MachineWorks acquired by Management
Sheffield (10 May, 2006) - MachineWorks Limited, has been sold by its shareholders to the management team in a Management Buy Out (MBO).
MachineWorks Limited together with LightWork Design Limited have been acquired by VSI Limited, a new holding company created as the vehicle for the MBO, backed by Matrix Private Equity Partners and HSBC Bank.
MachineWorks Limited, supplier of the leading NC simulation and verification toolkit for software and hardware OEMs and LightWork Design Limited, the leading supplier of rendering solutions for developers of advanced 3D computer graphics software are global leaders in their respective markets and have long-standing relationships supplying blue chip CAD and CAM vendors around the world. The companies will continue to operate as independent businesses.
MachineWorks Limited is planning an immediate expansion of its team through the recruitment of new software developers. The additional technical resource will assist with the product innovation process and the expanding customer base.
The MBO team is led by David Forrester, the Group MD and FD, David Manley the MD of MachineWorks Limited and Andy Chapman the MD of LightWork Design Limited.
Ashley Broomberg, Director at Matrix, said; “We were attracted to this investment because both LightWork Design and MachineWorks are genuine global leaders in their markets with a strong intellectual property base. The companies have long-term customer relationships and strong incumbent management teams. The markets in which these businesses operate are poised for growth as hardware developments facilitate the use of 3D design tools and more complex machining tools become more widely used.”
David Forrester said; “We are excited about this opportunity and are looking forward to continuing to work with our customers and partners. The companies have strong teams that will remain in place to assist us with driving the businesses forward.”
About MachineWorks Ltd