ECI backs Citation in £50m deal
ECI Partners has acquired a majority stake in professional advice firm Citation, in a deal that values the company at £50m.
The investment will support the company's plans for growth.
Debt
HSBC provided debt to support the transaction.
Company
Founded in 1995 and based in Wilmslow, Citation provides professional advice and compliance packages to business clients in the UK. The company has regionally-based consultants across the UK providing advice on health and safety, and employment law.
Since 2006, the company's sales have risen more than 50% to reach £15.4m in 2011. Citation employs more than 200 staff.
People
Andrew Vaughan, current chairman of ECI portfolio company Premier Care, will join the company's board as chairman. Richard Chapman is head of business services at ECI.
Advisers
Equity - Deloitte, Byron Griffin (Corporate finance); Deloitte, Sarah Sturt (Financial due diligence); SJ Berwin, Richard Lever (Legal); Ernst & Young, Cliff White (Tax); Credo, Simon Bones (Commercial due diligence).
Company - PwC, Simon Hawes (Corporate finance).
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