Dunedin picks up Blackrock PM
Mid-market house Dunedin has acquired a significant minority stake in Blackrock Programme Management in an all-equity deal.
The investment will be used to support the company's growth, which will focus on international expansion with plans to grow in the Middle East and Asia, according to Dunedin partner Giles Derry. The company may also grow acquisitively, and already has an eye on potential bolt-on deals. Furthermore, Dunedin will also support the company's plans to expand its services.
According to Derry, the deal was sourced off-market. Dunedin has been targeting the legal services and specialised professional services space and engaged with the company towards the end of last year.
Company
Blackrock PM provides independent witness and construction services to large, international construction projects. Based in London, the company generated turnover of £10m in 2014.
The company has previously advised on London constructions including the Shard and Blackfriars Bridge. Clients include contractors, government agencies, energy companies and developers.
Blackrock PM employs 50 people.
People
David Barry founded Blackrock PM. Giles Derry is a partner at Dunedin.
Advisers
Equity – Dickson Minto, Andrew Nicolson and Robert Norman (Legal); EY, Richard Hall, Kok-Hoong Khong, Jon Hurd, Inga Gening, Neil Bradbury (Financial due diligence); OC&C, Vivek Madan, Nigel Stirk, Henry Stannard, Max Woolfson, Nikolai Boker, Laura Winfield (Commercial due diligence); Intuitus, Calum Stewart, Adrian Astley-Jones, Ian Mackay, Clarissa Rowe (IT due diligence); Korn Ferry, Carol House and Paul Surridge (Management due diligence).
Management – KPMG, Andrew Hodgson, Tim Spooner, Phil Bates, Kate Hackett (Financial due diligence); Charles Russell Speechlys, Malcolm MacDougall, Richard Coleman, Emily Davies (Legal).
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