Waterland Private Equity announced the acquisition of Lebara Group B.V. (“Lebara”), a leading Mobile Virtual Network Operator (“MVNO”) providing high-quality telecommunications services to over four million customers across the UK, Netherlands, Germany, France, and Denmark. lebara sold

Founded in 2001, Lebara has become one of the most successful MVNOs in Europe, continually expanding its offering and geographic footprint. Today, it is recognized as a leading challenger brand in its European mobile telecommunications markets, providing over four million customers with a great value alternative to the established category players, as well as exceptional customer satisfaction.

The transaction marks a buyout by Waterland Private Equity from the main existing owners Alchemy and Triton Partners. Waterland has been in discussion with the sellers and their advisors since January 2024 exploring strategies for Lebara’s seamless transition and continued growth.

Lebara’s strategic positioning as a value-focused challenger brand in the mobile SIM markets presents significant growth opportunities as consumers across Europe increasingly seek high-quality services at competitive prices. Lebara’s strong track record across its five markets demonstrates its ability to grow and adapt, making it a prime candidate for further expansion in partnership with Waterland.

Waterland has 25 years of experience in partnering with companies across Europe and brings extensive experience in the telecommunications sector through investments over that time. With this acquisition, Waterland aims to support Lebara’s growth ambitions in each of its markets.

“We are thrilled to partner with Lebara and its talented management team. Lebara has built a strong brand and loyal customer base by providing high-quality mobile telecommunications services at competitive prices. We look forward to working closely with the management team to continue on Lebara’s growth journey together, leveraging our expertise in the telecommunications sector.”,

says Wendy McMillan, Partner at Waterland Private Equity.

Stephen Shurrock, CEO of Lebara, also shared his thoughts on the new partnership:

 “We are excited to join forces with Waterland Private Equity. Their extensive experience and successful track record in the telecommunications industry make the Waterland team an ideal partner for us. This partnership will provide us with the resources and strategic support needed to accelerate our growth and enhance our service offerings, ultimately benefiting our customers across all our markets. It has also been our pleasure to work with Alchemy and Triton over the last few years. They have been hugely supportive of the Lebara turnaround, and have invested in the company to achieve significant growth. Lebara now has the latest digital platform, a focus on customer experience and strong team to continue its growth story.”

In 2024, several notable acquisitions have occurred in the European telecommunications sector:

1. Vodafone and Three UK Merger: One of the most significant deals was the merger between Vodafone and Three UK. This merger was driven by the need to create a stronger competitor in the UK market and accelerate the rollout of 5G networks. The combined entity aims to better compete with larger rivals like BT and EE.
2. Orange and MasMovil: In Spain, Orange completed the acquisition of MasMovil, creating a dominant player in the Spanish telecom market. This move was part of a broader strategy to strengthen its position in Southern Europe by combining resources and customer bases to compete more effectively.
3. Deutsche Telekom’s Acquisition of IT Services Companies: Deutsche Telekom expanded its portfolio by acquiring several IT services companies across Europe. These acquisitions are part of a strategy to enhance its cloud and cybersecurity offerings, which are becoming increasingly important as telecom operators diversify their services.
4. Telefónica and Liberty Global Joint Venture: Telefónica, a major player in Spain, entered into a joint venture with Liberty Global to combine their UK businesses, O2 and Virgin Media. This deal was structured to create a powerful new competitor in the UK market, focusing on converged fixed-mobile services.

These acquisitions highlight the ongoing consolidation in the European telecom market as companies seek to strengthen their positions, diversify their service offerings, and invest in new technologies like 5G and fiber optics.

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