Addleshaw Goddard has advised long standing client ECI Partners (ECI), the leading growth-focused, mid-market UK private equity firm, on the sale of Citation to HgCapital, generating a multiple of 5.4x money for investors.

Since ECI's investment in December 2012 it has helped Citation, which provides HR, employment law, and health & safety solutions to 16,000 SMEs across the UK, grow its customer base from around 5,000 to 16,000 and its revenue from £20 million to over £40 million forecast in 2016.

The Addleshaw Goddard team was led by private equity partner, Mike Hinchliffe, supported by corporate partner Richard Lee, tax partner Elaine Gwilt and corporate associates Marc Field and Andy Grant.

HgCapital were advised by Weil Gotshal.

Mike Hinchliffe, commenting on the transaction, said: "We have enjoyed a strong relationship with ECI over many years, and were delighted to support both them and the Citation management team on such a significant deal. The business has been transformed since the original MBI, and the Hg deal gives Citation a fantastic opportunity to continue that trajectory".