- Windjammer acquired IPS from family ownership in December 2020, partnering with existing management to lead the next phase of growth
- Under Windjammer’s ownership, IPS evolved from a single-space meter manufacturer into a full smart-parking platform spanning payment, monitoring and enforcement
- Harris Williams advised IPS and Windjammer on the transaction, while Kirkland & Ellis served as legal counsel
Windjammer Capital has agreed to sell its portfolio company IPS Group to Nayax Ltd for $350 million.
IPS Group, headquartered in San Diego, California, provides a fully integrated ecosystem of smart single- and multi-space meters, a mobile app, enforcement and permitting tools, payment products and SaaS-based data analytics to municipalities, universities and parking operators. Founded in 2000, the company pioneered smart single-space meters.
Windjammer acquired IPS from family ownership in December 2020, partnering with management under chief executive officer Chad Randall to support the company’s growth initiatives and a transition to the next generation of leadership.
During Windjammer’s ownership, IPS expanded from a single-space meter manufacturer into a technology-enabled provider of an integrated smart parking platform covering payment, monitoring and enforcement, while also building out its senior leadership team and operating infrastructure.
“IPS exemplifies what can be accomplished through a strong partnership and investing in a company’s next phase of growth,” said Ryan Pertz, managing director at Windjammer. “IPS had built a market leading position with strong customer relationships. We assisted Chad in building out his team and accelerating product expansion to position IPS to grow share in an evolving market… Over the past five years, IPS developed into a fulsome solution provider, expanding its addressable market and materially shifting to a more valuable recurring revenue base, positioning the business for strong growth going forward.”
Harris Williams served as financial adviser to IPS and Windjammer on the transaction, and Kirkland & Ellis acted as legal counsel.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.