Cable specialist planning for growth thanks to £2.5m investment
Private investment specialist Foresight Group has invested £2.5m in North Wales-based software provider Cimteq.
The deal is the 13th investment by the £58m Foresight Regional Investment Fund (“FRIF”), which is focused on North Wales and the North West.
Since December 2015 the fund, backed by local institutional investors including the Clwyd Pension Fund, has supported the creation of 260 new jobs.
Cimteq marks the Fund’s first investment into the thriving North Wales SME community, supporting growth in the region.
Based in Wrexham, Cimteq specialises in the development, supply and support of modular software solutions for the wire and cable manufacturing industry.
The company currently offers two main software products to wire and cable manufacturers; CableBuilder, a software solution aiding the design of cables, and CableMES, a full manufacturing execution system.
Cimteq was founded in 1998 and is managed by Ali and Amanda Shehab, who both have extensive prior experience within the wire and cable industry having worked at BICC Cables, at that time one of the world’s largest cable makers.
With a global client base, Cimteq is recognised as an expert and market leader in its field. The company currently employs 22 people.
Ali and Amanda will continue to lead Cimteq, with help from additional senior resources including a highly experienced incoming non-executive Chairman, Bryan Taylor.
Since his time as managing at Fujitsu Computers, Bryan has been chairman of many software businesses including Dem Solutions, Navitas and Creditcall.
Matthew Pomroy, investment manager at Foresight, said: “With Foresight’s support and the unique market leading software offering, coupled with the team’s exceptional expertise in the sector, we believe there is significant opportunity to grow Cimteq rapidly over the next three to five years.
“We are hugely excited to be able to support Cimteq in its next phase of growth.”
Ali Shehab added: “We are delighted to be working alongside Foresight to further strengthen our position in the market.
“Foresight’s experience in supporting businesses and developing SMEs will be invaluable to the future growth of the business.”
HRC Law acted as Foresight’s legal adviser.