DriveWorks has been acquired by a €6 billion technology group, marking the exit of BGF.
Based in Thelwall, Cheshire, it provides design automation and 3D sales product configuration software to manufacturing and engineering companies.
The business has been acquired by Bechtle AG, headquartered in Neckarsulm, Germany. The exit has generated a money multiple of 2.7x and an IRR of 32% for BGF.
BGF originally invested £4 million in DriveWorks in February 2021 to support continued development of its software platform, while accelerating international growth. During BGF’s investment period the business has more than doubled revenues, which reached €6.5m in the 2023/24 financial year.
The fast-growing technology company was co-founded by Glen Smith and Maria Sarkar in 2001. Sarkar was named on this year’s King’s Birthday Honours List and awarded an MBE for services to manufacturing.
“BGF’s investment in 2021 was a real catalyst for growth and helped us to achieve our goal of successfully scaling the business,” she said.
“BGF has helped us to create significant value in the business through our expansion and around succession planning. With the team’s support, we’ve attracted a high-quality buyer which will ensure future success for our business, team and customers.”
BGF introduced Sharon Baylay-Bell as non-executive chair through its Talent Network – one of the largest groups of board-level executives in the UK and Ireland.
“Driven by a passionate management team, DriveWorks has developed a market-leading offering through investment in technology and talent,” said Harry Jones, BGF investor.
“We’re proud to have supported the company in helping to accelerate its growth plans. DriveWorks is an excellent example of the BGF investment model, which allows us to form long-term partnerships with dynamic companies and confidently invest through the cycle.
“The result is a positive exit for all parties, and we wish the business every success in the future.”