Mid-market investor NVM has bought a minority stake in software developer Lanner Group as the company’s previous backer 3i exits the business.
Mid-market investor NVM has bought a minority stake in software developer Lanner Group as the company’s previous backer 3i exits the business.
Valuing Lanner at £3 million, the deal comes 14 years after 3i backed the original management buy-out (MBO) of the company, which was formerly the simulation software division of telecoms giant AT&T.
James Arrowsmith, an executive director at NVM, led the deal for the firm, while ICON Corporate Finance advised Lanner’s management on the deal.
Eddie Harding, investment director at ICON, says Lanner has been ‘transformed’ following a restructuring in 2006, in which current chairman Ken Briddon took over leadership of the business.
Based in the West Midlands, Lanner develops software that enables big companies to simulate business processes, with end users including Ford, GSK and British Nuclear Group. The company has 35 full-time staff in the UK, USA and France.
