ECI Partners buys majority stake in Citation for £50 mln
ECI Partners LLP, is acquiring a majority stake in Citation Plc in a deal worth at £50 million. The stake acquisition is for supporting Citation in realizing its plans for growth.
With more than 200 employees, Citation provides professional advice and compliance packages to 7,500 business clients across UK, through its team of regionally located and employed consultants.
The company’s market-leading services provide guaranteed protection in the high risk areas of employment law and healthy and safety regulations.
The clients of Citation are 12x less likely to face an employment tribunal, 47x less likely to get a healthy and safety notice and 8x less likely to have a reportable accident at work compared with other small medium enterprises.
Citation offers an excellent service to its clients with long-term future contracts by professional service sector standards. The current Chairman of Premier Care another ECI Investment, Andrew Vaughan will join the board as Chairman to work with ECI Partners to expand Citation.
The earlier appointments are Mr. Vaughan including Enviros Group, WCI Group and Clarity Blue. Before taking on these positions, he was Chief Executive of Workplace Technologies which he led through MBO, flotation and finally sale. Citation Financial Director Julie Moran, said, “This is an exciting time for Citation, our clients and our employees. ECI Partners have a strong track record of backing growth companies and we welcome their investment.” Mr. Moran also said, “Citation has grown its business significantly in recent years, thanks to the hard work of our employees and the support of our clients. We want to build on that success and today’s announcement will support a major growth strategy for the future.”
Richard Chapman, Head of Business Services at ECI Partners, also said, “Citation has a proven management team in place and we look forward to working with them to support the company’s future growth strategy.”
ECI is a successful private equity group in UK. It specializes in buyouts, buyings and development of capital deals worth between £10 million and £150 million.