Dunedin Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Dunedin has acquired 1 company. It has also invested in 2 others.

Dunedin’s most common sectors for investment are business services (25%) and insurance (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (67%) and secondary buyout (21%). In total, Dunedin has invested in 2 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2002 when it acquired The Jessop Group for $226M.

In the last 3 years, Dunedin has exited 6 companies. The Firm’s most common exit type is trade sale (36%). Dunedin’s largest (disclosed) exit occurred in 2017 when it sold Kee Safety for $431M.

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M&A Summary

  • M&A Total Activity76
    • M&A Buy Activity48
    • M&A Sell Activity28
  • Total Sectors Invested 20
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 15
  • M&A Advisors 4

Dunedin LLP

Saltire Court 20, Castle Terrace,
Edinburgh, EH1 2EN
United Kingdom
+44 131 225 6699
www.dunedin.com
info@dunedin.com

Dunedin is a middle-market private equity firm focused on investments in the UK. Dunedin looks to invest in businesses with proven management, strong market positions/brands, positive cash-flow, significant barriers to entry, and strong opportunities for growth. Dunedin seeks businesses valued from £20 to £100 million. Targeted sectors include construction, building materials, consumer products/services, financial services, healthcare, leisure, specialist manufacturing, and support services. Dunedin was formed in 1983 and is based in Edinburgh with an additional office in London.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Distribution, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout, Stake Purchase

Geographic Preferences: United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - 60
Enterprise Value 20 100
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 43 2 1 1 1 - 48
vol $1.8B $123M $1.9B
Sell (1.4/yr) # 21 1 2 2 - 2 28
vol $415M $269M $431M $1.1B
  76

Most Recent M&A

Company Date Value Type
Hawksford Holdings Ltd. 2020-08-19 - Secondary Buyout
Jersey, Channel Islands · www.hawksford.com
Kingsbridge Risk Solutions Ltd. 2020-03-23 - Add-on Acquisition
Liverpool, United Kingdom · www.kibl.co.uk
Acquis Insurance Management Ltd. 2019-05-14 - Buyout (LBO, MBO, MBI)
Newport, United Kingdom · www.acquisinsurance.com
Incremental Group Ltd. 2018-12-04 - Growth Capital
Glasgow, United Kingdom · www.incrementalgroup.co.uk
CET Structures Ltd. 2018-11-26 - Buyout (LBO, MBO, MBI)
Castle Donington, United Kingdom · www.cet-uk.com
CGI International Ltd. 2018-09-28 - Secondary Buyout
Haydock, United Kingdom · www.pyroguard.eu
Kee Safety Ltd. 2017-10-18 431M GBP Secondary Buyout
West Midlands, United Kingdom · www.keesafetygroup.com
Black Rock Programme Management Ltd. 2017-08-07 - Sold to Management
London, United Kingdom · www.blackrockpm.co.uk
Forensic Risk Alliance 2017-03-08 - Growth Capital
Providence, Rhode Island · www.forensicrisk.com
Kingsbridge Risk Solutions Ltd. 2016-06-06 - Secondary Buyout
Liverpool, United Kingdom · www.kibl.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
RSL Steeper 2005-12-01 RSL Steeper - Bebionic Business 2017-02-02 1
Rochester, United Kingdom · www.rslsteeper.com , United Kingdom
EV Offshore Ltd. 2014-06-25 Epidote Ltd. 2016-04-27 1
Norwich, United Kingdom · www.evcam.com Aberdeenshire, United Kingdom · www.epidote.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (25%) 277M (37%) 12 (25%) 507M (27%)
Insurance 1 (8%) - 4 (8%) 31M (2%)
Aerospace - - 3 (6%) 134M (7%)
Construction - - 3 (6%) 100M (5%)
Leisure - - 3 (6%) 95M (5%)
Manufacturing 1 (8%) 29M (4%) 3 (6%) 66M (3%)
Healthcare Services 1 (8%) - 3 (6%) -
Building Materials - - 2 (4%) 139M (7%)
Distribution 1 (8%) 53M (7%) 2 (4%) 78M (4%)
Information Technology 2 (17%) 68M (9%) 2 (4%) 68M (4%)
Software - - 2 (4%) 66M (3%)
Retail - - 1 (2%) 226M (12%)
Chemicals 1 (8%) 200M (26%) 1 (2%) 200M (11%)
Energy Services and Equipment 1 (8%) 106M (14%) 1 (2%) 106M (6%)
Gaming - - 1 (2%) 29M (2%)
Consumer Products - - 1 (2%) 26M (1%)
Environmental 1 (8%) 23M (3%) 1 (2%) 23M (1%)
Information Services - - 1 (2%) 6M (< 1%)
Financial Services - - 1 (2%) -
Transportation - - 1 (2%) -
Total 12 $757M 48 $1.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 11 (92%) 757M (100%) 45 (94%) 1.7B (98%)
United States 1 (8%) - 2 (4%) -
  Rhode Island 1 (8%) - 1 (2%) -
  Minnesota - - 1 (2%) -
Channel Islands - - 1 (2%) 36M (2%)
Domestic 11 (92%) 757M (100%) 45 (94%) 1.7B (98%)
Cross-border 1 (8%) - 3 (6%) 36M (2%)
Total 12 $757M 48 $1.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (25%) 29M (4%) 32 (67%) 576M (32%)
Secondary Buyout 5 (42%) 651M (86%) 10 (21%) 1.1B (62%)
Growth Capital 2 (17%) - 4 (8%) 37M (2%)
Divestiture 1 (8%) 53M (7%) 1 (2%) 53M (3%)
Stake Purchase 1 (8%) 23M (3%) 1 (2%) 23M (1%)
Total 12 $757M 48 $1.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (39%) 831M (75%)
Trade Sale 7 (25%) 118M (11%)
Trade Sale - Public Company 4 (14%) 166M (15%)
IPO 3 (11%) -
Unknown 2 (7%) -
Sold to Management 1 (4%) -
Total 28 $1.1B

Top M&A Advisors

Financial Deals
Ernst & Young Capital Advisors LLC
 1
Legal Deals
Pinsent Masons LLP
 1
Gateley Plc
 1
Dickson Minto W.S.
 1

Deal Values

buy # Total
$100M to $1B 6 $948M
< $100M 28 $952M
TOTAL $1.9B
Largest The Jessop Group Ltd.
$226M (2002-10-01)
sell # Total
$100M to $1B 2 $700M
< $100M 7 $415M
TOTAL $1.1B
Largest Kee Safety Ltd.
$431M (2017-10-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
92%
11 92%
Strategic(s)
8%
1 8%
Exited to
PE Firm(s)
57%
13 57%
Strategic(s)
43%
10 43%

Investor Summary

Size

Middle-Market

PE Assets

400M GBP

Established

1983

Specialist/Generalist

Generalist

Leadership

Shaun Middleton

Managing Partner

Ross Marshall

Senior Partner

Dougal Bennett

Partner

Mark Ligertwood

Partner

Nicol Fraser

Partner

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