Planit Holdings ("Planit") developed and supported Computer Aided Manufacturing ("CAM") software and services for the woodworking, cabinet-making, engineering and stone industries.
The management team consisted of Bryan Pryce, chief executive, Jonathan Lee, finance director, Patrick Love, director sales and services, Russell Franks, chief technology officer and Richard Moon, chairman.
Value Added
Following the development and implementation of a new business strategy and profit improvement plan Planit sold its retail division, Fusion, to Canadian based 20-20 Technologies Inc for £19 million in February 2008. The sale of Fusion, which specialised in CAD solutions for the retail industry, was in line with the original MBO strategy, and focused Planit on the faster growing CAM market.
August Equity worked with the management team to implement the business plan incorporating a successful strategy to increase support revenues, an improved R&D program, a significant cost saving initiative and a cash management program.
In September 2010 August Equity led the strategic purchase of the sheet metal software assets from Greenock-Somatech BV (“Somatech”). Somatech supplied its software into Planit’s Radan range, which remains a strong growth area for Planit.
Realisation
The exit was completed in 2011 via a trade sale to Vero Software, which has backing from a US venture capital firm, Battery Ventures.
2006
Management buy-out completed with August Equity
Richard Moon appointed as chairman
2007
Appointment of Gia Campari as change director
Reorganisation from multiple company structure into three divisions, Wood, Metal and Retail.
2008
Sale of its retail division, Fusion, to 20-20 Technologies Inc
Recapitalised, repaying £12.3 million of loan stock plus interest
CEO Bryan Pryce Named Entrepreneurial Dealmaker of the Year
2010
Somatech software acquisition
2011
Trade sale to Vero Software