August Equity has sold Planit to Vero Software, which is backed by Battery Ventures. Financial terms of the deal, which closed on Sept. 30, wasn’t announced. Planit, of the U.K., develops CAD/CAM software for the specialist manufacturing sector. News of the deal was announced by Harris Williams which advised August Equity on the sale.
Harris Williams & Co. Ltd, premier middle market investment bank, is pleased to announce the sale of Planit, a portfolio company of August Equity, to Vero Software, a portfolio company of Battery Ventures. The transaction closed on September 30, 2011 and was led by Thierry Monjauze, Red Norrie, Eric Logue and Sylvain Noblet of the firm’s London Technology, Telecom, & Digital Media (TTDM) Group.
“Planit has a leading position in the specialist CAM software market. Vero Software is a great strategic partner for the company, and together the combined business will be the largest in the specialist CAM market. We look forward to watching the business execute its growth initiatives over the coming years,” said Thierry Monjauze, managing director and head of Harris Williams & Co.’s European advisory practice.
Founded in 1983, Planit, based in Ashford UK, is a leading developer of CAD/CAM software servicing the specialist manufacturing sector. Planit’s software is widely used in the production engineering, sheet metal, metal fabrication and woodworking sectors. The company offers its software products under the Edgecam, Alphacam, Cabinet Vision, and Radan brands and operates in Europe, North America, South America, and Asia.
August Equity is a London based private equity investment firm with approximately £300 million of capital under management. It invests in buy-outs of high growth service-orientated companies in the UK mid-market.
Vero Software is a leading provider of CAD/CAM/CAE solutions for the tooling industry. The company’s sophisticated technology aids the design and manufacturing process within the mold and die market, including the design and manufacture of plastic injection molds, sheet metal and progressive stamping dies. Vero targets the automotive, electronic, medical, white goods and aerospace sectors worldwide. The company has offices in the USA, Canada, Italy, England, France, Japan, and China, and supplies products to more than 40 countries.
Battery Ventures is a global private investment firm with $4 billion under management. Founded in 1983, the firm invests across technology sectors, geographies and a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market, providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
UK media inquiries should be directed to Elaine Bartlett of Smithfield Group at +44 (0)20 7903 0633; For US inquiries, please contact Kimberly Baker, marketing director at Harris Williams & Co., at +1 (804) 648-0072.