Dunedin, the UK mid-market private equity house, today announced that it has invested in Forensic Risk Alliance (“FRA”), an international consultancy business that provides forensic accounting, data analytics and e-discovery expertise to help businesses manage risk in an increasingly regulated global environment. The value of the deal was undisclosed.
This investment expands Dunedin’s growing professional services portfolio. It marks its third investment in a high value consulting business within the last two years, following recent investments in BlackRock PM and Alpha FMC.
Founded by Frances McLeod, Toby Duthie and Greg Mason in1999, FRA works on some of the largest and most complex regulatory investigations globally. Its clients are typically blue-chip multinational corporates seeking advice to help navigate regulatory scrutiny, effect compliant cross border data transfer and manage risk.
FRA has grown revenues significantly over the last five years. The business now employs 110 staff in offices in Rhode Island, London, Paris and Washington DC. It also runs data centres near each office location as well as in Montreal and Zurich.
Dunedin plans to utilise its experience with similar businesses to increase the international reach and strengthen the operations of FRA.
The global market for FRA’s services is extremely large and is being driven by the growth of global regulation and enforcement activity, the proliferation of corporately held data, as well as an increase in scrutiny of corporate wrongdoing from data leaks and hacking.
Mark Ligertwood, Partner at Dunedin, who will join the FRA board commented: “FRA is a truly world class business that represents an excellent investment opportunity for Dunedin. FRA is extremely highly regarded by clients and regulators for their investigative, compliance, financial and technological expertise whilst investigating the most complex and challenging cases of fraud or corruption. Our experience of working with similar businesses means that we are well placed to capitalise on the significant international growth opportunities that lie ahead for the business.”
Frances McLeod, Managing Partner of FRA commented: ‘We are excited to be working in partnership with Dunedin who we felt had a strong understanding of our business as well as complementary team dynamics. Dunedin has a great track record of working with businesses such as ours and we are confident that they will support us to achieve our growth ambitions, whilst also retaining our independence.”