Cambridge Positioning Systems Ltd (CPS), a 3i and Esprit Capital portfolio company, has been sold to CSR Plc for a total consideration of $35m. 3i and Esprit, through the Prelude Trust, first invested in CPS via a £1.75m funding round in 1998. Two further funding rounds followed, including a $9m investment in 2004.
Fund targets companies active in the ready-to-wear, cosmetics, jewellery, accessories, health and lifestyle sectors
This is Cinven VII's third acquisition following the purchase of LGC and Thyssenkrupp Elevator
Buyer is wholly acquiring the company for a debt-free purchase price of around €13.6m
Round follows the company's €24m series-D in November 2019, also backed by Wellington and HBM