Lyceum Capital portfolio company Access UK, a provider of business management and accounting software, has completed its fourth acquisition in eight months with the purchase of DHC Finance Limited for an undisclosed amount. UK-based Lyceum Capital acquired Access a year ago.
Lyceum Capital backed Access UK (‘Access’), the market-leading provider of business management and accounting software, has completed its fourth acquisition in eight months with the purchase of DHC Finance Limited for an undisclosed amount.
The deal is the latest stage in a growth strategy which has seen a 15 per cent organic rise in sales to over 32 million pounds ($51.3 million) and a 50 per cent rise overall in EBITDA since Lyceum Capital acquired Access a year ago. In addition to new IP and expertise, the acquisition of DHC Finance brings Access £1 million in new annual support contracts with a 340-strong diverse client base including organisations such as Bloomsbury, Baker Tilley and the British Dyslexia Association.
Access provides a full range of business application software and services to its 5,000 strong mid-market client base which is serviced by around 400 employees across 10 offices in the UK and Ireland.
Over the past 12 months Access has built the infrastructure required to support rapid expansion, successfully targeted new organic growth opportunities and consolidated its reseller channel through the acquisition of its four largest remaining partners – ATL, Elite, Hoge and now DHC Finance.
The business continues to extend its product suite including further investment in its Cloud capabilities. Alongside the planned acquisition of complementary businesses operating in key vertical markets, these will make significant contributions to future growth.
Access was recently placed number 47 in The Sunday Times Buyout Track 2012, an annual list which recognises private-equity-backed companies with the fastest-growing EBITDA.
Jeremy Hand, of Lyceum Capital and a Director of Access, said: “Progress delivered over the past 12 months demonstrates the positive impact that the right backing can bring about at a well-positioned business like Access. The DHC deal continues the move from a reseller driven model to a direct-to-customer approach and positions the business ideally for continued growth.”
Chris Bayne, CEO of Access, said: “I’m delighted that we have completed our fourth transaction adding a highly skilled and talented team and building further value. We look forward to developing a strong relationship with 350 newly acquired direct customers and building on a great first 12 months after the MBO.”
DHC Finance brings the number of deals completed by Lyceum Capital over the past year to 16 comprising twelve add-on acquisitions for portfolio companies and four new platform investments including Access itself, branded food services provider EAT, IT services firm Adapt and security software specialist Clearswift.
Lyceum Capital’s strong track record of driving consolidation in its chosen markets is evidenced by the firm’s 69 targeted add-on acquisitions to date on behalf of the 18 businesses it has backed.
19 April 2012
For more information on Lyceum, contact Dave Lafferty – 0161 235 0318 / email@example.com
About Lyceum Capital:
Lyceum Capital is an independent investment firm that invests in innovative and growing mid-sized UK-headquartered businesses; having acquired over 60 businesses in the UK and internationally over the last ten years. Lyceum plans to invest a further £300 million in the UK over the next two to three years.
Lyceum Capital makes targeted investments in mid-sized businesses with the potential to become larger participants in fragmented and growing sectors; and has a strong track record across a number of industries.
Lyceum Capital works alongside management teams to increase scale by driving growth through investing in infrastructure and improved operations as well as sourcing and funding complementary acquisitions in the UK and internationally. Through a combination of investment, operational and strategic input Lyceum Capital helps management build robust and successful businesses with good long-term growth prospects.