We caught a glimpse under the covers at Calyx Group, in today’s trading update from Better Capital (BCap), the Main Market-listed distressed company turnaround funds founded by Jon Moulton. BCap acquired the original Calyx managed services business in September 2010 (see here) and subsequently added some bolt-on bits (see Calyx acquires (twice)).
According to BCap, Calyx Managed Services continues to make ‘significant progress’, while business management software division M-hance (see here), is ‘growing satisfactorily’. The Maxima business that BCap acquired in February (see More minimisation at Maxima) has been ‘fully integrated’.
Having said all that, BCap also noted that ‘market conditions for most portfolio companies remain weak’ so it’s all down to reducing costs, expanding operating margins and improving working capital. A mantra for the decade perhaps?