Mishcon de Reya has advised The Leap 100 company TestPlant on a major investment by The Carlyle Group (NASDAQ: CG), who has acquired a majority shareholding in the company.
TestPlant’s eggPlant product range provides a suite of easy-to-use software test automation tools that helps companies deliver high quality enterprise and mobile applications quickly and consistently.
Carlyle is investing in partnership with the existing management team, which will continue to build and support the innovative test solutions that have led to the company increasing its revenues ten-fold over the past five years. The Carlyle Group is a global alternative asset manager with $188 billion of assets under management. TestPlant was founded in 2008 by CEO George Mackintosh and Chairman Jon Richards, with support from Seraphim Capital, a London-based venture capital firm. With Carlyle’s investment, Seraphim successfully exits the business.
George Mackintosh, CEO of TestPlant said: “The Carlyle Group's global presence and wealth of experience supporting high-growth software companies is a great match to our ambitions. Everyone at TestPlant is excited about scaling up our business, and we are hugely appreciative of the support we have received from the eggPlant user community and our partners.”
The Mishcon de Reya team was led by Corporate Partner Andrew Rimmington, who commented:
"Our Private Equity practice here at Mishcon de Reya has been exceptionally busy, proving that there is significant activity in the private equity secondary buyout market.
"We have worked with George Mackintosh (CEO), Chris Verdin (CFO) and the TestPlant team for a number of years – it’s great to have been able to help them secure this major investment by The Carlyle Group".
The PE Hub Network