UK private equity firm August Equity has completed the exit of Planit Holdings to venture-backed Vero Software for an undisclosed sum.
Planit develops and supports Computer Aided Manufacturing (CAM) software and services for the woodworking, cabinet-making, engineering and stone industries.
The company has established a large presence within the UK and US, a top five market position in France, Germany, Italy, and Scandinavia and is currently increasing its presence in the emerging markets.
Vero, which has backing from $4bn US growth fund Battery Ventures, provides computer-aided design, manufacturing and engineering solutions for the tooling industry, with a specific focus on plastic injection moulds, sheet metal stamping dies, multi-axis milling, laser cutting and wire EDM for the automotive, electronic, medical, white goods and aerospace sectors.
August originally completed the management buy-out of Planit in December 2006 when its managed funds invested £14.2m to complete the public to private (PIPE) transaction.
Planit subsequently sold its retail division, Fusion, to Canada-based 20-20 Technologies for £19m in February 2008. The sale of Fusion, which specialised in Computer Aided Design (CAD) solutions for the retail industry, was in line with the original MBO strategy, and focused Planit on the faster growing CAM market.
In September 2010 August led the strategic purchase of the sheet metal software assets from Greenock-Somatech. Somatech supplied its software to Planit’s Radan range, which remains a strong growth area for the company.
“The exit represents the eighth in our AEP I fund and generates a healthy return for our investors,” said Ian Grant, a partner at August Equity.
“We continue to see strong investment prospects in service oriented technology companies where there are opportunities to build scale and develop market leaders,” he added.
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