A Wrexham-based cable design and manufacturing software specialist has been acquired in a successful exit deal for listed private equity firm Foresight.
Cimteq secured Foresight’s investment in October 2018 and since then has more than doubled in size with headcount growing from 18 to over 40, enabling the company to expand its international reach.
Along with significantly increasing its investment in research and development to accelerate its new product portfolio, Foresight has strengthened the company’s management team.
Chief Executive Mike Braddock, Chief Financial Officer James Bowling and Chief Technology Officer Moti Singh were brought in to work alongside Cimteq founders Amanda Shehab and the late Ali Shehab and COO Rob Douglass.
The business has now been purchased by UL Solutions.
The deal is Foresight’s fifth exit from its first £58m North West-focused fund, part of its wider £1.3bn AUM private equity portfolio.
Fiona Hatch, Chief Investment Officer at Foresight Group, said: “Following a successful partnership with Cimteq, we are delighted to have the organization become part of UL Solutions, a global leader in applied safety science.
“During the investment period, the company has made significant progress in improving its ESG credentials, including the launch of the Cimteq Academy, a free educational resource offering webinars and white papers to support the global cable manufacturing industry.
Hatch added: “Cimteq was our first investment in North Wales and we are proud to have supported the growth of the business, including the creation of a number of skilled jobs in the region. We wish the team there every success in the future.
Amanda Shehab, Founder of Cimteq, said, “Foresight has supported Cimteq on its journey to becoming a world-class software specialist. We exceeded our own expectations and couldn’t be happier with the help and advice we received from Foresight. We are excited to see what Cimteq can accomplish in the next part of its journey with UL Solutions. »
Foresight was advised by Carlsquare and the law firm DLA Piper.