Dunedin invests in Forensic Risk Alliance

Under its new ownership structure, the company will look to undertake an international expansion strategy.

Financial details of the transaction remain undisclosed, though Dunedin typically writes equity cheques of £20-60m for companies with enterprise values of £20-100m.

As part of the deal, Dunedin partner Mark Ligertwood will take a seat on the company board.

Dunedin has a track record of investing in the consultancy space, having acquired a significant minority stake in Blackrock Programme Management in April 2015 and acquiring Alpha Financial Markets Consulting from Baird Capital for £80m in February 2016.

The firm is currently investing from its third buyout fund, a 2013-vintage vehicle that held its final close on £300m.

Company
Founded in 1999, London-based FRA is a consultancy business providing accounting and data analytics designed to mitigate regulation-related risk. The company has a headcount of 110 with additional operations in Paris, Montreal, Zurich, Rhode Island and Washington DC.

FRA generated revenues of £9.3m in the 2015 with £4.3m of profits before tax, according to publicly available documents.

People
Dunedin - Mark Ligertwood (partner).
Forensic Risk Alliance - Frances McLeod (managing partner).

Advisers
Equity - Deloitte (tax); Dickson Minto (legal); Intuitus (IT due diligence); Wyvern (debt); Lockton (insurance due diligence); JC Rathbone (other due diligence).
Vendor - PwC (financial due diligence); CIL (commercial due diligence); Ropes & Gray (legal); DC Advisory (corporate finance).

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