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.

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.

Chris Morris
CEO of Citation

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.

Richard Chapman
Head of Business Services at ECI