Healy buys majority interest in Calyx

Tue, Oct 14, 2008, 01:00

IRISH BUSINESSMAN Maurice Healy has bought out Alchemy Patners' majority interest in formerly-listed IT services company Calyx.

It is understood Mr Healy, who helped found the business, paid the British private equity group just €500,000 in cash for its shares.

Alchemy is thought to have invested about €12 million for its 59.2 per cent share of the business when it was delisted from the Alternative Investment Market in 2007. That transaction valued the entire company at about €103.6 million.

It is believed, however, that Mr Healy's buyout vehicle is also assuming the debts of the business, which are held by Anglo Irish Bank.

Calyx's latest filed accounts, for the year to the end of 2006, show it had borrowings of €76.1 million, including bank loans of €58.5 million. Latest documents filed for Calyx Ireland show it has a share capital base of €8.9 million.

Mr Healy declined to comment on the transaction when contacted yesterday by The Irish Times.

Mr Healy owned 30.9 per cent of the business with a number of Calyx's management team holding about 10 per cent. It is believed Mr Healy is buying the Alchemy stake himself but that some of this holding will be offered to Calyx's management team.

It is understood Mr Healy will take on the role of chairman in the business. Recently-appointed chief executive Tara Brady, who hails from Essex, will remain in his post.

According to a corporate presentation on its website, Calyx is generating revenues of more than €160 million and employs in excess of 500 staff. It operates from 11 locations in Ireland and Britain and has more than 300 engineers on its books.

Its latest accounts show that it made a profit of €2.2 million on turnover of €88.5 million in the 12 months to the end of December 2006.

The company was founded in 2002 as a spin-off from Dublin-based electronic payments group Alphyra, which is now part of Payzone.

Its clients include AIB, the BBC, the London Fire Brigade, Musgrave and Vodafone.

Recent media reports have suggested that Alchemy and Healy had disagreed about the future direction of the company.