Yorkshire-based CSC World has been sold to American business Trimble for an undisclosed amount by its private equity backer.
ISIS Equity Partners is the firm selling its stake, having held a majority interest since it funded a management buy-out led by managing director Mark Roberts in January 2008.
The divested business, which was set up in 1975 as a subsidiary of a civic and engineering consultancy, produces software services used by structural engineers. Having become independent in 1987, the company used private equity investment to target markets in Ireland, Singapore, Malaysia and Australia.
Roberts comments, ‘With the support of ISIS, the CSC team have grown the business through a period of the most challenging economic conditions.
‘We have delivered on our plans to build CSC internationally through both organic expansion and acquisition.’
New buyer Trimble is listed on the NASDAQ exchange and is focused on technologies relating to surveying, construction, agriculture and mapping. According to the Californian company, it aims to make field and mobile workers in businesses and government more productive.
Despite financial terms of the sale not being disclosed, ISIS says that the realisation has delivered a return ‘in excess’ of 2.4x.
More on ISIS Equity Partners 2013 deals:
- ISIS picks Red Box Recorders as first ISIS V fund investment
- YSC investment takes ISIS 2013 deal count to nine
Pete Clarke, partner at ISIS Equity Partners and lead on the deal, says that CSC has been a successful investment for the firm due to its ability to develop a geographical footprint across six continents.
‘At the same time we have made significant investment in developing exciting new products for its loyal and expanding customer base,’ he adds.
‘We believe that the foundations for the next phase of CSC’s journey are in place and we are confident that the business will continue to prosper under Trimble’s ownership.’