Dunedin-backed Alpha announces intention to float

The flotation is expected to take place in October, with the GP having backed the company just 20 months ago. The firm is invested in the business via its third buyout fund, which held a final close on £300m in June 2013.

Alpha intends to use the fresh capital raised from the placement to pay down all its existing debt facilities. Dunedin acquired Alpha from previous backer Baird Capital in February 2016, in a deal worth £80m. Debt for the deal was supplied by Lloyds Bank Commercial Banking, while Beechbrook Capital provided a mezzanine loan.

According to a statement, Alpha has primarily expanded via an organic growth strategy over the last six years, with increasing market demand for its blend of consultancy and benchmarking data in response to regulatory changes and cost pressures. The group also said it recently acquired a Germany-based business. Its turnover increased from £6.7m in the year ending inMarch 2011 to £43.6m in the year ending in March 2017, with adjusted EBITDA growing from £2.16m in 2012 to £8.55m in its most recent financial year.

Alpha has also undertaken an international expansion strategy under Dunedin's tenure, opening offices in Edinburgh, Boston, Geneva and Singapore, adding to its previous locations in London, Paris, New York, The Hague and Luxembourg.

The business was founded in 2003 and is headquartered in London. It provides consultancy services to asset and wealth managers, as well as their third-party administrators, and has a headcount of 250.

Baird was the first institutional fund manager to invest in Alpha, purchasing a minority stake in October 2013 in a deal valuing the business at £28m, according to unquote" data. During its investment period, Alpha's headcount increased from 99 to 200.

Grant Thornton and Berenberg are advising Alpha in connection with the listing.

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