Lebara gets a new private equity parent

Alchemy specialises in ‘distressed’ investments, while Triton seems to have a similarly opportunistic strategy. Waterland, however, seems to favour more of a long-term nurturing approach, so the signs are that the group is in better shape than it was when it was sold by its owners to obscure investors Palmarium in 2017, a move that significantly increased the company’s distress.

“We are thrilled to partner with Lebara and its talented management team,” said Wendy McMillan, Partner at Waterland. “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.”

“We are excited to join forces with Waterland Private Equity,” said Stephen Shurrock, CEO of Lebara. “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.”

It might be nothing but Wendy seems a bit happier about this new arrangement than Stephen. Either way, it’s good to see Lebara recover from what seems to have been an exceptionally turbulent time under the dodgy stewardship of Palmarium. The group has four million subscribers across Europe along with operations in Saudi Arabia and Australia. It’s employees will presumably be hoping Waterland is as patient as it claims to be.