Structural engineering software company CSC has secured a financing package from Livingbridge valuing the business at £20 million. Clearwater Corporate Finance led, structured and arranged the deal.
Based in Pudsey, West Yorkshire, CSC is the UK market leader, as well as having a substantial presence in South East Asia. Its products include Fastrak, Orion and TEDDS.
CSC’s customer base comprises some 2,500 companies in the UK, Ireland, Singapore, Malaysia and Australia. The business plans to continue international development opportunities in the USA, Middle East, Europe, India and Asia Pacific.
CSC was founded in 1975 as a subsidiary of a Civil and Structural Engineering Consultancy and became independent in 1987 following a management buyout. Two subsequent buyouts have taken place, the latest of which was led in 2003 by current managing director Mark Roberts, aged 44.
As well as its Pudsey headquarters, CSC has offices in Singapore, Malaysia, Australia and Chicago and now employs over 70 people.
Following the completion of this latest transaction, Mark Roberts commented: “This provides the perfect platform for CSC to realise our next stage of business development and the management team are relishing the challenge of a very exciting opportunity.”
Carl Houghton, partner with Clearwater Corporate Finance, commented: “Clearwater advised on CSC’s MBO back in 2003, which completed on the same day as Clearwater’s own buy-out. This latest deal was therefore nostalgic as well as being the perfect platform for CSC’s new phase of growth.
“The management team were looking for a financial partner to support its strategic plans, principally through further product development, further geographic expansion into the USA and Asia and, where appropriate, acquisition.
“The deal will reinforce CSC’s strategic global objectives, while realising part of their investment. In addition, the shareholders hope to use this process to develop the next layer of management and continue the success of the business.”
Commenting on the transaction, James Hall of Livingbridge, added: “CSC’s leading products, proven management team and position in growth markets represents an extremely attractive investment opportunity. We are delighted to be supporting Mark and the team in the next phase of CSC’s development.”
Bank funding for the deal was provided by Yorkshire Bank (Peter Smith). The shareholders were advised by Hammonds (Gregg Davison) with Cobbetts (Sean Fitzgerald) advising Livingbridge.