Deal machine rolls on
MachineWorks is the leading developer of simulation and verification toolkit technology used in Computer-Aided Manufacturing. MachineWorks’ software simulates machining and helps manufacturers to avoid expensive production mistakes.
The sale to Westec, a subsidiary of the German multi-national HEIDENHAIN, provides attractive returns to the shareholders of Machineworks, including Mobeus Equity Partners who funded a management buy-out of the business in 2006.
A multi-disciplined BHP team led by Hamish Morrison and Matt Scott guided the shareholders through the sales process, delivering integrated corporate finance and tax structuring advice.
Hamish Morrison commented “MachineWorks’ toolkit is recognised as the industry standard for complex simulation, verification and clash detection for any type of CNC machining. The acquisition will complement HEIDENHAIN’s existing portfolio of products which are primarily used in high-precision manufacturing”.
David Manley, exiting shareholder and MachineWorks managing director commented “BHP Corporate Finance advised the management of MachineWorks and its private equity backers during the sale of the business to an overseas buyer. This was neither a quick nor a straightforward process but they managed it very professionally, leading the negotiations and providing sound advice to the vendors. The BHP Corporate Finance team provided strong expertise on the financials, including post-deal support, and secured an excellent deal for the shareholders.”