ISIS acquires Onyx in management buyout

ISIS will now own a majority shareholding in Onyx. In addition to the £27m purchase price, ISIS has committed a further £15m to fund strategic acquisitions, enhancing Onyx's geographical presence and its ability to provide services to existing customers. The group has completed six acquisitions over the past few years which have seen its customer base grow to more than 2,000 clients.

Debt
A debt package for this transaction was structure by Tom Green at HSBC.

Company
Established in 1994, Onyx provides business continuity, cloud computing and datacentre services to mid-market and enterprise clients. Since 2007, its turnover has increased from £5.7m to £14.9m in 2010. The company employs 118 people.

Onyx has expanded its operations across the UK and developed new services and products that are tailored to meet the needs of mid-sized businesses in markets such as the professional services and financial sectors.

The group has 10 sites throughout the UK including London, Glasgow, Edinburgh, Newcastle, Teesside and Sheffield. This includes five datacentres and six workplace recovery facilities.

People
Mark Advani led the investment in Onyx on behalf of ISIS. Xavier Woodward, James Titmuss and Mo Aneese, all from ISIS, also worked on the deal. Neil Stephenson is the CEO of Onyx Group.

Advisers
Equity – Grant Thornton, Ian Marwood, Bridie Robinson (Corporate finance);
KPMG, Richard Aston (Financial due diligence); PricewaterhouseCoopers, Gary Taylor (Commercial due diligence); Addleshaw Goddard, Yunus Seedat, Nicholas Hopper (Legal); HurleyPalmerFlatt, Robert Thoroughgood (Other due diligence).
Vendor – Oury Clark, Martin Reid (Legal).

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• Topics
• Technology
• UK / Ireland
• Buyouts
• United Kingdom
• ISIS Equity Partners