Manchester-based software group, Grafenia, has revealed that Sun Mountain Partners has taken a 12% stake in the company.
According to documents filed this afternoon, the Massachusetts-based investor has acquired 31.76m shares in the firm, equating to 11.7998%.
More details haven’t been revealed, but Sun Mountain Capital said that it invests in companies at all stages of development, from early-stage Seed and Series A through “expansion stage growth companies.”
It has discretionary assets under management of $700m.
Today’s investment comes almost a month after Grafenia announced plans to raise £28m via a placing and subscription offer. The group, which posted a 1.5% increase in sales last year, at £12.55m, stated that it wanted to use the cash injection to continue its acquisition strategy.
