Primary wins auction for HSBC's Amtech Group

The investment was made through Primary’s third fund, Primary III, which originally closed in March 2006 at its hard cap of £200m (€220m).

Acquired by HSBC PE through an MBO in 2006, Amtech is a UK-based producer of software and data services for the mechanical and electrical building services industry.

Primary was awarded exclusivity after the auction process began in August 2009. The firm said that the standard of Amtech’s software, high recurring revenue base, strong cash generation, the potential to realise future benefits from continuing to pursue a "buy-and-build" strategy were factors behind the decision to bid.

Primary investment director Peter Jacobs said, “We are backing a management team with a strong track record of building the business and we look forward to supporting Amtech’s continued growth through development of its current product suites and by assisting management make further acquisitions of complementary products.”

Primary is an independent investment firm specialising in mid-market management buy-outs, buy-ins and development capital investments in the UK and continental Europe with values of up to £100m (€110m). Other investments include Napier Turbochargers, Pacific Direct, Esteem Systems, Rhyme Systems and Great Rail Journeys.

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