About the client
Calyx Managed Services Limited is a Manchester headquartered ICT support business, with the ability to act as a single, independent source for IT support, IT infrastructure and converged communications solutions to a large number of customers. Calyx reported revenue and normalised EBITDA of £22m and £0.4m respectively in the year to 31st December 2014.
About the deal
Within 16 weeks of appointment Rickitt Mitchell successfully advised Better Capital on the £9m sale of their business, Calyx Managed Services, to MXC Capital, a specialist investment bank focused on the technology sector. Our positive presentation of the business and strong negotiation through a competitive auction process helped secure a 22.5x EBITDA multiple, with the shareholders realising 100% cash out.
Brian and Kaine provided instrumental advice throughout the sale process and delivered a result above that expected. Their pragmatic advice was well received by both myself and the management team and they were a pleasure to work with. On behalf of the Better Capital and Calyx teams, thank you both.Ben Newton | Better Capital