• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Exits

Dunedin to fully exit Alpha via £163m IPO

  • Kenny Wastell
  • Kenny Wastell
  • @kennywastell
  • 06 October 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Dunedin-backed asset and wealth management consultancy Alpha Financial Markets Consulting has priced its IPO at 160 pence per share, giving it a market cap of £163m.

The listing marks a full exit for Dunedin, which will make £89.6m from the transaction, and comes just 20 months after the GP acquired the company from Baird Capital.

The flotation consists of 22 million new and 56.4 million existing shares valued at a combined £125.4m. It will raise an additional £35.2m for the company, which intends to use the fresh capital to pay down all its existing debt facilities and to pay for fees associated with the placing.

Alpha Financial Markets Consulting

  • DEAL:

    IPO

  • VALUE:

    £163m

  • LOCATION:

    London

  • SECTOR:

    Investment services

  • FOUNDED:

    2003

  • TURNOVER:

    £43.6m

  • EBITDA:

    £8.55m

  • STAFF:

    250

  • VENDOR:

    Dunedin

  • RETURNS:

    £89.6m

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.

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. At the time of announcing its intention to float, the group said it recently acquired a Germany-based business.

The company's turnover increased from £6.7m in the year ending March 2011 to £43.6m in the year ending March 2017, with adjusted EBITDA growing from £2.16m in 2012 to £8.55m in its most recent financial year.

Dunedin is invested in Alpha via its third buyout fund, which held a final close on £300m in June 2013.

Grant Thornton and Berenberg are advising Alpha in connection with the listing, which is expected to take place on 11 October.

Previous funding
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.

Dunedin acquired Alpha from Baird 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.

Company
Alpha 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.

People
Dunedin – Mark Ligertwood, Oliver Bevan (partners); Andrew Davidson (assistant director).
Alpha Financial Markets Consulting – Euan Fraser (CEO).

Advisers
Vendor – Osborne Clarke, Jonathan King, Rebecca Gordon, Kate Mellor, Stuart Miller (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • UK / Ireland
  • Financials
  • United Kingdom
  • Dunedin
  • IPO

More on Exits

Public sector software
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Lender taking the keys from a sponsor
Ares Management handed keys to two-thirds of UK sponsor’s portfolio

Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported

  • Financing
  • 30 August 2023
Luggage and airport services
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013