Lead co-investors Prelude Trust and IT Partners have sold portfolio company Fillfactory to Cypress Semiconductor Corp of the US for €100m in cash. Both firms will realise over £10m on the sale, which represents ten times the original investment.
Founded in January 2000, Fillfactory is a specialist in image sensor technology and in 2003 achieved revenues of €17.7m. Prelude and IT Partners were lead co-investors of an investor syndicate, which invested £2.7m in two rounds of funding in 2000 and 2003. Other investors in the group included Capricorn Venture Partners, Dow Ventures, Fidimec, Partners@venture and Sofipa.
ING Investment Banking and Baker & McKenzie advised Fillfactory and its investors on the transaction.