deployment

ECI Partners has successfully exited its investment in IoT connectivity company CSL through its inaugural continuation fund, achieving a 3.5x return and demonstrating confidence in CSL’s growth and innovative rSIM technology, which is transforming resilience in critical IoT applications globally.

ECI Partners has successfully exited its investment in CSL, a critical Internet of Things (IoT) connectivity company, by transferring the business into its inaugural continuation fund while securing a remarkable 3.5x return on the original investment. This move marks ECI’s first use of a continuation fund, an investment vehicle allowing existing investors to reinvest in a company for a secondary holding period. The continuation fund is led by established investors such as Carlyle AlpInvest, HarbourVest Partners, and Pantheon, signalling continued confidence in CSL’s sustained growth and market potential.

Since ECI acquired a stake in CSL in 2020, the company has demonstrated approximately 20% organic annual growth. This expansion is attributed to CSL’s successful strategic initiatives in entering new geographies and diversifying beyond its traditional sectors of building management, security, and telehealth. CSL now caters to a broad range of industries, including transport and logistics, commercial property, retail, hospitality, and utilities. Among notable achievements under ECI’s stewardship, CSL was selected by Vodafone as the UK National Lottery Partner, providing critical connectivity services in a high-profile national role.

A key innovation underpinning CSL’s growth trajectory has been the development and launch of rSIM in 2024, a patented, resilient, and intelligent SIM card technology. The rSIM is designed to actively monitor connectivity and autonomously switch network profiles to maximise system uptime and mitigate risks of disconnection. This capability ensures operational continuity for life-critical, business-critical, and mission-critical applications across diverse sectors. The technology is already integrated into various partner products, including Careium’s Eliza range of Technology-Enabled Care (TEC) solutions and Legrand Care’s Reach IP 4G telehealth offerings, both benefiting from rSIM’s ability to enable local roaming on multiple networks and access CSL’s VPN infrastructure.

According to Careium’s CEO, Christian Walén, rSIM technology revolutionises connectivity resilience by constantly monitoring network availability and selecting the optimal route for connection, thereby enhancing user security. Ed Heale, CEO of CSL, described the rSIM launch as the next significant step in delivering uninterrupted connectivity solutions, supporting partners in the care sector to provide world-class TEC offerings. The technology’s significance was further underscored by the recent granting of a US patent recognizing rSIM’s innovative approach to connectivity resilience, as noted by Tom Leigh, CFO of CSL’s parent group.

CSL’s rSIM technology has also found applications beyond the UK market. Notably, Canadian operator Rogers, the country’s largest wireless provider, has adopted rSIM to deliver always-on IoT connectivity across Canada, reinforcing CSL’s position as a global player in the critical connectivity space.

Looking ahead, CSL aims to maintain its active expansion strategy with ECI’s continued backing. Potential growth initiatives include mergers and acquisitions, entry into additional sectors and territories, and ongoing development or acquisition of cutting-edge technology solutions to reinforce its market leadership.

Chris Watt, Managing Partner at ECI, emphasised their familiarity with the cloud and digital sectors, highlighting CSL as the firm’s fourth investment in the IoT space. He expressed pride in facilitating CSL’s impressive five-year performance and enthusiasm for supporting the company’s future growth phase. This transaction was supported by a strong advisory team, including Evercore as lead financial advisor, IA Global Capital, and several legal and due diligence firms such as Paul, Weiss, Rifkind, Wharton & Garrison LLP, OC&C, PwC, and Squire Patton Boggs LLP.

In summary, ECI Partners’ exit from CSL showcases a successful investment cycle underpinned by robust organic growth, sector diversification, and product innovation. The continuation fund mechanism enables ongoing support for CSL’s ambitious expansion plans as it strengthens its position as a market leader in critical IoT connectivity.

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Source: Noah Wire Services

Noah Fact Check Pro

The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.

Freshness check

Score:
10

Notes:
The narrative is current, with the latest publication date being October 6, 2025. The earliest known publication date of substantially similar content is also October 6, 2025. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No earlier versions show different information. No recycled content from low-quality sites or clickbait networks was identified. No similar content appeared more than 7 days earlier. The article includes updated data and does not recycle older material. Therefore, the freshness score is 10.

Quotes check

Score:
10

Notes:
The direct quotes from Ed Heale, CEO of CSL, and Chris Watt, Managing Partner at ECI, are unique to this narrative. No identical quotes appear in earlier material. No variations in quote wording were found. No online matches were found for these quotes, indicating potentially original or exclusive content. Therefore, the quotes score is 10.

Source reliability

Score:
10

Notes:
The narrative originates from a reputable organisation, ECI Partners, a leading growth-focused mid-market private equity fund. The report is published on ECI Partners’ official website, which is a credible source. Therefore, the source reliability score is 10.

Plausability check

Score:
10

Notes:
The claims made in the narrative are plausible and supported by other reputable outlets. The narrative includes specific factual anchors, such as names, institutions, and dates. The language and tone are consistent with the region and topic. The structure is focused and relevant to the claim, without excessive or off-topic detail. The tone is professional and resembles typical corporate language. Therefore, the plausibility score is 10.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary:
The narrative is current, original, and originates from a reputable source. The claims are plausible and supported by specific factual anchors. Therefore, the overall assessment is PASS with high confidence.