Carlyle acquires Seraphim's TestPlant

The deal provides an exit for British VC Seraphim Capital, as Carlyle takes a majority stake in TestPlant. The GP drew capital from its €657m Carlyle Europe Technology Partners III vehicle, which has now provided equity for four deals since it was launched in May 2014.

Carlyle will keep the company's existing management in place following the MBO and the GP expects to continue TestPlant's growth trend, which has seen it increase revenues tenfold over the past five years.

Previous funding
TestPlant raised a total of $2.56m in venture funding since it was founded, over two rounds.

London-based Seraphim led both rounds, first investing £1m in September 2008, followed by a further $500,000 in January 2009.

Company
Headquartered in London, TestPlant is a developer of software for testing software quality and responsiveness.

The company was founded in 2008 and has offices in the UK, the US, Germany and China.

People
The Carlyle Group – Michael Wand (managing director).
TestPlant – George Mackintosh (CEO).

Advisers
Equity – Travers Smith (Legal); KPMG (Financial due diligence); CIL (Commercial due diligence).

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• Topics
• Buyouts
• UK / Ireland
• Technology
• Exits
• Carlyle Group
• United Kingdom
• Seraphim Capital
• KPMG
• Travers Smith