Acquisition of software specialist provides exit for Foresight

Cimteq, a cable design and manufacturing software specialist, has been sold to a US company providing an exit for private equity firm Foresight.

Since Foresight’s investment in October 2018, Cimteq has more than doubled in size with staff numbers increasing from 18 to more than 40.

This has enabled Cimteq to broaden its international reach.

Alongside significantly increasing its research and development investment to ramp up its new product pipeline, Foresight bolstered the company’s senior management team.

Experienced managing director, Mike Braddock, finance director, James Bowling and chief technology officer, Moti Singh, were brought on to work alongside Cimteq’s founders, Amanda Shehab and the late Ali Shehab, and operations director Rob Douglass.

Cimteq has now been acquired by UL Solutions, a global leader in applied safety science, for an undisclosed sum.

Amanda Shehab, founder of Cimteq, said: “Foresight has supported Cimteq on its journey to become an internationally recognised software specialist.

“We’ve exceeded our own expectations and couldn’t be happier with the help and guidance we’ve received from Foresight.

“We are excited to see what Cimteq can achieve on the next part of its journey as part of UL Solutions.”

Fiona Hatch, Senior Investment Manager at Foresight Group, said: “After a successful partnership with Cimteq we are delighted the organisation will become part of UL Solutions, a global leader in applied safety science.

“During the investment period the business has made significant strides in improving its ESG credentials, including the launch of the Cimteq Academy, a free educational resource providing webinars and whitepapers to support the worldwide cable manufacturing industry.”

Jennifer Scanlon, president and CEO, UL Solutions, added: “Emerging technologies within smart cities, Industry 4.0, mobility and communications industries all rely on wire and cable to serve as the delivery backbone for new service offerings.

“We are confident the acquisition of Cimteq allows us to help wire and cable customers continue to evolve and succeed as these technologies introduce new challenges and opportunities.”

The Cimteq exit is the fifth successful investment from Foresight’s first North West focused regional investment fund which has already returned total fund commitments twice over, with 12 assets remaining in the portfolio.

This exit follows Foresight’s other successful exits from Hedges Direct, Clubhouse Golf, DA Languages and Mi Healthcare.

Foresight was advised by Carlsquare and law firm DLA Piper.

Click here to sign up to receive our new South West business news...
Close