Business Services & Technology is a broad and attractive sector; growing outsourcing rates, UK strength in the sector and increased SME involvement are combining to support transactions and strategy projects in the sector for PMSI. Particular focus areas include:

  • Outsourcing services

    • HR, health & safety, shredding, FM, certification compliance

  • Technology-enabled services

    • Employee benefits, digital advertising, insurance, interoperability software, e-commerce and robotic process automation (RPA)

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Selected Clients & Companies

Background

Approach

Outcome

PMSI provided Commercial Due Diligence (CDD) for the deal. Key focus areas included:

  • ​Market sizing by company size and type of service

  • In-depth assessment of the quality of the relationship with customers

  • Detailed study of the competitive environment, including a benchmark of the main service providers: products, pricing level & structure, digital marketing, operational KPIs, etc.

  • Detailed business plan assessment

  • Brexit sensitivity analysis for both the overall market and Ellis Whittam

In 2016, LDC invested in Ellis Whittam, a leading employment law, HR and health & safety support provider.

 

Founded in 2004 by Mark Ellis, it supports over 15,000 employers and its clients include Pure Gym, Culina Logistics, Red Letter Days, The Chartered Management Institute, The Chartered Quality Institute and Toni & Guy. The business currently employs 175 staff from its headquarters in Chester and Glasgow, including fully-qualified solicitors as employment law advisors and professionally qualified health and safety consultants.

 

For the financial year to April 2016, Ellis Whittam generated sales of more than £11m and EBITDA of over £3m.

The multi-million pound deal, in which LDC took a minority stake, will facilitate Ellis Whittam's organic growth acceleration, fund future acquisitions and grow staff numbers by 100 over the next four years. Ellis Whittam's founder Mark Ellis will continue to lead the business and remain as a major shareholder as he steps into the role of CEO

Case Study

 
 

Background

Approach

Outcome

To support the transaction, PMSI provided a full commercial due diligence (CDD) of the newly formed merged group of Octime-SPEC. Key focus areas included:

  • A European wide benchmark of HRIS providers to understand the wider competitor environment and highlight key learning points for the Octime-SPEC group

  • An assessment of the attractiveness of international expansion opportunities and geographies across the EU

  • An in-depth study of the access control market and competitive environment within Spain

  • Strategic review of the dynamics, synergies and cross-selling opportunities between HRIS software and physical access control products

Octime is the first investment of Edmond de Rothschild’s Capstan Capital 2 fund raised in July, 2016. The Octime-SPEC Group, is a European market leader in planning, management of working time and access control, with nearly 6,000 customers and more than 2.5 million users of its solutions.

The market for planning and management time has sustained growth of over 5% per year with Octime’s SaaS platform experiencing very strong growth on the back of decentralization of HRIS applications with group revenues grown to c.€16m in 2016.

In 2015, the Group became an international player with the acquisition of the Spanish group SPEC, present in 40 countries through a network of distributors and has also enabled the Group to expand its offering in the area of ​​access control.

The investment will support the organic growth of the business, accelerate the marketing of its SaaS solution and provide funds for future international acquisitions.

Case Study

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