PE-backed Access makes fourth buy

Lyceum Capital has supported another of its portfolio companies in its acquisition strategy, with Access UK the latest beneficiary.

Business management and accounting software provider Access has completed its fourth purchase in eight months through the acquisition of DHC Finance for an undisclosed amount.

The transaction follows on from fellow portfolio company Adapt’s acquisition of eLINA for £13 million as part of its buy-and-build strategy.

Lyceum initially backed the management buy-out (MBO) of Access in March 2011 in a deal which was worth £50 million and scooped Buy-out of the Year at the 2011 M&A Awards. CEO Chris Bayne led the transaction that saw the company buy the shares previously held by founder Alistair O’Reilly.

According to Lyceum, the deal is the latest in a growth strategy that has seen a 15 per cent organic rise in sales to over £32 million and a 50 per cent rise overall in EBITDA since the private equity firm became involved.

The acquisition of DHC Finance is expected to bring in new intellectual property and expertise as well as £1 million in new annual support contracts to clients such as Baker Tilly and Bloomsbury.

Bayne comments, ‘We look forward to developing a strong relationship with 350 newly acquired direct customers and building on a great first 12 months after the MBO.’

Jeremy Hand, founding partner of Lyceum Capital and board member of Access, adds, ‘Progress delivered over the past 12 months demonstrates the positive impact that the right backing can bring about at a well-positioned business like Access.

‘The DHC deal continues the move from a reseller driven model to a direct-to-customer approach and positions the business ideally for continued growth.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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