Panoramic Growth Equity (Panoramic) has sold its 35% share in gas sensing instrument manufacturer Cascade Technologies, the two parties have announced.

Global manufacturing and technology company Emerson will be taking over Panoramic’s stake – the largest amid a number of minority interests in Cascade.

Emerson has around 115,000 employees across more than 200 manufacturing locations and has its headquarters in the US – with a $40 billion market cap.

Panoramic initially invested £1.7 in Cascade in May 2011 – subsequently leading two funding rounds that generated £2.2 million across the following three years. The company hopes to use the money generated from this sale as a springboard to launch a second capital fund in 2015.

The deal follows the successful sale of Solflex Energy Systems to Travis Perkins PLC last year – generating an IRR of 120%.

Panoramic partner Stephen Campbell, who also sits on the board of Cascade, said he was “proud” that Panoramic had been able to support Cascade to achieve the growth necessary to become “a truly international player with market-leading products”.

“This has been achieved off the back of hard work and dedication from the management team who have been extremely successful in staying ahead of the competition and who are highly respected in their field,” he added.

Cascade CEO Iain Howieson called Panoramic’s support “invaluable” when growing the business.

“The Panoramic team has in-depth experience of growing businesses and they have really helped us to renew the commercial focus of the business and attract high quality staff, ultimately winning the attention of a large multinational company,” he said.

“We very much look forward to the next chapter under the watch of our new owners Emerson.”