Dunedin acquires Acquis in MBO

Katharine Hidalgo
14 May 2019

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Dunedin has acquired insurance broker and administrator Acquis in a management buyout.

The management team, led by Nick Leader, will stay on with the company.

The firm is currently investing from its Dunedin Buyout Fund III, which closed on £300m in 2013. Dunedin targets buyouts of UK-based companies with a deal size of £20-100m and typically invests between £15-60m in its portfolio companies.

Following the transaction, Acquis plans to grow its team and expand into new markets, particularly in Europe, where the business has recently opened an office in the Netherlands. Acquis will also invest in developing new products. Dunedin partner Oliver Bevan will join the Acquis board.

HSBC provided senior debt together with a revolving credit facility.

Company
Founded in 2009, Acquis provides leasing companies with insurance for leased equipment and is currently placing insurance in 13 European countries. The company's clients include Investec Asset Finance, BNP Paribas Leasing Solutions, Siemens Financial Services, Societe Generale Equipment Finance and Deutsche Leasing. Headquartered in Newport, Wales, Acquis employs 38 people.

People
Dunedin – Oliver Bevan (partner).
Acquis – Nick Leader (CEO).

Advisers
Equity – Momentum Corporate Finance (M&A); Osborne Clarke (legal); Womble Bond Dickinson (legal); Deloitte (corporate finance); PwC (commercial due diligence, financial due diligence); IAA (commercial due diligence); Grant Thornton (regulatory due diligence); Beachside Consulting (IT due diligence); Wyvern (debt advisory).
Vendor – KPMG Corporate Finance (corporate finance); TLT (legal).