M&A Deal Summary

Dunedin Acquires Kee Safety

On December 3, 2013, private equity firm Dunedin acquired building materials company Kee Safety from Lloyds TSB Development Capital and Invex Capital for 90M GBP

Acquisition Highlights
  • This is Dunedin’s 2nd transaction in the Building Materials sector.
  • This is Dunedin’s 2nd largest (disclosed) transaction.
  • This is Dunedin’s 38th transaction in the United Kingdom.
Investment Fate
  • Kee Safety was sold to a consortium of financial buyers in 2017 for 280M GBP.
  • Kee Safety was sold to management in 2021.

M&A Deal Summary
Date 2013-12-03
Target Kee Safety
Sector Building Materials
Buyer(s) Dunedin
Sellers(s) Lloyds TSB Development Capital
Invex Capital
Deal Type Secondary Buyout
Deal Value 90M GBP

Target

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.

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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 40 of 50
Sector (Building Materials) 2 of 2
Type (Secondary Buyout) 7 of 12
Country (United Kingdom) 38 of 47
Year (2013) 2 of 2
Size (of disclosed) 2 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-22 Practice Plan

Oswestry, United Kingdom

Practice Plan Ltd. is the provider of practice-branded dental plans and insurance in the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-25 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.

Buy £69M

Seller(S) 2

SELLER

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.

DEAL STATS #
Overall 62 of 198
Sector (Building Materials) 2 of 6
Type (Secondary Buyout) 21 of 72
Country (United Kingdom) 60 of 192
Year (2013) 15 of 17
Size (of disclosed) 20 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-04 Mountain Warehouse

London, United Kingdom

Mountain Warehouse operates retail stores that offer outdoor clothing, footwear, and accessories for men, women, and kids. Mountain Warehouse was founded in 1997 and is based in London, United Kingdom.

Sell £85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 Leasedrive Velo

Berkshire, United Kingdom

Leasedrive Velo Vehicle Management offers blue chip clients the highest quality bespoke total vehicle management service available. Working in partnership with fleet managers, or delivering a complete outsourced service, Leasedrive Velo provides a range of services including fleet management; contract hire; contract purchase; finance lease; hire purchase; personal contract purchase; plus sale and leaseback. Leasedrive Velo was founded in 1983 and is based in Berkshire, United Kingdom.

Sell -
SELLER

Invex Capital

London, United Kingdom
Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Invex Capital LLP is a private equity firm focused on investments in smaller UK-based companies. Invex will consider a variety of transaction situations, including recapitalization, outright sales, as well as shareholder liquidity needs in a variety of sectors. Several areas of interest include business services, retail, consumer products, manufacturing, IT services, building materials, and energy. The Firm's target transaction size is £5 to £100 million. Invex Capital is based in London.

DEAL STATS #
Overall 6 of 8
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 2 of 2
Country (United Kingdom) 6 of 8
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-02 LH Group

March, United Kingdom

LH Group Ltd. is a re-manufacturer of powertrain products. LH overhauls diesel engines, transmissions, powerpacks and bogies.

Sell $48M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-03 Centre4 Testing

Brighton, United Kingdom

Centre4 Testing provider of software testing services. Centre4 Testing was founded in 2004 and is based in Brighton, United Kingdom.

Buy -
Mergr

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