BGF exits Cheshire tech firm, achieving 2.7x money multiple
BGF has completed the successful exit of its investment in Thelwall-based double Queen’s award winner, DriveWorks.
The technology business provide innovative design automation and 3D sales product configuration software to manufacturing and engineering companies.
The business has been acquired by Bechtle AG, a €6bn revenue technology group headquartered in Neckarsulm, Germany.
The exit has generated a money multiple of 2.7x and an IRR of 32% for BGF.
BGF originally invested £4m in DriveWorks in February 2021, to support continued development of its software platform, while accelerating international growth.
During BGF’s investment period the business has more than doubled revenues, which reached €6.5m in the 2023/24 financial year.
The fast growing technology company was co-founded by Glen Smith and Maria Sarkar in 2001. The business has continued to invest in talent to support its long term success with the recruitment of CTO Philip Stears and promotion of Mark Sarkar to Commercial Director.
In addition, BGF introduced Sharon Baylay-Bell as non-executive chair through its Talent Network – one of the largest groups of board level executives in the UK and Ireland.
Harry Jones, BGF investor, said: “Driven by a passionate management team, DriveWorks has developed a market-leading offering through investment in technology and talent.
“We’re proud to have supported the company in helping to accelerate its growth plans.”
He added: “DriveWorks is an excellent example of the BGF investment model, which allows us to form long term partnerships with dynamic companies and confidently invest through the cycle.
“The result is a positive exit for all parties, and we wish the business every success in the future.”
DriveWorks co-founder, Maria Sarkar, was named on this year’s King’s Birthday Honours List and awarded an MBE for services to manufacturing.
She said: “BGF’s investment in 2021 was a real catalyst for growth and helped us to achieve our goal of successfully scaling the business.
“BGF has helped us to create significant value in the business through our expansion and around succession planning. With the team’s support, we’ve attracted a high quality buyer which will ensure future success for our business, team and customers.”
RSM’s Deal Services team provided sell-side advice on the deal, led by M&A partner James Wild, with support from Clare Martin, Alyssia Kaczmarczyk and Hallam Wilson.
Hill Dickinson provided legal advice. DriveWorks was also advised and supported by Mattocks Grindley.
James Wild, Partner at RSM, said: “The acquisition will support DriveWorks’ sustainable growth ambitions, provide solutions for new markets, and also bolster Bechtle’s existing reputation in the UK.
