Press release
MBO gives local firm design for growth
The management of an Oxfordshire-based software supplier has bought the business back from the company it was sold to six years ago with funding from Lloyds TSB Commercial Finance.
Thame-based New Technology CADCAM is one of the UK’s largest resellers of the SolidWorks 3D computer aided design software used in a range of industries from heavy engineering to consumer goods.
The business provides software, training, installation and support to over 1,200 clients in the UK. It employs 30 people and operates from offices in Knutsford, Bristol, Leeds as well as from its principal base in Haddenham near Thame.
New Technology CADCAM was established in 1996 by managing director Richard Cave-Penney. The business rapidly grew to annual sales of £3 million and was acquired in 2000 by Anisa (UK) Limited, a group of businesses providing enterprise solutions.
Now, on the business’ 10th anniversary, Richard and two directors of the business, Chris Horn and Peter Teague, have bought the business back from Anisa and are planning to grow the business’ £5 million turnover by 10 per cent year-on-year.
The deal was funded by asset based lending specialists Lloyds TSB Commercial Finance which lent against the value of the firm’s sales ledger. Commercial Finance was introduced to the deal by Lloyds TSB Corporate, which provides banking facilities to New Technology CADCAM.
Richard Cave-Penney, managing director of New Technology CADCAM, said: "This deal enables the management team to take back full control of the business and to focus on further strengthening our position in the computer aided design market.
"Over the past 10 years we have established ourselves as the UK’s leading reseller of the worlds most popular 3D computer aided design package. We’ve also developed the business to encompass complimentary products and services that provide our clients with the means to design and realise better products faster.
"The facilities provided by Lloyds TSB Commerical Finance enabled the deal to complete quickly and will provide us with the headroom needed to continue building the business."
Steve Edwards, the regional manager for Lloyds TSB Commercial Finance who led the deal, said: "New Technology CADCAM entered the computer aided design market early and it continues to expand as many businesses look to upgrade their 2D packages to the latest 3D technology.
"A strong relationship with the market leader SolidWorks and a committed and enthusiastic management team is certain to drive further growth in the business over the coming years.
"Many businesses like New Technology CADCAM utilise asset based lending to fund management buyouts as it frees up the monies required to complete a transaction, without putting any pressure on the balance sheet."
Peter Taylor, Relationship Director for Lloyds TSB Corporate based in Reading, said: "This deal is truly satisfying as we’ve brought together the Lloyds TSB Group capability to create the right solution to help the guys at New Technology CADCAM realise their ambitions."
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
