Montage Partners Successfully Exits Investment in Boundary Devices

December 7, 2022

LAKE FOREST, CA – Montage Partners, a people-first private equity firm based in Scottsdale, Arizona, is pleased to announce the successful exit of its investment in Boundary Devices (the “Company”), a global leader in designing and manufacturing ARM-based System-on-Modules and Single Board Computers for the general embedded market, to Ezurio, a leading provider of wireless connectivity modules, internal antennas, IoT devices, and custom wireless solutions.

Founded in 2003 and headquartered in Lake Forest, California, Boundary Devices serves a diverse and global customer base across high-growth end markets, including IoT, commercial equipment, displays and controls, laboratory equipment, and communications. The Company is a pioneer and continued leader within the NXP family of processors and offers a one-stop-shop for customers with a range of needs, from hardware design and software development to manufacturing, integration, and support with best-in-class engineering, standard products, and proprietary custom solutions.

Montage Partners facilitated a recapitalization of Boundary Devices in 2016 in partnership with the Company’s founders, Pejman Kalkhoran, Parviz Kalkhoran, and Troy Kisky.

“Boundary Devices was at an inflection point in 2016 and we decided to seek an equity partner to help us reach our next level of potential. We chose Montage Partners because we knew they were best suited to help us in further building infrastructure and executing our strategy to maximize growth,” said Pejman Kalkhoran, CEO of Boundary Devices. “Together, we’ve been highly successful in exceeding our collective goals. Without the help of Montage Partners, we wouldn’t have been able to achieve the same level of success and we’re grateful for our partnership.”

Since Montage Partners’ investment in 2016, revenue and EBITDA at Boundary Devices have each grown approximately fourfold, driven entirely by organic growth initiatives. During this time, the Company successfully navigated extreme supply chain shortages during the COVID-19 pandemic and, throughout Montage Partners’ hold period, significantly improved capacity, delivery times, and margins by adding in-house manufacturing capabilities. Boundary Devices also bolstered its inbound and outbound sales, marketing, and business development functions to aggressively grow its client base, while working with Montage Partners to recruit several high-impact positions. The Company tripled its employee count over the last six years.

“It’s been our absolute pleasure to have worked with the entire Boundary Devices team,” stated Rob Wolfman, co-Managing Partner of Montage Partners. “Our relationship with Boundary Devices is indicative of how we help founder-owned companies scale and position themselves for even greater future success. We’re honored to have partnered with Pejman, Parviz, and Troy; they represent exactly the type of high-quality, values-oriented leaders we seek to work with. We wish them and Ezurio the best and are confident the Company will continue to thrive for years to come.”

Lincoln International served as financial advisor and Osborn Maledon, P.A. served as legal advisor to Montage Partners.

About Montage Partners

Founded in 2004 and headquartered in Scottsdale, Arizona, Montage Partners is a people-first private equity firm dedicated to helping established businesses reach transformative growth. Montage Partners invests in companies in diverse industries, including business services, consumer, healthcare, industrial, and technology. Above all other investment criteria, Montage Partners invests in exceptional people. Montage Partners is actively seeking new investments in companies in the U.S. with EBITDA between $1.5 million and $7 million.