[Software] LDC EXITS LEAMINGTON SOFTWARE RESELLER

[FazzNoth]

A Leamington Spa-based reseller of 3D design software has been acquired by a US group as part of a deal which provides an exit for mid-market private equity firm LDC.

Solid Solutions, an independent provider of SOLIDWORKS, a 3D computer-aided design (CAD) package, has been snapped up by US-based technology and business services partner for designers, engineers and manufacturers, TriMech.

Founded in 1998, Solid Solutions supports a community of more than 16,000 customers across the UK and Ireland, which includes product designers, mechanical engineers, manufacturers, and educational institutions.

 

LDC backed the company's management team, led by chief executive and founder Alan Sampson, CTO Simon Turner and CSO Kathy Sampson in 2020. Since then, the private equity firm helped Solid Solutions to acquire Design Rule and Desktop Engineering in 2021.

Over the past two years, Solid Solutions has grown revenues by more than 35 per cent, up to £73m in its latest financial year. Today, the business employs more than 250 people.

 

Rob Schofield, partner at LDC, said: "Our partnership with Solid Solutions is a fantastic example of how private equity investment can support a founder-owned family business to realise its growth plans. Its success is down to the hard work of the management team and its employees.

"This transaction finds a good home for the business and represents an excellent outcome for everyone at Solid Solutions. We wish them all the best for the future."

The transaction was led by LDC's West Midlands team. TriMech is a portfolio company of Sentinel Capital Partners, a US private equity firm that invests in companies with EBITDA of up to $80m.

 

As part of the transaction, Sampson will be appointed president of TriMech's UK and European business and the wider management team will remain in place.

Sampson added: "Rob and the rest of the team at LDC fully supported our strategy to grow our business. They encouraged us to be bold with our plans, and to act quickly and efficiently for the benefit of our customers. We could not have asked for a more supportive and engaging partner."

LDC and Solid Solutions were advised by Alantra (corporate finance) and Gowling WLG (legal).

https://www.insidermedia.com/news/midlands/ldc-exits-leamington-software-reseller