Dunedin backed Blackrock Programme Management (‘Blackrock PM’) has received The Queen’s Award for Enterprise in the “International Trade Category” for its outstanding short term growth in overseas sales over the last three years. Blackrock PM is a professional services firm that provides construction consulting and expert witness services for large, international construction projects. The award will be presented by HM The Queen at a drinks reception in Buckingham Palace later this year.
The business, headquartered in London with an office in Dubai, employs over 80 staff and has tripled its revenues over the last two years from £9.4 million in 2014 to £25.7 million for the financial year ending October 2016. International sales accounted for £22.8 million in FY16 up from £7.1 million in FY14, representing international sales growth of 221% over the two-year period.
UK mid-market private equity firm, Dunedin, invested in Blackrock PM in March 2015 with the aim of supporting its international expansion plans. Since the investment, Blackrock PM has opened an office in Dubai, which has contributed to total overseas sales in the Middle East, with new markets established in the region including Qatar, Saudi Arabia, Egypt and Iraq. The business continues to explore international acquisition opportunities and new office locations to increase its presence in overseas markets and is investing further in Dubai with a number of experienced international transfers.
Blackrock PM has recruited heavily over the last three years, more than doubling its number of experts. Dunedin has worked closely with the Blackrock team to enable them to continue to focus on exceptional client service by recruiting finance, operational and HR expertise as the business has grown. Blackrock PM is currently advising on international construction disputes valued at around £125 billion and past projects include the Shard in London.
Simon Rowan, Partner at Dunedin, said: “Blackrock PM has achieved phenomenal overseas sales growth over the last three years and it is a great accomplishment to be recognised through this prestigious award. International growth is one of the ways that Dunedin helps its portfolio companies to create value and we are delighted to have supported the business as it has expanded into new markets, including the opening of its Dubai office. Blackrock PM has a huge amount of potential and we are currently looking at a number of international acquisitions and new office locations to continue this exceptional growth story.”