August Equity LLP ("August Equity") is pleased to announce that its portfolio company Planit Holdings Limited ("Planit") has completed the sale of its retail division, Planit Fusion ("Fusion") to 20-20 Technologies Inc. for £19 million (US $38 million).
August Equity completed its first public to private deal in December 2006 when it backed the £41 million MBO of the AIM listed company Planit Holdings PLC. Planit develops and supports software and services for Computer Aided Manufacturing ("CAM") for the woodworking, cabinet-making, engineering and stone industries.
The sale of Fusion, which specialises in Computer Aided Design ("CAD") solutions for the retail industry, is in line with the original MBO strategy, and allows Planit to focus solely on the fast growing CAM market. Planit is currently the market leading CAM provider in the metal sector and the future strategy will be to enhance the market share of the remaining sectors.
Sam Watkinson, partner at August Equity, said: “The sale of Fusion allows the management team to continue its accelerated growth plans. Our strategy was to reorganise the group to allow the sale of the retail division and to focus on our end customers in the CAM market. This exit gives us a clear CAM growth strategy.”