Investment firm Waterland Private Equity plans to acquire MVNO Lebara Group.

Waterland will buy out Alchemy and Triton Partners, the existing owners of Lebara since 2019.

Financials terms of the transaction were not disclosed.

The company noted that it has been in talks with the sellers and their advisors since January 2024 over a deal.

Lebara provides mobile communication services to more than four million customers across the UK, Netherlands, Germany, France, and Denmark.

The company, founded in 2001, is an MVNO, meaning that it does not own a mobile spectrum license, but sells mobile services under its brand name using the network of a licensed carrier. For example, in the UK, MVNO uses Vodafone's mobile network.

Lebara positions its brand as a value-focused challenger brand in the mobile SIM markets.

"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," said Stephen Shurrock, CEO of Lebara.

"Lebara now has the latest digital platform, a focus on customer experience, and strong team to continue its growth story.”

Wendy McMillan, partner at Waterland Private Equity, added: "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."

Lebara also has brand licensing agreements in Spain, Switzerland, Saudi Arabia, and Australia.

The deal is subject to regulatory approval.