Battery-backed Vero buys Planit

Battery Ventures injected additional equity into Vero to finance the bolt-on, in addition to a debt element from HSBC. All other financial details remain confidential.

Battery took Vero private for £9.37m in 2010, investing via the Battery VIII and Battery VIII Side Fund vehicles.

Company
Established in 1997, Cheltenham-based Vero is a supplier of specialist software for the design and manufacturing of applications for plastic injection moulds, sheet metal stamping dies and electrode production across a range of industry sectors.

Founded in 1983, Ashford-based Planit develops and supports software and services for computer-aided manufacturing (CAM) and computer-aided design (CAD), specifically targeting the woodworking, cabinet-making, engineering and stone industries.

The combined businesses generate a total revenue in excess of $60m.

People
Dave Tabors represented Battery Ventures. Ian Grant led the deal for August Equity. Bryan Price is CEO of Planit.

Advisers
Equity – Rickerbys (Legal).
Vendor – Harris Williams, Thierry Monjauze, Red Norrie (M&A); Shoosmiths, Sean Wright (Legal); KMPG, Barry Carter (Financial due diligence); Grant Thornton, Jenny Batchelor (Tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Technology
• Expansion
• United Kingdom
• Battery Ventures
• Acquisition finance
• HSBC