Star Net Geomatics Limited (Star Net) is a UK-based International company that provides a wide range of surveying, inspection and design services to the Telecommunications, Renewables, Civil Engineering, Oil and Gas and Nuclear sectors.
The global scalability aspect of the business, substantiated by profitability in the first year of trading and strategic expansion into the renewables, nuclear energy and oil & gas markets proved the value of the business model and made a compelling investment proposal. The Par Innovation Fund 1 LP completed its initial investment in the company in February 2011.
The company was acquired by UTEC in Summer 2013 in order to enhance and increase the range of laser scanning, dimensional control and 3D asset management services to both offshore and onshore clients. Enterprise value on acquisition generated a c.2.4x cash on cash return for Par Investors.
What they said
Commenting on the acquisition, UTEC CEO Martin O’Carroll said: "Combining our global footprint with Star Net’s market leading asset management software and laser scanning capability allows UTEC to more efficiently provide our clients with the information they need to make more informed decisions."