Dunedin backs £34.5m MBO of Premier Hytemp

Anneken Tappe
03 December 2012

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Dunedin has supported the MBO of Scottish oil and gas exploration equipment manufacturer Premier Hytemp from Murray International Holdings.

Following the transaction, Dunedin will hold a majority stake in the business.

The deal was initated by BDO, although the company's CEO had previous relations with Dunedin.

Murray International backed the company's creation in 2008.

Company
Premier Hytemp is an Edinburgh-based company that manufactures and supplies engineering components for onshore and offshore oil and gas exploration. The company's annual revenues amount to £42m.

The company was founded in 2008, when Premier Alloys Ltd acquired Hillfoot Steel Ltd. Today, Premier Hytemp has production facilities in Edinburgh, Sheffield and Singapore, with additional operations in Calgary and another base planned in Dubai. The business employs 200 people worldwide.

People
Partner Dougal Bennett led the deal on behalf of Dunedin and will join Premier Hytemp's board upon completion. He was supported by investment directors Simon Rowan, Jon Ma and Oliver Bevan, as well as senior associate Jamie Moodie. Mike McGill led the exit for Murray International. Donald Wilson is CEO of Premier Hytemp.

Advisers
Equity - Ernst & Young (Financial due diligence, structuring); BDO (Corporate finance); KPMG (Tax); Dickson Minto (Legal); CIL (Commercial due diligence); Intuitus (IT due diligence); Waypoint Change (Financial systems due diligence); Environ (Environmental due diligence); Marsh (Insurance due diligence).
Management - Nimmo W.S. (Legal).
Vendor - Ernst & Young (Tax); Deloitte (Financial due diligence); HBJ Gately (Legal).