MML invests £36m in CSI

The private equity house acquired a majority stake, with owners Alan Watkins and Kevin Lewis, who acquired CSI in 2012, maintaining a smaller share. Over the last five years CSI has grown both organically and through acquisitions.

Capital for the deal came from MML's Fund VI. With the buyout of CSI, the 2014 buyout fund has now completed eight deals.

Debt to support the transaction was provided by Permira Debt Managers and RBS.

Company
Established in 1983, CSI provides clients with cyber security, software and IT infrastructure. In the 2016-17 fiscal year, the company generated £48m in revenues and a £9m EBITDA. Its main offices are in Birmingham.

People
MML – Bal Johal (managing partner); Luke Jones (partner); Rob Devonshire (director).
CSI – Alan Watkins (executive chair).

Advisers
Equity – EY (financial due diligence, commercial due diligence); Pinsent Masons (legal); PwC (tax); Catalyst Corporate Finance (corporate finance); Marsh (insurance due diligence).
Company – Oakley Advisory (corporate finance); Wilsons (legal).

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• Buyouts
• UK / Ireland
• Technology
• MML Capital Partners
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