Sectors: Business Services
Deal Type: BIMBO, Exited - 2nd MBO
Transaction Value: £21 million
In June 2006, we backed the management buyout management buyin ("BIMBO") of etc.venues, a leading independent provider of meeting, training and event space. We initially provided £6m of funding with a commitment of £4m follow-on investment. Allied Irish Bank provided bank debt of £10.5m.
etc.venues presented Dunedin with an opportunity to back a well established business with an excellent operating model and a market leading brand to roll out across the UK. At the time of investment it was identified that there was a gap in the market for non-residential training and conference venues which etc.venues could exploit.
We backed an experienced management team, which was further strengthened by Alastair Stewart who joined the business as Managing Director, to drive significant growth in the business through a combination of further expansion of the London portfolio, roll-out and acquisitions supported by Dunedin’s follow on funding commitment.
The most recent etc.venues location was opened in March 2011. Dunedin and the Management team is currently assessing a number of new venues and acquisition targets.
etc.venues is the UK’s leading independent provider of non-residential venues for training, meeting events and conferences. etc.venues was founded in 1992 by Sally Wilton when the first venue, Avonmouth House, was opened in South London. etc.venues has since grown to eight venues, seven across London and one in Birmingham. All venues are purpose designed and renowned for their well resourced facilities, range of flexible rooms and layouts, central locations and high levels of ‘etc.venues’ service and branding.
etc. venue's perspective
"We aligned ourselves with Dunedin for a number of reasons. We were impressed with the team - they don't just wheel out the decision makers for the pitch, we dealt with the key Dunedin people right from the start. Dunedin's experience in the hotels and leisure sector was also a defining factor in our decision. We found Dunedin to be fast and effective during the transaction. They took the time to understand our business drivers at the outset and thus are making a welcome and positive contribution to the strategy going forward." Alastair Stewart, Managing Director, etc.venues