A 3D software firm based at New Mills near Stockport has been acquired by a rival.<\/p>\n
Cadtek has been bought by Solid Solutions Management which has secured \u00a38m from the Business Growth Fund.<\/p>\n
The acquisition will strengthen Leamington Spa-based Solid Solutions’ position\u00a0 as the UK & Ireland’s leading reseller of SolidWorks, which is a computer aided design software package used by 230,000 companies worldwide.<\/p>\n
Solid Solutions provides software tools, training and support to more than 5,500 UK & Ireland-based customers.<\/p>\n
The acquisition adds Cadtek’s eight UK training centres to the 15 already operated by Solid Solutions.<\/p>\n
Managing director Alan Sampson, who co-founded the business in 1998, said: “BGF’s investment allows us to accelerate the growth plans for the business by increasing our scale. <\/p>\n
“We are experiencing growing demand for the products and training we provide, and are delighted that we are positioned to respond to this demand with the backing of a supportive equity partner.”<\/p>\n
BGF’s growth capital investment is also being used to support the continued growth of the core business. The enlarged company will have a turnover of \u00a330m and employ 150 people.<\/p>\n
Colin Garrett, who is currently chairman of several other businesses including Centiq, Impero Software and Silverwing, has been appointed as non-executive chairman of Solid Solutions.<\/p>\n
James Syrotiuk, an investor at BGF who will sit on the board of Solid Solutions, added: “There remains a lot of opportunity for Solid Solutions in the 3D CAD market.”<\/p>\n
The investment in Solid Solutions was led for BGF by James Syrotiuk, Aaron Baker, Saarung Shah and Ian Downing. <\/p>\n
White & Black advised Solid Solutions, while BGF was advised by Squire Patton Boggs, MCC Consulting and Claritas Tax.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a38m funding oils deal wheel<\/p>\n","protected":false},"author":23,"featured_media":1732823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"coauthors":[],"class_list":["post-732823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"yoast_head":"\n