Deal Announcement

DC Advisory advised ECI on the sale of Citation to HgCapital

11 Mar 2016

Citation, headquartered in Wilmslow, is a leading provider of HR & Employment Law, Health & Safety and ISO Certification solutions to 16,000 small and medium-sized enterprises (SMEs) across the UK

DC Advisory (DC), led by Jonathan Arrowsmith, was engaged by ECI in the summer of 2015 to advise on the sale of the business

DC ran a tailored auction process with information memorandums and vendor due diligence reports distributed to a carefully selected group of potential purchasers

Simultaneously, DC co-ordinated a soft staple banking process by providing prospective lending banks early access to the business and the management team to help underpin the first round bids

Following a highly competitive process, with strategic and financial buyers engaged, Citation was successfully sold to HgCapital for a premium multiple

Deal Team

Jonathan Arrowsmith

Managing Director
United Kingdom

Ciara O'Neill

Managing Director
United Kingdom

Andrew Strudwick

Managing Director
United Kingdom

Chris Morris, CEO of Citation commented: “This is the second transaction on which I have worked with DC and on both occasions it has been a faultless experience. On this exit, the shareholders achieved an outstanding valuation of a great business, all managed in a swift but well controlled process. The strategic thinking of DC coupled with a phenomenal work ethic made this a model transaction, and I certainly hope that I get the opportunity to work with them again.”

Richard Chapman, Head of Business Services at ECI commented: “DC’s hard work and sound judgement during this transaction was critical in producing an excellent result for the shareholders. We all greatly valued DC’s support and expertise during the process and I look forward to working with them again in the future.”