Author: Connie Loizos

Vero Software — a computer aided design (CAD) and computer aided manufacturing (CAM) company based in Cheltenham, England — has received an undisclosed amount of money from senior lenders Silicon Valley Bank and HSBC to acquire Sescoi International, another CAD/CAM software company. Vero, which did not publish the purchase price, is a portfolio company of Battery Ventures.

PRESS RELEASE:

Silicon Valley Bank, financial partner to the technology, life science, cleantech, private equity and venture capital industries, has joined HSBC as a joint senior lender to Vero Software, a computer aided design (CAD) and computer aided manufacturing (CAM) development company. The newly acquired funds from Silicon Valley Bank have been used to support the company’s acquisition of Sescoi International, a leading international supplier of CAD/CAM software solutions, and the purchase of assets from Surfcam,a major CAM software company. Vero Software is a portfolio company of Battery Ventures, a leading specialist technology investor.

Headquartered in Cheltenham, Vero Software has a global presence with operations in North America, Germany, Japan, Italy and France. Vero Software designs, develops and distributes CAD/CAM software for the manufacturing sector, most notably within automotive, aerospace, machinery and consumer goods production. As part of the company’s global development, both transactions will enhance the existing product portfolio and broaden the geographic reach of the business.

“This is a very exciting time for Vero Software. The acquisition and asset purchase further strengthens Vero’s geographic reach, client solutions and development engine and is another important milestone in the company’s continuing growth.” commented Paul Jackson, Managing Director of Corporate Banking at Silicon Valley Bank’s UK Branch.

“We are pleased to be working with a bank that truly understands our business and the innovation sector as a whole. With the additional support of Silicon Valley Bank, we are looking forward to the continued growth of our business and enhancing the services, knowledge and expertise we already offer to our clients.” added Richard Smith, CEO of Vero Software.

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Notes to editors:

About Silicon Valley Bank

Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. Silicon Valley Bank and its affiliates within SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 US offices and seven international operations in China, India, Israel and the UK. (Nasdaq: SIVB) www.svb.com.

Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London, EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the Financial Services Authority, FSA reference number 577295. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

About Vero Software

Vero Software Software is a world leader in CAD/CAM development with a proven track record of reliable product delivery. Vero Software develops and distributes software for aiding the design and manufacturing processes, providing solutions for the tooling, production engineering, sheet metal, metal fabrication, stone and woodworking industries. The companies world-renowned brands include Alphacam, Cabinet Vision, Edgecam, Machining STRATEGIST, PEPS, Radan, SMIRT and VISI, along with the production control MRP system Javelin.

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GE Capital, a Norwalk, Conn.-based finance group that provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses, served as the administrative agent on a $200 million credit facility secured by Waupaca Foundry, a Waupaca, Wi.-based iron foundry company. The monies are being used to support a dividend recapitalization.

PRESS RELEASE:

GE Capital, Corporate Finance today announced it is administrative agent on an incremental $200 million credit facility to Waupaca Foundry, Inc. The funds were used to support a dividend recapitalization. GE Capital Markets served as lead arranger for the transaction. GE Capital has been a lender to the company since serving as administrative agent on a $485 million acquisition financing announced in June 2012.

Headquartered in Waupaca, WI, Waupaca Foundry is one of the largest iron foundry companies in the world. It produces gray and ductile iron castings for the automotive, agriculture, construction and commercial-vehicle markets. The company operates six manufacturing facilities located in Wisconsin, Indiana and Tennessee. KPS Capital Partners, LP, a private equity firm with over $2.5 billion of assets under management, is the manager of the KPS Special Situations Funds. KPS acquired Waupaca Foundry, Inc., at the time named ThyssenKrupp Waupaca, Inc., in June 2012.

“GE Capital specializes in providing business-building capital to middle-market companies,” said David Shapiro, managing partner at KPS Capital Partners. “As Waupaca Foundry continues to grow, it’s critical we have a lender who can support the company and adapt financing structures to match its growth profile.”

