FF&P picks up Kallidus from Westbridge

The deal marks the first exit from the Westbridge SME Fund - it generated a 3.7x return and an IRR of 32%. Under Westbridge's stewardship, Kallidus's profitability and employee numbers tripled, according to the firm.

FF&P has supported the management buyout of Kallidus from Westbridge, with the GP taking a majority stake in the company.

Debt
Financing for the deal was provided by BLME.

Previous funding
Westbridge invested £1.2m to support the management buyout of e-learning business e2train (Kallidus's previous name) in November 2009. According to unquote" data, the deal was supported with a £400,000 senior debt package from RBS.

In February 2011, Westbridge made a further investment in the company to support its purchase of Intraventure, a provider of talent management systems.

Company
Headquartered in Cirencester, Kallidus provides HR management software to mid-market European companies and public sector organisations.

People
Rab Caul is CEO of Kallidus. Valerie Kendall is a partner at Westbridge. Henry Sallitt is co-head of FF&P.

Advisers
Equity - Charles Russell Speechlys (Legal); Baker Tilly (Tax).
Company - Mooreland Corporate Finance (Corporate finance); Capital Law (Legal).
Management - Clarke Holt (Legal).

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• Topics
• UK / Ireland
• Buyouts
• WestBridge Fund Managers
• FF&P Private Equity