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HgCapital’s Services team has announced today a majority investment in Citation, one of the leading providers of HR and Employment law, Health & Safety, and ISO services to UK businesses. HgCapital will assume majority ownership from ECI Partners, investing alongside the existing management team. The terms of the transaction were not disclosed.

Citation was established twenty years ago and provides professional regulatory-driven compliance services to over 16,000 clients across a range of specialist areas, including: human resources and employment law; health and safety; ISO accreditation; and staff training. The Company is headquartered in Cheshire and employs over 350 professionals.

HgCapital has followed Citation closely for several years, and this investment fits HgCapital’s strategy of investing in leading technology enabled professional services providers in regulatory-driven and fast growing niches.  It follows similarly themed prior investments such as Kinapse, Radius, ATC and SHL. Citation demonstrates many of the business model characteristics that HgCapital looks for, providing an excellent platform for growth across a diversified and loyal client base, led by a strong and experienced management team.

Chris Morris, CEO, Citation commented, “Since joining Citation in 2013, the business has delivered sustained growth and has developed all areas of sales and marketing, service delivery and culture. The management team have enjoyed the period of ownership under ECI Partners, where we have put in place a platform for growth and success that will continue for many years, and we are excited to be partnering with HgCapital to continue this development and realise the very great potential that remains in the business and in the wider sector.”

“We first spent time with Citation in 2012 before ECI invested in 2013, and have always been impressed by the quality of its business model.  We have followed the company’s success over the last three years, and it is a pleasure to finally work alongside the team to support its ongoing growth” said Thorsten Toepfer, a Director in the HgCapital Services team.

Matt Rourke, Partner at HgCapital added, “It is undoubtedly the team and the culture that have driven the rapid recent growth at Citation. The combination of a highly predictable and secure business model with a top quality team and positive culture is nearly always a winning formula. We are very happy to be invested in such an opportunity.”

HgCapital was advised on this transaction by Rothschild, Dean Street Advisors, Weil, Gotshal & Manges (legal) and Deloitte (financial and commercial due diligence, debt and tax).

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