M&A Deal Summary

Dunedin Acquires EV

On June 25, 2014, private equity firm Dunedin acquired oil/gas exploration company EV from Lime Rock Partners for 69M GBP

Acquisition Highlights
  • This is Dunedin’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Dunedin’s 4th largest (disclosed) transaction.
  • This is Dunedin’s 39th transaction in the United Kingdom.

M&A Deal Summary

Date 2014-06-25
Target EV
Sector Oil/Gas Exploration
Buyer(s) Dunedin
Sellers(s) Lime Rock Partners
Deal Type Secondary Buyout
Deal Value 69M GBP

Target

EV

Norwich, United Kingdom
EV specializes in well diagnosis to provide timely insight to well operators, helping them to understand and resolve their most complex wellbore issues. The company generates vivid, visual diagnostic information and presents it simply to deliver highly intuitive answers and instant understanding directly to the well site. EV's global team of specialists allows customers to plan their next move with precision, helping to reduce risk and increase operational performance. Its first gained acclaim for engineering ruggedized cameras for televising extreme sports. In 2004 EV applied this expertise and know-how to develop a system aimed at identifying problems in oil and gas well completions in the North Sea. Epidote was formed in 2001 and is based in Norwich, United Kingdom.

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Buyer(S) 1

Buyer

Dunedin

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 400M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 41 of 50
Sector: Oil/Gas Exploration M&A 1 of 1
Type: Secondary Buyout M&A Deals 8 of 12
Country: United Kingdom M&A 39 of 47
Year: 2014 M&A 1 of 1
Size (of disclosed) 4 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-03 Kee Safety

West Midlands, United Kingdom

Kee Safety is a provider of fall protection solutions and products associated with working at height. The Company’s products have a longstanding reputation for their quality, reliability, and safety and include fall prevention equipment, roof edge protection, barrier and guardrail systems, and safe access solutions. Kee Safety was founded in 1934 and is based in West Midlands, United Kingdom.

Buy £90M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-11 Trustmarque

York, United Kingdom

Trustmarque is a specialized hardware and software reseller and provider of managed services in the UK. The Company works with an extensive network of more than 900 partners to find the most relevant and cost-efficient solutions for UK public sector, healthcare, and enterprise customers. Trustmarque was founded in 1987 and is based in York, United Kingdom.

Sell -

Seller(S) 1

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


DEAL STATS #
Overall 28 of 62
Sector: Oil/Gas Exploration M&A 8 of 23
Type: Secondary Buyout M&A Deals 6 of 9
Country: United Kingdom M&A 6 of 11
Year: 2014 M&A 3 of 6
Size (of disclosed) 11 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-09 Expert Petroleum

Bucharest, Romania

Expert Petroleum is an upstream oil and gas company that redevelops and rehabilitates mature oil and gas fields through direct license ownership or in partnership with companies in need of personnel, expertise, or capital. Expert Petroleum is based in Bucharest, Romania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-15 PDC Mountaineer

Bridgeport, West Virginia, United States

PDC Mountaineer is a natural gas exploration and production company.

Sell $500M