Dunedin Mergers and Acquisitions Summary

Private Equity Firm Profile

Dunedin’s most common sectors for investment arebusiness services (26%) and information technology (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (64%) and secondary buyout (24%). In total, Dunedin has invested in 1 US state 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 4 companies. The Firm’s most common exit type is trade sale (36%). Dunedin’s largest (disclosed) exit occurred in 2021 when it sold U-POL for $590M.

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M&A Summary

  • M&A Total Activity83
    • M&A Buy Activity49
    • M&A Sell Activity34
  • Total Sectors Invested 21
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 15
  • M&A Advisors 5

Dunedin LLP

2nd Floor, Easter Dalry House, 3 Distillery Lane,
Edinburgh, EH11 2BD
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 1996 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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 15 60
Enterprise Value 20 100
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 49 - - - - - 49
vol $1.7B $1.7B
Sell (1.2/yr) # 28 2 2 - 2 - 34
vol $1.1B $590M $1.7B
  83

Most Recent M&A

Company Date Value Type
Premier Hytemp Ltd. 2023-11-03 - Secondary Sale
Newbridge, United Kingdom · www.premierhytemp.com
Acquis Insurance Management Ltd. 2023-03-29 - Trade Sale
Newport, United Kingdom · www.acquisinsurance.com
U-POL Ltd. 2021-07-07 590M USD Trade Sale
London, United Kingdom · www.u-pol.com
Formaplex Technologies Ltd. 2021-02-08 - Secondary Sale
Havant, United Kingdom · www.formaplex.com
Hawksford Holdings Ltd. 2020-08-19 - Secondary Sale
Jersey, Channel Islands · www.hawksford.com
Kingsbridge Risk Solutions Ltd. 2020-03-23 - Trade Sale
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 - Secondary Buyout
Glasgow, United Kingdom · www.incrementalgroup.co.uk
Construction Testing Solutions Ltd. 2018-11-26 - Secondary Sale
Leicestershire, United Kingdom · www.constructiontesting.co.uk
CGI International Ltd. 2018-09-28 - Secondary Sale
Haydock, United Kingdom · www.pyroguard.eu
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (43%) - 13 (26%) 353M (21%)
Information Technology 3 (43%) 68M (39%) 4 (8%) 134M (8%)
Manufacturing - - 4 (8%) 119M (7%)
Insurance - - 4 (8%) 31M (2%)
Aerospace - - 3 (6%) 134M (8%)
Construction - - 3 (6%) 100M (6%)
Leisure - - 3 (6%) 95M (5%)
Building Materials - - 2 (4%) 139M (8%)
Healthcare Services - - 2 (4%) -
Retail - - 1 (2%) 226M (13%)
Chemicals - - 1 (2%) 200M (12%)
Oil/Gas Exploration 1 (14%) 106M (61%) 1 (2%) 106M (6%)
Gaming - - 1 (2%) 29M (2%)
Consumer Products - - 1 (2%) 26M (2%)
Distribution - - 1 (2%) 25M (1%)
Information Services - - 1 (2%) 6M (< 1%)
Environmental - - 1 (2%) -
Financial Services - - 1 (2%) -
Medical Products - - 1 (2%) -
Publishing - - 1 (2%) -
Software - - 1 (2%) -
Total 7 $174M 50 $1.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 6 (86%) 174M (100%) 47 (94%) 1.6B (98%)
Channel Islands 1 (14%) - 2 (4%) 36M (2%)
United States - - 1 (2%) -
  Minnesota - - 1 (2%) -
Total 7 $174M 50 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) - - 32 (64%) 576M (35%)
Secondary Buyout 5 (71%) 174M (100%) 12 (24%) 974M (59%)
Growth Capital 2 (29%) - 4 (8%) 37M (2%)
Divestiture - - 1 (2%) 53M (3%)
Stake Purchase - - 1 (2%) -
Total 7 $174M 50 $1.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (38%) 831M (49%)
Trade Sale 8 (24%) 118M (7%)
Trade Sale - Public Company 5 (15%) 756M (44%)
IPO 4 (12%) -
Sold to Management 2 (6%) -
Unknown 2 (6%) -
Total 34 $1.7B

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 1
Ernst & Young Capital Advisors LLC
 1
Legal Deals
Dickson Minto W.S.
 2
Pinsent Masons
 1
Gateley Plc
 1

Deal Values

buy # Total
$100M to $1B 5 $794M
< $100M 27 $929M
TOTAL $1.7B
Largest The Jessop Group Ltd.
$226M (2002-10-01)
sell # Total
$100M to $1B 3 $1.3B
< $100M 7 $415M
TOTAL $1.7B
Largest U-POL Ltd.
$590M (2021-07-07)

M&A Connections

Deals
Acquired from
Investor(s)
24%
12 (24%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
38%
13 (38%)
Strategic(s)
35%
12 (35%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

400M GBP

Established

1996

Specialist/Generalist

Generalist

Leadership

Shaun Middleton

Managing Partner

Dougal Bennett

Partner

Mark Ligertwood

Partner

Graeme Murray

Finance Director

FAQ

When was Dunedin LLP founded?

Dunedin LLP was founded in 1996.

What type of investor is Dunedin LLP?

Dunedin LLP is a private equity firm.

How much capital does Dunedin LLP have under management?

Dunedin LLP has 400M GBP under management.

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