M&A Deal Summary

Dunedin and Graphite Capital Acquire U-POL

On September 7, 2010, private equity firms Dunedin and Graphite Capital acquired chemicals company U-POL from AAC Capital UK for 130M GBP

Acquisition Highlights
  • This is Dunedin’s 1st and Graphite Capital’s 3rd transaction in the Chemicals sector.
  • This is Dunedin’s 2nd and Graphite Capital’s 3rd largest (disclosed) transaction.
  • This is Dunedin’s 33rd and Graphite Capital’s 53rd transaction in the United Kingdom.
Investment Fate
  • U-POL was sold to a publicly-traded strategic buyer in 2021 for 590M USD.

M&A Deal Summary

Date 2010-09-07
Target U-POL
Sector Chemicals
Buyer(s) Dunedin
Graphite Capital
Sellers(s) AAC Capital UK
Deal Type Secondary Buyout
Deal Value 130M GBP

Target

U-POL

London, United Kingdom
U-POL is a manufactures and markets refinish products (primarily body fillers, coatings and aerosols), for the global automotive aftermarket. U-POL was founded in 1949 and is based in London, United Kingdom.

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Buyer(S) 2

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 35 of 50
Sector: Chemicals M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 12
Country: United Kingdom M&A 33 of 47
Year: 2010 M&A 2 of 3
Size (of disclosed) 2 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-23 Weldex

Inverness, United Kingdom

Weldex is a crawler crane hire company having a large fleet of crawler cranes including the two largest crawler cranes in the UK, 1,350-tonne capacity Liebherr LR11350’s. Their cranes have been used in a number of the UK’s largest construction contracts including Heathrow Terminal 5 and the iconic arch on the new Wembley Stadium. The company is well placed to benefit from the rapid growth in offshore wind farm developments and UK power station construction and decommissioning. Weldex was founded in 1979 and is based in Inverness, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-06 CitySprint

Surrey, United Kingdom

CitySprint is a provider of courier and logistics services to customers. Company streamlines the delivery process, to any sector, from healthcare to high tech, manufacturing to publishing, with right vehicle to suit customers needs in a flexible and versatile fleet, like pushbikes to motorbikes, small and large vans. CitySprint was founded in 2001 and is based in Surrey, United Kingdom.

Buy -
Buyer

Graphite Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 1.2B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Graphite Capital is a private equity firm that seeks mid-market investments in the UK. Target sectors include retail and consumer, manufacturing, services and distribution, financial services, healthcare, leisure, and property. The Firm looks for transactions valued from £30 to £150 million. Prospective transaction situations typically include management buyouts/buy-ins of corporate spin-offs or privately held companies. The Firm also considers roll-outs and consolidation strategies. Graphite Capital was originally formed in 1981 and became independent in 2001. Graphite is based in London.


DEAL STATS #
Overall 56 of 82
Sector: Chemicals M&A 3 of 3
Type: Secondary Buyout M&A Deals 7 of 20
Country: United Kingdom M&A 53 of 79
Year: 2010 M&A 2 of 2
Size (of disclosed) 3 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-26 Teaching Personnel

Herts, United Kingdom

Teaching Personnel is a provider of supply teachers and support staff to schools. Teaching Personnel supplies fully vetted teaching staff to cover both long-term and short-term critical needs. Teaching Personnel was founded in 1996 and is based in Herts, United kingdom.

Buy £45M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-01 Wagamama

Southwark, United Kingdom

Wagamama provides pan-Asian inspired cuisine serving food based on Japanese cuisine with 108 restaurants around the world. Wagamama was formed in 1992 and is based in London. United Kingdom.

Sell -

Seller(S) 1

SELLER

AAC Capital UK

London, United Kingdom

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

AAC Capital UK is a mid-market Private equity buyout firm focuses on the niche companies in the Industrial, Business Services and Consumer sectors. AAC Capital UK formerly known as the UK team of ABN AMRO Capital. The firm looks to invest in profitable, cash-generative companies whose principal operations are in the UK. AAC Capital UK LLP is a private equity arm of AAC Capital partners. AAC Capital UK was formed in 2011 and is based in UK.


DEAL STATS #
Overall 12 of 21
Sector: Chemicals M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 6
Country: United Kingdom M&A 10 of 19
Year: 2010 M&A 2 of 2
Size (of disclosed) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-29 T.G.I. Friday s UK

Luton, United Kingdom

T.G.I. Friday's UK Ltd. is an operator of restaurants in the United Kingdom and internationally.

Sell $50M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-21 NSL Services Group

London, United Kingdom

NSL Services Group Ltd. is a niche Local Authority (‘LA’) and Government outsourcing business which is divided into four operational divisions: Enforcement Solutions, Passenger Transport, Business Process Outsourcing and Consultancy.

Buy £120M