Mid-market investor NVM Private Equity has bought a minority stake in software developer Lanner Group as the company’s previous backer, 3i, exits the business.
Mid-market investor NVM Private Equity 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.
Armstrong Transaction Services provided due diligence on the deal. Director Tom Raymond led Armstrong’s
IT team, which has a long-term relationship with NVM, providing support on transactions across sectors as diverse as events management and specialist logistics.
Based in the West Midlands, Lanner develops software that enables large companies to simulate business processes.
