In early 2017, Calculus Capital, an award-winning EIS and VCT fund management firm, wanted to find a buyer for one of its companies, Limetec.

Limetec is a well-respected supplier of hydraulic lime mortar in the UK. Changes in EIS regulations had stopped Calculus from making the investment required to further develop the Oxfordshire-based business.

The potential in Limetec was clear to us. Having met with Limetec and Calculus, we presented the fund management firm with an offer that met the requirements of both companies and did not include any preclusive warranties or involve a lengthy due diligence process.

Our offer was accepted and after we had carried out due diligence quickly and expertly, the acquisition, which had minimal warranties, was concluded just a matter of weeks after Calculus had made known its intention to sell.

Our next step was to apply our experience and expertise, and that of our external industry specialists, and refocus Limetec’s offering. As a result, we returned the company to profitability. 

Following this restructuring and revival, we sold Limetec to a private investor, under whose stewardship it continues to perform well.