Lyceum Capital exits Access Group
Lyceum Capital has exited its investment in Access Technology Group after a period of sustained growth at the software company.
The business has been acquired in a secondary buyout backed by U.S. private equity firm TA Associates.
Access is a business management software company that covers finance, HR and payroll, business intelligence, supply chain, CRM and warehousing. Its products and services can be deployed in the cloud, in a hosted environment or on-site.
The company’s applications help over 6,000 customers — including some of the most innovative and rapidly-growing enterprises in the UK — achieve operational excellence. Colchester-based Access was founded in 1991 and today employs 750 people.
Lyceum backed a £50 million management buyout of Access in 2011. Since then, total revenues have more than doubled to over £60 million and EBITDA has grown threefold.
Organic revenue growth rates since the buyout have averaged 12% annually and have been supported by significant internal investment in the product portfolio. Over the same period, Access acquired six of its remaining resellers and completed 12 targeted acquisitions to expand its solution set and deepen its presence in key vertical markets.
Jeremy Hand, founding partner at Lyceum Capital, said: “Since our investment, Access has significantly strengthened its position as a leading provider of software services to mid-sized businesses in the UK, in an increasing number of sectors and across a broad range of business-critical functions.
“Over the past few years it has been an absolute pleasure supporting Access and its management team, led by Chris Bayne, and we wish them well as they continue their journey, capitalising on the significant opportunity presented by their excellent product in a fragmented but growing sector.
“This exit represents another strong return for investors and provides further evidence of Lyceum’s expertise in helping to build world-class technology businesses.”
Chris Bayne, chief executive of Access, added: “With our world-class team and products, and the support of Lyceum, we have built a commanding position in the market, combining strong organic growth with strategic acquisitions to transform our customer proposition. I would like to take this opportunity to thank the Lyceum team and the departing non-executive team of Gareth Denley and David England.”
Lyceum and Access were advised on the transaction by William Blair (exclusive financial advisor), Travers Smith (legal) and PwC (accounting and tax). Debevoise & Plimpton provided legal counsel to TA Associates.