Cinven led the buyout of COMAX (formerly DSSD) from the British government in April 1997.
Under the acquisition agreement, COMAX held long term contracts to provide secure facilities management for the Defence Evaluation and Research Agency, a UK government body. The acquisition plan was to expand the business into the private sector and exploit other public sector opportunities.
Cinven implemented a business roll-out strategy that included: instilling a more commercial culture; expanding the range of services; broadening the customer base; creating a business development unit; and investing in information systems, staffing, marketing, communications and branding.
COMAX gained a significant number of new clients as a result. Cinven supported the acquisition of World Systems, an IT contract recruitment business, in July 1998. This provided COMAX with an important additional service offering to its clients and proved to be a valuable acquisition. In 1999, COMAX was sold to Amey, achieving a multiple of 3.1x our investment.