Ace et al. invest €5m in Spring Technologies

Ellie Pullen
31 October 2014

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Ace Management and CM-CIC Capital Finance have injected €5m into Spring Technologies, a French developer of software for the computer numerical control machines of manufacturing companies.

CM-CIC used its investment holding CM-CIC Capital Innovation, with €80m under management, and its €170m CM-CIC Capital Privé FCPI fund to take part in the transaction.

Ace invested via its Aerofund III vehicle, which launched and simultaneously held a first close in January 2013 with a €300m target and €150m already committed, according to unquote" data.

The company will use the capital to expand internationally. Spring will also begin looking at potential bolt-ons across Europe.

Previous funding
In May 2003, Spring secured funding from Vizille Capital Innovation and its management team to buy out the stake held by German group Cenit, according to unquote" data. Management invested the bulk of the capital for a majority stake, with Vizille supplying €680,000 to acquire the remaining shares in the company.

Company
Founded in 1983, Spring is headquartered in Paris with additional offices in the US, China, Germany and another French base in Toulouse. The company develops software for the computer numerical control (CNC) machines of manufacturing companies.

CNC machines are manufacturing tools that use computer control to operate its functions. Examples of CNC machines include plasma cutters and lathes.

Spring has developed its NCSimul Solutions range, which includes software for cutting and tool libraries, post-processing and numerical control simulation.

The company generated €10m in turnover last year and employs 100 staff.

People
Gilles Battier is the CEO of Spring. CM-CIC investment director Emilie Lidome worked on the deal alongside Ace investment directors Delphine Dinard and Pierre Morisseau.

Advisers
Equity – Joffe & Associés, Christophe Joffe, Camille Malbezin (Legal); Dahan Avocats, Carole Dahan (Legal); Exelmans, Eric Guedj, Manuel Manas (Financial due diligence).
Company – Dahan Avocats, Carole Dahan (Legal).