“With deep automotive, manufacturing and metals expertise, we were able to quickly provide Waupaca Foundry with additional financing,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Working closely with customers to provide growth capital as they evolve is our specialty.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit gelending.com/clnews or follow @GELendLease on Twitter.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit ge.com.

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Singapore-based Asia Growth Capital Advisors (AGCA),a private equity firm, has acquired of a portfolio of private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners, L.P. AGCA worked with HarbourVest Partners, which was the lead investor in the transaction.

PRESS RELEASE:

Asia Growth Capital Advisors (“AGCA”), announced today the acquisition of a portfolio of seasoned private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners, L.P. (“CSPEA”).

AGCA worked with HarbourVest Partners, LLC (“HarbourVest”), the lead investor in this transaction. HarbourVest has a long history of private equity investing in the region with deep experience in executing complex portfolio transactions of this nature. In addition, Axiom Asia Private Capital (“Axiom Asia”), which has a focus on private equity investing in the Asia Pacific region, helped to underwrite and consummate the transaction.

AGCA is a Singapore based private equity firm, that focuses on opportunities in India and South East Asia. The firm was founded in 2010 by Harjit Bhatia and Soma Ghosal Dhar, formerly Chairman & Managing Partner and Partner respectively at CSPEA. Mr. Bhatia has over 38 years investing experience in Asia Pacific region across private equity, industrial lending, corporate finance and investment banking areas from his prior times with General Electric Company, Deutsche Bank, State Bank of India and Ritchie Capital in various leadership roles. Ms. Ghosal Dhar has over 15 years of private equity investing experience and was most recently a Partner at CSPEA where she was responsible for originating and advising on private equity opportunities in India. Ms. Ghosal Dhar’s prior experience also includes stints at Ritchie Capital Management and GE Equity.

On this transaction, the founders of AGCA, said, “We are very excited about this partnership with HarbourVest and Axiom Asia which will enable AGCA to continue providing its advice to the portfolio companies and help them grow. Furthermore, this partnership, in the future, will allow AGCA to provide a platform for liquidity and secondary solutions to existing private equity investors in Asia, specifically in India and South East Asia”.

Tim Flower, a Principal at HarbourVest’s Asia affiliate, commented, “We are very pleased to work with AGCA on this transaction. We see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and South East Asia and expect to work together with the team at AGCA in the future on similar secondary direct deals.”

Alex Sao-Wei Lee, Partner and Head of Secondary Investments at Axiom Asia, recounted, “We are very pleased to be working with AGCA on this transaction and look forward to a successful partnership with them.”

About the Limited Partners
HarbourVest Partners, LLC is an independent global private equity firm that invests in venture capital, buyout, mezzanine debt, and distressed debt through primary partnerships, secondary purchases, and direct investments. Since 1986, HarbourVest has been a leading buyer of private equity assets, acquiring $9 billion of assets in over 350 deals of all stages, types, vintages, and geographies and working with many types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices. This flexibility enables HarbourVest to offer sellers of private equity comprehensive liquidity solutions. The firm’s clients consist of 300 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, Latin America and Japan. As part of its track record of secondary direct transactions in Asia, HarbourVest also co-led the spin out of the Bank of America Merrill Lynch private equity portfolio in 2011 and is the single largest investor in that transaction. To learn more, please visit www.harbourvest.com .

Axiom Asia is an independent private equity fund of funds manager focusing on primary fund investments, secondary purchases and co-investments in buyout, venture capital and growth capital opportunities in the Asia Pacific region. With 11 investment professionals based in Singapore, Axiom Asia has one of the largest and most experienced teams dedicated to private equity fund investing in Asia. An active buyer of Asian secondary interests, Axiom Asia has provided efficient liquidity solutions for global investors across a variety of secondary transactions involving Asian assets, from fund positions to portfolios of direct investments.

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