SCAN tool developer Autologic Diagnostics has completed an MBO worth £46m. The deal was funded by investment bank Isis Equity Partners.
The agreement will let the firm’s current shareholders cash in on their holdings while also freeing up cash for the growth of the business.
The management team led by Executive Chair Kevin Finn, MD Peter Toland and Technical Director Ian Jones, is rolling over a significant portion of value into the new company alongside Isis.
The firm was started in 1999 but had a significant amount of money put into the business in 2009. This money came from venture capitalists Foresight and Octopus Investments. Foresight is realising part of its investment but also rolling over value into the new company, while Octopus Investments will exit in full.
Peter Tooland commented: “The investment by ISIS, together with the continued investment of Foresight and the management team will support the business in its next stage of rapid growth.”