Published: Oct 15, 2018
Focus:
Growth Capital,
Private Equity
Sale to trade buyer delivers a profitable return for Maven VCTs and Investor Partners.
Maven has exited from its investment in Cursor Controls, a developer and manufacturer of human machine interface (HMI) devices for some of the world's most demanding environments. The sale to DiscoverIE Group has realised a 2.7x for Maven in just over three years.
Cursor designs, manufactures, and supplies a range of leading edge products, including trackballs, touchpads and ruggedised keyboards. The business, which is based in Newark-on-Trent, Nottinghamshire, generates over 90% of its sales from international markets, exporting to over 30 countries. Its high precision products, benefitting from patented technology, are used by leading brands in the medical, defence and aerospace, marine and industrial sectors.
Since Maven backed the management buyout of Cursor in July 2015, the business has grown consistently, both organically and through acquisition, and revenues have doubled to over £9.5 million.
“The sale of Cursor is an excellent return for both our VCT shareholders and our Investor Partner network which co-invested to fund the original MBO. Since then, Neale and his senior management team have continued to build upon the company’s global reputation in the market for technical expertise and innovation and Cursor is widely regarded as a leader in its field. Cursor has a significant intellectual property portfolio, owning a number of patents, and it is these advanced technologies and technical excellence that primarily attracted DiscoverIE to acquire the business.
We are proud of how we have enabled Cursor to add scale to the business and are delighted that the business will move into the DiscoverIE Group, which has a highly complementary proposition and will provide an excellent platform for the firm’s continued growth.”
Mike Collis, Portfolio Manager at Maven
“We have immensely enjoyed working in partnership with Maven since the original buyout which took place in 2015. During this time the team from Maven have proven to be highly supportive business advisors as well as providing the finance and backing to enable the business to grow and achieve its strategic and commercial objectives.”
Neale Sutton, Managing Director at Cursor
