Panoramic scores 8x money on Cascade sale

The deal is understood to have valued Cascade at around £40m.

The sale generated an 8x money multiple for Panoramic Enterprise Capital Fund 1, a £34m vehicle with a 2009 vintage, according to a source close to the situation. Panoramic declined to comment on return figures for the deal.

The sale marks the second exit for the vehicle, having previously divested Solfex Energy Systems to Travis Perkins last year in a deal netting an IRR of 120%. Panoramic stated its two exits combined have enabled it to return all capital invested from the fund to date.

Previous funding
Panoramic took part in two rounds for Cascade totalling £2.2m, including a £1.7m round in May 2011, which it led. Previous investments in the business include two £1m Braveheart Investment Group-led rounds in June 2006 and April 2008; and an early-stage deal worth over £1m in which Scottish Equity Partners took part.

Company
Founded in 2003 and headquartered in Stirling, Cascade Technologies designs and manufactures gas sensing instruments. Panoramic stated the business's revenues have trebled since the GP's first investment.

People
Stephen Campbell is a partner at Panoramic. Iain Howieson is CEO of Cascade.

Advisers
Company - EuroConsult, Evan Yellin (Corporate finance).

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