Mobeus manufactures another great exit
Mobeus Equity Partners (“Mobeus”) has partially realised its investment in VSI Limited by selling one of VSI’s two operating businesses, MachineWorks Software Limited (“MachineWorks”), to Westec Holding Company Ltd. The transaction value has not been disclosed.
Mobeus backed the management buyout of VSI in 2006. Based in Sheffield, MachineWorks is the leading developer of simulation and verification toolkit technology used in Computer -Aided Manufacturing. MachineWorks’s software product simulates machining and helps manufacturers to avoid expensive production mistakes which could cause expensive raw materials to be scrapped or production runs to be disrupted.
Eric Tung, partner at Mobeus and non-executive director of MachineWorks, comments:
“We are very proud of our association with MachineWorks which is an excellent example of the development of a world-class technology company in the UK. During our period of ownership, management has continuously innovated and invested to maintain its market leading position and to expand its product offering.
MachineWork’s expertise is now recognised around the world and Westec’s acquisition is a further validation of MachineWorks’s technology.
The investment has provided attractive returns to Mobeus managed Venture Capital Trusts”
VSI’s other business, Lightwork Design Limited (“Lightworks”), will continue under the ownership of management and Mobeus Advised VCTs. Lightworks’s software product is used in many industries, in particular, the architectural sector, to produce photo-realistic images as part of the product design process.