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BGF announces successful exit of OnePLM
BGF has announced a successful exit of OnePLM, a value-added reseller (VAR) of Siemens CAD/CAM and Product Lifecyle Management (PLM) software, following its acquisition by The Digital Transformation consortium of Magnus Digital, Dimensys, cards PLM Solutions and Appronto.
OnePLM is one of the largest Siemens Digital Industries Software Resellers worldwide and the top Siemens Partner in Europe. Backed by a large, diverse and highly rated team of specialists, the organisation supplies software solutions, technical consultancy and support services to thousands of customers across the UK and Ireland spanning a wide variety of industry sectors.
BGF initially acquired a 25% equity stake in June 2018 with funding used to acquire Majenta PLM, the largest Siemens VAR in the UK. The resulting combined business represented more than 75% of Siemen’s UK PLM VAR channel, with the latest annual turnover of approximately £23 million.
Following this, the firm also acquired Team Engineering in September 2019 – a Siemens PLM Gold Partner with product and vertical expertise that was deemed complementary to the group.
Funding from BGF has enabled OnePLM to evolve faster and become one of the largest and most successful Siemens PLM solution providers in the world. Despite unprecedented recent challenges, our business has trebled in size since our investment. Working with BGF has helped us take advantage of growth opportunities present within our industry through acquisitions. Due to the foundations that BGF have helped us build, we are now able to accelerate our growth plans at OnePLM and serve international markets with best-in-class Siemens Digital Industries software and services.
Allan Blackwell, CEO of OnePLM
Mark Parry, Managing Director of OnePLM, said: “BGF’s funding has been vital in accelerating our growth in the past four years, both organically and inorganically. Critically, the partnership has facilitated two strategic acquisitions that have been instrumental in consolidating our position as the leading Siemens PLM VAR.
“With BGF’s support, we’ve also been able to build out our consulting division, extend our expertise across Siemens Digital Industries Software portfolio, and onboard smaller Siemens clients more effectively. Their support has provided solid footing from which we can continue to grow moving forward.”
Alex Snodgrass, investor at BGF who has worked with OnePLM since 2018, said: “It’s been extremely pleasing to see OnePLM thrive in the past four years. Not only has the organisation overcome critical headwinds such as Brexit and Covid during this time, but it has consolidated its status as a top Siemens PLM partner globally.”
OnePLM has grown revenues and EBITDA at 16% and 17% CAGR respectively over the four financial years since BGF’s investment. BGF generated a 3.6x return on its investment in OnePLM.
The sale of OnePLM follows a wave of recent activity at BGF in August, the company also having invested £2.3 million in Edinburgh-based Optima Partners and £3.5 million in Nottingham-based Cheesecake Energy, as well as making significant contributions to new diversity-focused fund Cornerstone VC.
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