Planit Holdings ("Planit") develops and supports software and services for Computer Aided Manufacturing ("CAM") for the woodworking, cabinet-making, engineering and stone industries.
The management buy-out of Planit, which was August Equity's first Public-to-Private transaction, has allowed the company to grow recurring revenues and enhance its strategic positioning. Planit is currently the fourth largest player for CAM worldwide.
In February 2008 Planit sold its retail division, Fusion, to 20-20 Technologies Inc for £19 million. The sale of Fusion, which specialised in Computer Aided Design solutions for the retail industry, was in line with the original MBO strategy, and allows Planit to focus solely on the fast growing CAM market.
The management team consists of Bryan Pryce, chief executive, Jonathan Lee, finance director, Patrick Love, director sales and services, and Russell Franks, chief technology officer. Richard Moon, who was previously chairman of Vivista and Securistyle both former August Equity portfolio companies, joined the team as chairman.