A 3D design software firm has secured new investment from private equity house LDC.
Leamington Spa-based Solid Solutions was founded in 1998 and resells 'Solidworks', the 3D computer aided design (CAD) package that is owned by Dassault Systems and used by more than five million people worldwide.
Its customer base in the UK and Ireland ranges from product designers, mechanical engineers and manufacturers, to entrepreneurs and educational institutions and the software has been used by the Royal National Lifeboat Institution to design its latest vessel.
The £50 million-turnover business operates from 23 offices across the UK and Ireland and employs more than 230 people, under the leadership of founder and chief executive Alan Sampson.
The undisclosed investment from LDC has enabled previous backer BGF to exit its minority stake.
BGF, which first backed Solid Solutions in 2016 with an £8 million investment, has supported the business as it significantly expanded its product and service capabilities with the acquisition of software providers Cadtek Systems, New Technology CADCAM and Solid Solutions Innovations.
Solid Solutions said it would use this fresh round of capital to embark on the next stage of its plans to grow organically and explore complementary acquisitions.
It will also look to roll-out new services and products.
Mr Sampson said: "We are experiencing growing demand for our services from a large, expanding customer base, many of whom have been with us for over 20 years.
"With the support of BGF over the last three years, we have been able to significantly grow our existing activities and acquire complementary businesses that are now core to the Solid Solutions family.
"LDC's investment allows us to accelerate the growth plans for the business by increasing our scale, capacity and capability, enabling customers to benefit from an even wider product and service offering.
"Our focus is always centred on our partnership with customers. Continued investment in our own growth means we will remain agile and responsive."
Rob Schofield and Richard Whitwell from LDC have joined the firm's board as non-executive directors.
Mr Schofield added: "Solid Solutions is a true Midlands success story.
"The computer-aided software sector has boomed in recent years and this growth looks set to continue.
"With the increasing demand, and Solid Solutions' established customer portfolio, there is a real opportunity for us to support Alan and his team as they cement the firm's market-leading position."
Ian Downing, investor at BGF, said: "Solid Solutions has seen fantastic growth over the last three years, testament to a management team with a bold vision for their business and a passion for supporting their clients.
"We wish them all the very best for the next stage of their journey with LDC."
Banking facilities were provided by Muzinich & Co. and Santander and advisers on the deal were BDO, CIL, DC Advisory, EY, Gowling WLG, KPMG and Shoosmiths.
