Cheltenham-based start-up company Ultronics Holdings, supplier of control systems to the fluid power sector, is to get a £5.25m injection from Apax Partners.
The international venture capital and investment banking group has taken a 40% shareholding in Ultronics, and Apax director Tim Wright has joined the board.
Ultronics produces intelligent software to control hydraulic systems used in the industrial and aerospace sectors as well as the off-highway market. It has 13 staff and predicts revenues of £50m by 2003.
Wright said the company was ‘poised to undergo advanced trials with major industry names commencing later this year’.
Ultronics began in 1992 as the research and development arm of Ultra, which was formed from a management buyout from the hydraulics division of Dowty in 1989. Ultra was sold in 1996 and Steve Turner, managing director of the Ultra mobile products division, purchased Ultronics.