KKR has acquired Citation Group from Hg, becoming the third private equity owner of the UK business service provider. The terms of the transaction were not disclosed.
HgCapital Trust, the listed investment company of London-based Hg, said in a statement it would realise estimated cash proceeds of about £25.8m from the transaction.
Citation offers outsourced legal and human resources support for small and medium enterprises across the UK from offices in Wilmslow, Norwich, Belfast and Glasgow. It has 900 employees and annual revenues of around £65m.
The company, founded in 1996, was acquired by Hg in 2016 from mid-market firm ECI Partners for £185m. Since then, the business has doubled its customer base to about 40,000, Chris Morris, Citation Group chief executive, said in a statement.
Tim Franks, partner and head of UK, and Joerg Metzner, director, and co-head of Emea business and consumer services at KKR, added: “Citation is already a strong player with an impressive track record of performance and is well-positioned to seize significant further growth opportunities, expanding its customer base and range of services.”
Source: Private Equity News
