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Case studies


Sectors: Industrial & Energy

Deal Type: MBO, Current

Transaction Value: £10 million


Dunedin contact:
Nicol Fraser
Simon Rowan



We led the £10m MBO of CGI from the Colebrand Group in December 1998. 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. CGI has since been recapitalised twice, allowing the exit of the three original members of the MBO team from the business and returning cash to shareholders.

Value Creation

The investment strategy at the time of the buyout was to grow the business organically with a view to exit in three to five years. Since 1998, CGI has grown strongly and has significant further growth potential. It was therefore decided in 2004 that, rather than fully exiting the investment, all investors would realise a portion of their capital uplift through a recapitalisation, with new debt facilities taken on by a Newco to fund the cash distribution. CGI was recapitalised for a second time in April 2008 and a new senior management team introduced, allowing the founding management team to retire.

CGI opened a new factory in 2004 with sufficient capacity to allow it to penetrate new export markets. The new management team has continued to open new markets and broaden the product range and the prospects for CGI remain very attractive.

Business Description

CGI is a leading manufacturer and supplier of specialist fire resistant glasses. The company's products are sold worldwide. One of CGI's major products, Pyroguard, which features a unique, patented wire-free protection glass, is the market leader in a number of countries. CGI's products have been used in many prestigious buildings throughout the world including Hong Kong Airport, Houses of Parliament, Granada TV Studios, Warwick Castle and most recently Heathrow Terminal 5. In 2004 CGI received the Queen's Award for Enterprise in recognition of its export achievements. The market is one where there is increasing legislation offering growth to existing players and barriers to entry by new players.

CGI's perspective

"Dunedin’s support has been invaluable and I have been particularly impressed with their pragmatic approach to problem solving. In addition to the financial benefits of the partnership, we have found Dunedin to be very open, honest and easy to get along with." Christophe Guillot, Chairman CGI

Your Business

What people say about us

"Dunedin’s investment provides us the platform from which to expand our services, capacity and international reach. We spoke to a number of potential investors but Dunedin stood out from the rest. We were impressed by their experience of growing and professionalising businesses, coupled with their integrity and open, direct culture"

David Barry

Principal, Blackrock PM

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