The Irish Voice Data and Security business at Calyx has been snapped up from the company’s receiver in a management buyout led by former CFO David Hargarden and Calyx Ireland group general manager Declan Hughes.
The business, which has a turnover in excess of €20 million, will trade under the name of Unity Technology Services. Hargarden said the company had a strong client base, was “debt free with excellent prospects and it is very much business as usual as far as we’re concerned for all our staff, customers and clients”.
At the same time, the Irish software business has been bought by Better Capital, the private equity firm which acquired Calyx Group’s debt from Anglo Irish Bank and placed the company’s UK operations into administration and its Irish businesses into receivership with Kavanagh Fennell on 3 September.
The two acquisitions are claimed to have saved up to 150 jobs in Ireland in the process. Receiver Tom Kavanagh suggested it was “unique” for an outside investor like Better Capital to purchase the outstanding debts of a business like Calyx Group, but it had allowed the company to “quickly dispose of assets and ensure that the future of the business was secured”.
And he predicted that the the mechanism of purchasing bank debt by investors could become “a new and innovative way to acquire companies in a distressed market”.
Calyx Group has been trading under the Calyx brand since 2002, following a management buyout of the voice, data and training businesses of Alphyra Plc. Calyx floated on AIM in 2004 before being taken into private ownership again in 2007.
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