Senior management at Calyx are believed to be less than a week away from completing a buy-out of the voice and data reseller, CRN has learned.
Onlookers say the break-away team, which is led by chief executive Maurice Healy, has clinched backing from private equity house Alchemy and will imminently launch a bid valuing Calyx at between £100m and £110m.
The London and Dublin-listed firm announced it had given Healy permission to seek funding for a management buy-out in March (CRN, 19 March). In early May, the reseller confirmed it had granted a period of exclusivity for the team to make an offer for its entire issued capital.
One well-placed onlooker, who wished to remain anonymous, said the two-month process was nearing its end-game. “A deal is less than a week away,” he said. “Calyx wants extra firepower to do more deals and bigger deals and Maurice is already talking to a couple of big resellers.”
It is thought Healy’s team had weighed up offers from three other private equity houses before settling on Alchemy.
Nick Grossman, corporate business development director at rival VAR 2e2, which is backed by Duke Street Capital, said: “If Calyx has gone with [Alchemy boss] John Moulton it will definitely get some frank guidance. He’s a very shrewd cookie.”
But another onlooker warned: “Alchemy has a track-record of being quite cut-throat and is one of the more vicious VCs out there. It will want Calyx to keep to its numbers.”
Healy formed Calyx in 2002 through an MBO from parent company Alphyra. The Irish-based firm only entered the UK in 2005 by acquiring ITS Technology Services before buying integrator Matrix for £40.5m last year (CRN, 17 May 2006).
Gary Kennedy, no-executive director at Calyx, said the negotiations “were on track”, but refused to reveal further details.
Further reading:
Matrix Integration division sold to Irish firm
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