Charles Russell Speechlys has advised FPE Capital and members of the management team on the sale of Kallidus, a leading human capital management and e-learning software as a service (SaaS) provider, to private equity firm Apse Capital.

Headquartered in Cirencester, Kallidus has grown rapidly in the period under FPE's ownership, which included the bolt on acquisition of Advorto, a SaaS recruitment provider, in September 2017. The buyout of Kallidus will generate a 3.0x MoC and 31% IRR return for FPE funds, which in combination with funding for a subsequent bolt on achieves a blended return of 2.7x MoC and 34% IRR over the four-year investment period.  

Charles Russell Speechlys has advised FPE Capital and Kallidus throughout this journey, including advising on the original MBO of Kallidus in 2015 and subsequent bolt on acquisition of Advorto in 2017.

Henry Sallitt, Managing Partner at FPE commented: "It has been fantastic to see Kallidus grow and to be part of its development as it benefits from major investment into the core software platform and expanded product offering.  Charles Russell Speechlys were an important part of this successful journey, providing clear, strategic advice, thanks to their winning combination of private equity advice, coupled with strong tech sector commercial support."   

Adam Crossley, lead Partner at Charles Russell Speechlys, commented, "We are delighted to see such a great return for FPE Capital and the Kallidus team. We have enjoyed supporting them on successfully executing their growth strategy and wish Apse Capital and the team continued growth and success."

The Charles Russell Speechlys Corporate team comprised Senior Associate Chris Manning and Associate Alex Stevens, with assistance from Commercial Senior Associate Caroline Young and Corporate Tax Senior Associate Helen Coward.