Carlsquare advised Cimteq Ltd, an industrial software provider, on its sale to UL Solutions
Cimteq, an industry 4.0 leader and specialist cable design and manufacturing software provider, has been acquired by UL Solutions, a global safety science company which develops innovative safety solutions.
Prior to the acquisition, UK-based Cimteq Ltd was a portfolio company of Foresight Group, a global private equity and asset manager with £12.4bn in AUM. Cimteq delivers innovative solutions for the wire and cable industry. As well as improving the design process, centralising and sharing information, Cimteq’s software helps maximise efficiency, reduce costs and waste, and increase sales for its customers.
Mike Braddock, CEO of Cimteq, said: “Carlsquare were with us every step of the way, advising and supporting us during the entire process. Their expertise and relationship management with the acquirer ensured the transaction kept moving and helped navigate it to a successful close. It was reassuring to know that Carlsquare were always there as our partner, working as part of our team to deliver for the shareholders and management a great result.”
Under Foresight ownership (since 2018), Cimteq has more than doubled its staff numbers. The additional team members have enabled Cimteq to broaden its international reach.
”Carlsquare supported the management team and Foresight throughout the deal, leveraging existing relationships at UL having previously successfully transacted with them. The deal was not without challenge and Carlsquare stayed committed until the end”, said, Fiona Hatch, Senior Investment Manager at Foresight Group. After a successful partnership with Cimteq we are delighted the organisation will become part of UL Solutions, a global leader in applied safety science.”
Carlsquare acted as the exclusive financial advisor to Cimteq Ltd.