Gas sensing instruments manufacturer, Cascade Technologies, which was backed by Panoramic Growth Equity (PGE), the leading equity investor in fast growing, entrepreneurial companies, in May 2011, today announced that it has been listed as one of Britain’s 100 fastest growing private technology companies. Tech Track 100 is produced by Fast Track.
Stirling based, Cascade Technologies developed and patented the world’s first real-time technology for the detection, measurement and monitoring of gas emissions and explosives through its revolutionary use of quantum cascade lasers. It is used in a range of commercial applications such as the monitoring of gas emissions in power stations, substance detection at airports and analytics in petrochemical processes. In November 2010, Cascade partnered with Morpho to test a next generation security system at Glasgow Airport, which allows rapid detection of home made explosives and improvised explosive devices via analysis of air samples.
PGE invested £1.75m of growth capital in mid 2011. PGE partner Stephen Campbell joined the board and Tony Lochery, a member of PGE’s advisory board, took on the role as Chairman. At the time of PGE’s investment, Cascade was loss making and cash constrained. In the year following investment, sales increased by over 100% and the company generated £1m profit. Today, Cascade is growing at a rate of 39.45% per year, with annual revenues of over £6milion and it employs 49 people.
Stephen Campbell, Partner at PGE, said: “We would like to congratulate Iain and all the team at Cascade Technologies on this fantastic achievement. It is testament to their hard work and dedication as well as the fundamental strength of their technology, which has increasingly been used in a diverse range of commercial applications.”
Iain Howieson, Managing Director of Cascade Technologies said: “Cascade is a great example of where management and private equity can work in partnership to deliver real benefits for both sides. With the help of PGE and Tony Lochery our chairman, we have doubled sales revenues and significantly expanded the customer base in less than 12 months. PGE helped us to renew the commercial focus of the business as well as to re-incentivise our management team and attract high quality staff. This is a collective achievement and one that we are all extremely proud of.”