CASE STUDY: MATRIX SCM
We Backed:
Julian Young
Initially as part of HCIG, this exit was significant as James’ hands-on approach helped scale a business from the point of no value, to a $32m MBO 4 years later.
The Matrix business provided an electronic platform on which its clients could specify their staffing requirements, before sending out the requirements to staffing agencies who are able to ‘bid’ for the work by reverse auction
Success Identified
Matrix was acquired as part of the Eden Brown business in 2007. The nascent Matrix business was promising but had no real value and was therefore ascribed no value for the purpose of the acquisition
Having identified the potential of the business, we hived Matrix out of Eden Brown; James took this project on quickly formed a clear view that the main issue was that Matrix was treated like a recruitment company, while it was actually in supply chain management. James himself hired a new management team from Comensura and this new team were instrumental in turning the business around
Our investment team saw the potential to apply the Matrix concept to government procurement processes and local authorities quickly become the core client base of the business
Matrix grew significantly over the investment period and in 2011 the management that James hired at the beginning, led an MBO at a headline valuation of £24m
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