Dunedin reaps 2.8x multiple on Blackrock PM sale

ICG acquired a minority stake in the business with a mix of equity and debt, while the management team retained a majority holding. The deal gave the business a £161.5m enterprise value and allowed Dunedin to reap a 2.8x money multiple after two years and four months of investment, representing a 60% IRR, according to a statement.

The deal is the second exit in 2017 for Dunedin, following the sale of Steeper Holdings in February 2017.

Previous funding
Dunedin acquired a minority stake in the business in March 2015 via its Dunedin Buyout Fund III. Recently, the company opened a new office in Dubai and expanded its geographical reach towards the Middle East, Africa, Europe and Asia, increasing international sales by 221% during its private equity ownership period.

In the past two years, the business saw its revenues grow from £9m in 2014 to £26m for the financial year ending October 2016.

Company
Headquartered in London, Blackrock provides independent witness and construction services for large international construction projects.

Founded in 2010, the company employs 80 people and posted a turnover of £26m in 2016.

People
Dunedin – Simon Rowan (partner).
Blackrock Programme Management – David Barry (founder).

Advisers
Equity – Ropes & Gray (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Industrials
• UK / Ireland
• Buyouts
• United Kingdom
• Intermediate Capital Group
• Dunedin
• Secondary buyout