Secondary Buyout • Building Materials

Investcorp and LDC Acquire Kee Safety

On October 18, 2017, asset manager Investcorp and private equity firm LDC acquired building materials company Kee Safety from Dunedin for 280M GBP

Acquisition Context
  • This is Investcorp’s 7th and LDC’s 5th transaction in the Building Materials sector.
  • This is Investcorp’s 11th and LDC’s largest (disclosed) transaction.
  • This is Investcorp’s 19th and LDC’s 192nd transaction in the United Kingdom.
Investment Fate
  • Kee Safety was sold to management in 2021.
  • Kee Safety was sold to a consortium of financial buyers in 2025.

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M&A Deal Summary

Date October 18, 2017
Target Kee Safety
Sector Building Materials
Buyer(s) Investcorp
LDC
Sellers(s) Dunedin
Deal Type Secondary Buyout
Deal Value 280M GBP

Target Company

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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Buyers Overview 2

Buyer

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.


Deal Context for Buyer #
Overall 131 of 189
Sector: Building Materials 7 of 7
Type: Secondary Buyout 47 of 60
Country: United Kingdom 19 of 24
Year: 2017 5 of 5
Size (of disclosed) 11 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Impero Solutions

Nottingham, United Kingdom

Impero Solutions has developed a comprehensive package solution for schools, colleges and universities offering flexible networking and e-safety functionality, together with powerful classroom management software solutions designed to promote a better, safer and more dynamic learning environment. Impero Solutions was founded in 2002 and is based in Nottingham, United Kingdom.

Buy £28M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Reem Hospital

Abu Dhabi, United Arab Emirates

Reem Hospital is the first Post-acute Rehabilitation, and Multi-specialty Hospital built to provide quality and world-class care to patients throughout their recovery journey. Reem Hospital founded in 2020 and is based in Abu Dhabi, United Arab Emirates.

Buy -
Buyer

LDC

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 3.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

LDC is the private equity and investment arm of Lloyds Banking Group. LDC 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. LDC was formed in 1981 and is based in London.


Deal Context for Buyer #
Overall 200 of 311
Sector: Building Materials 5 of 5
Type: Secondary Buyout 36 of 60
Country: United Kingdom 192 of 299
Year: 2017 12 of 15
Size (of disclosed) 1 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-04 Ensek

Nottingham, United Kingdom

Ensek is a software-as-a-service (SaaS) platform to provide existing energy providers with its revenue assurance and gross margin accounting product and new entrants with the end-to-end software solution required to enter and operate in the UK market. Ensek was founded in 2010 and is based in Nottingham, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-27 Vista Technology Support

Cardiff, United Kingdom

Vista Technology Support is an IT services company. Vista offers a range of EPOS and support services including hardware support and maintenance, building, cabling and installing EPoS systems and contact centre management. Vista Technology Support was founded in 1995 and is based in Cardiff, United Kingdom.

Buy -

Seller Profile 1

SELLER

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 Context for Seller #
Overall 26 of 36
Sector: Building Materials 2 of 2
Type: Secondary Buyout 9 of 15
Country: United Kingdom 26 of 35
Year: 2017 4 of 4
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 Alpha FMC

London, United Kingdom

Alpha FMC is a global asset and wealth management consulting firm providing specialist consultancy services to blue-chip asset and wealth managers and their third-party administrators. Alpha FMC was incorporated in 2003 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-19 Thredd

London, United Kingdom

Thredd is a global payments processor and tech powerhouse behind the most exciting digital banks, challenger banks, fin-techs, and financial institutions. Thredd enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people, and partners. Thredd was formed in 2007 and is based in London, United Kingdom.

Buy -