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Calyx Managed Services Sold to MXC Capital

February 2015 £9m

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exit strategy

Project Paris

February 2015 £9m

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