ECI scores 5x on sale of Citation to HgCapital

HgCapital acquired a majority stake in the company alongside the existing management team. The GP first came into contact with Citation in 2012 prior to ECI's investment and had been tracking the business ever since.

While deal financials were not disclosed, HgCapital Trust, HgCapital's listed feeder fund, invested £10.5m to support the deal.

Previous funding
ECI acquired a majority stake in Citation in December 2012, in a management buy-in that valued the company at £50m. According to unquote" data, ECI invested via its ninth fund.

Since then, ECI has supported Citation's growth by increasing customer numbers from 5,000 to 16,000. Staff headcount has grown from 200 in 2012 to 350, while revenue has increased from £20m to £40m forecast for 2015.

Furthermore, under ECI's stewardship, Citation made two acquisitions: QMS and Bibby Consulting & Support.

Company
Citation provides HR, employment law, health & safety and ISO certification services to SMEs.

Based in Wilmslow, Cheshire, Citation was founded in 1995 and currently counts 16,000 clients throughout the UK.

People
Citation – Chris Morris (CEO).
ECI Partners – Richard Chapman (partner, head of business services); Charlie Johnstone (partner).
HgCapital – Thorsten Toepfer (director); Matt Rourke (partner).

Advisers
Vendor – DC Advisory (corporate finance); Addleshaw Goddard (legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Support services
• ECI Partners
• HgCapital