Bluebox advise on sale of SAAS provider MESTEC to leading US PE Fund

Bluebox is delighted to announce it has advised the shareholders of MESTEC, one of the UK’s leading providers of Manufacturing Execution Software, on their sale to Banneker Partners LLC (“Banneker”), a West Coast US, software-focused private equity firm.

Bridging the gap between the back-office and the factory floor, MESTEC software focuses on key business pressures (people, time, cost, and compliance) and provides customers with immediate operational and financial feedback. Applicable to a broad range of manufacturing organisations and environments, the company boasts an enviable roster of customers across the aerospace, defence, industrial, medical devices, food, and electronics sectors.

Founded in 2010, Banneker is a significant player in the West Coast software market with numerous past portfolio successes, including the sale of manufacturing software company, IQMS, to Dassault Systems, for $425m.

MESTEC’s existing management team, led by Managing Director, Mark Carleton, will remain in the business following the sale, and will join forces with Banneker’s other MES portfolio company, Eyelit Inc. Founder and Chairman will both exit the business following the transaction.

 

Jeremy Harford, Founder at MESTEC commented:

“Bluebox managed an incredible process from start to finish.  They were highly recommended by our lawyers and I am extremely grateful for the teams’ efforts. We would not have achieved this result without them both in terms of pricing and speed of transaction.   We were impressed with their ability to gain a seriously deep understanding of the industry in which we operate, as evidenced by the wide range of interest generated in the business, largely from International partners.  They successfully negotiated a deal that met the objectives of all stakeholders and I could not recommend them highly enough.”

 

Jonathan Rich, Director at Bluebox commented:

“We are delighted to have achieved such a good result for the shareholders of MESTEC in their sale to Banneker. With multiple stakeholders at play, it was critical for us to identify a partner that could meet everybody’s ambitions and goals and it was rewarding to have such praise lauded on our research team for their efforts in identifying such a great range of potential suitors.

This deal with Banneker represents very good value for the shareholders and the perfect match for the incumbent management team.  We suspect a very bright future for the business and wish everyone involved, and those that have now stepped back, continued success.”

 

Other deals completed by our Software team:

Sale of Fleet AssistSale of ProspectSoft,sale of Landmark Systems sale of InferMed Limited


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