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MBO Case studies |
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ABI |
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We backed the £20 million management buyout of ABI, in February 2004. ABI's Chief Executive Mel Copper led the management team through the buyout. |
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Caledonian Building Systems |
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We backed the £37 million management buyout of Caledonian Building Systems in November 2003. Caledonian is the UK market leader in the design and manufacture of pre-engineered steel buildings, using off-site construction methods. The management team was led by David Turnbull as Managing Director and Kevin Wheat as Finance Director. Three and half years later, we realised our investment when part of the business was sold to Speedy Hire PLC and the remainder was sold to Champion Enterprises, Inc of the USA.
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Capula |
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We invested in the secondary management buyout of Capula Group Ltd in August 2006, backing the management team which was led by Capula's CEO Roger Turner. The company is the UK's leading independent provider of real time IT solutions to the energy and utility markets. The business was bought from Bridgepoint in a transaction valued at £30 million. |
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Celtic Inns |
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In October 2004, Sand Aire Private Equity (acquired by Dunedin in 2005) backed the £26 million secondary management buyout of Welsh-based pub operators Celtic Inns Ltd. Funding was provided to complete the buyout and to provide ongoing expansion capital for the continued growth of the Celtic business. The incumbent management team, who had carried out an MBO of the business in 2003, rolled over their entire investment in to the ongoing business emphasising their belief in the future success of Celtic's offering.
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CET Group |
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In October 2004, Sand Aire Private Equity (acquired by Dunedin in 2005) backed the management buyout of CET Group, the UK market leader and specialist in subsidence-related site investigations, drains surveys and associated building repairs. Sand Aire invested £5m for a majority stake in CET Group. |
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CGI |
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We led the £10 million management buyout of CGI from the Colebrand Group in December 1998. CGI is a leading manufacturer and supplier of specialist fire resistant glass. The business performed ahead of expectation, and by 2003 had paid down most of its bank debt and repaid all of the institutional loan stock. With one of the founder directors looking to retire, and a desire amongst the other shareholders to realise value from the investment, the business was recapitalised in June 2004.
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Davenham |
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In June 2000, we backed the £60 million management buyout of Davenham Group plc from Bermudan-based Bank of NT Butterfield & Son. Post buyout, we took an active role in supporting and advising the business, including raising two rounds of finance, facilitating an acquisition and working through multiple exit scenarios. In November 2005, we realised a significant proportion of our investment when Davenham floated on the Alternative Investment Market . We realised the last of our shareholding in February 2007.
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Enrich Ltd |
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In November 2007 we backed the £18m buyout of Enrich (previously called Gissings Advisory Services), the sixth business we have backed in the financial services sector. It provides consultancy advice on flexible benefits, private medical insurance, life assurance, permanent health insurance, occupational health and employee wellness to a number of FTSE 100 and FTSE 250 businesses. |
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etc.venues |
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In June 2006, we backed the management buyout management buyin of etc.venues, one of London’s leading independent providers of meeting, training and event space. We initially provided £6 million of funding with a commitment of £4 million follow-on investment. |
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Fernau Avionics |
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We backed the buyout of Fernau Avionics in June 2007. Fernau is a world-leading designer and manufacturer of Navigational Aids to the civil and military aviation markets in the UK, Europe, North America and the Far East. The buyout was from Glendale International, a quoted Canadian company. We invested £8 million for a significant majority equity stake.
Less than two years later we sold the business to the Moog Controls Limited for £32 million, creating an IRR of 92% and a money multiple of 3x. |
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Formaplex |
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We invested £9.3 million in Formaplex for a large minority stake in December 2007. Formaplex provides a rapid turnaround service to engineering and product development customers including all UK based Formula 1 teams.
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Gardner |
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In 2003, Dunedin co-led the £23 million management buyout of Gardner Aerospace, one of the UK's largest aerospace machining groups, with ABN Amro. Gardner was bought from the Receiver of its parent company L. Gardner Group plc. With ABN Amro, Dunedin provided a combined £15.7 million acquisition debt and equity package to facilitate the rapid completion of the deal.
Five years later we profitably realised our investment when the business was sold to the Carlyle Group in 2008. |
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Goals Soccer Centres |
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In November, 2000, Dunedin invested in the management buyin of Goals, one of the leading UK operators of “next generation” 5-a-side soccer centres. Post-buyin, we took an active role in supporting the business and provided further development finance, allowing the business to expand from five football centres to 12. Goals floated on the Alternative Investment Market in November 2004, allowing us to fully exit from the investment. |
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Home and Legacy |
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In September 2003, Sand Aire Private Equity (acquired by Dunedin in 2005) backed Home and Legacy's founder and Managing Director, Gary Burke, in a £20 million management buyout. The investment allowed him to realise a portion of the value he created in the company while reinvesting the majority of his wealth into the ongoing vehicle. The management team included Simon Lloyd as Operations Director and John Callant as Finance Director, both of whom had worked with the business for some time prior to the buyout. |
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Letts Filofax |
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We initially invested in Letts in June 2000 when we supported the £17 million management buyout led by Managing Director, Gordon Presly and Finance Director, Gordon Raw. Less than a year later we supported the team in their acquisition of Filofax for £14.5 million recognising that consolidation of the Letts and Filofax brands would bring attractive synergies. Letts Filofax manufactures and sells diaries, organisers and other time management products. The business was sold in March 2006 for £45 million to Phoenix Equity Partners in a secondary management buyout, returning a six times money multiple and a 52% IRR over five years. |
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Practice Plan |
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In September 2005, Dunedin invested in the management bouyout of Shropshire-based Practice Plan Group Limited, one of the UK's leading providers of independent payment schemes to dental practices. This allowed the founding shareholders to exit the company leaving former finance director Steve Turnock in place as Managing Director. |
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Total Fitness |
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We invested in the management buyout of Total Fitness in August 2004 in a deal led by Legal & General Ventures. Total Fitness is an operator of health and fitness centres. |
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WFEL |
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We supported the management buyout of WFEL Holdings Limited in December 2006. WFEL is a world leading designer and manufacturer of mobile bridging systems and related products. We backed the management team, led by Managing Director Ian Wilson and Finance Director Cliff Richards, in a transaction valued at £48 million. |
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Zenith Vehicle Contracts |
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We invested in Leeds-based Zenith Vehicle Contracts Limited in July 2005, providing an £11 million funding package of equity and mezzanine finance to support the £27 million secondary management buyout. In under two years we realised this investment, returning an IRR of 45% and a 2x money multiple on our equity investment. |
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