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Dunedin Sells Equity Stake in CitySprint in £175m Secondary MBO

Dunedin, the mid-market private equity firm, announced today that it has sold its original shareholding in CitySprint - the UK’s leading same day distribution network, in a secondary MBO backed by LDC, valuing CitySprint at £175m. The deal sees Dunedin reinvesting into the business to retain an equity stake.

Dunedin originally invested £33.1m in CitySprint at the end of 2010 and has since worked alongside management to build the UK’s largest privately owned same day distribution network. 

With Dunedin’s support, CitySprint has made 21 acquisitions, creating an unrivalled nationwide network of 40 service centres and over 3,000 self-employed couriers, which can reach 88% of the UK in under one hour. CitySprint has also enjoyed five years of exceptional growth and turnover and EBITDA have more than doubled since Dunedin’s initial investment. In the year to 31 December 2015 CitySprint achieved EBITDA of £16.8m on turnover of £146m, up 14% on 2014 in which EBITDA was £13.5m and turnover was £129.0m.

CitySprint’s flexible and highly scalable model is underpinned by leading edge technology. Over the lifetime of Dunedin’s investment, CitySprint has invested significant CAPEX to support new service/product development and particular priority has been given to new enabling technology that enhances customer convenience. In June 2015, CitySprint launched “On the dot”, an innovative technology-enabled business-to-consumer service, offering customers specific one-hour delivery windows, which has attracted the attention of international retailers.

Dunedin is increasingly working with its investee companies to develop innovative technology that will enhance their levels of service and capability.

Nicol Fraser, Partner at Dunedin, commented: “Dunedin has worked closely with the management team to drive the rapid growth of CitySprint over the last five years. This has cemented CitySprint’s position as the UK market leader in same-day delivery. The business is now valued at £175m and great credit must go to the management team for all that they have achieved in just five years.”

Nicholas Hoare, Investment Director at Dunedin, who will remain on the CitySprint board, commented: “CitySprint is clearly differentiated in its market and we continue to see exciting opportunities for it to further increase its scale and capabilities. We have supported the company’s active acquisition strategy, as well as making significant investment in customer-focused technology that will continue to have a transformative effect on the business. For these reasons, we are delighted to be maintaining our relationship with the management team and to be reinvesting in the business.”

Patrick Gallagher, Chief Executive of CitySprint, commented: “In the last five years with Dunedin’s help we have created a point of clear differentiation that has enabled CitySprint to enhance its market leading position. We look forward to continuing that relationship with Dunedin and to working with our new investor LDC as we embark on the next stage of our journey. 

“Providing our customers with the best delivery service in the UK has always been the ultimate goal and we will be using fresh investment to find further ways to achieve this. Technology remains a key focus for us as we work to give our customers the control, convenience and simplicity that they expect in today’s on-demand, omnichannel culture.”

This exit closely follows Dunedin’s recent investment in Alpha Financial Markets Consulting, a leading global asset and wealth management consulting firm. The transaction was valued at £80m and announced in early February.

Dunedin Invests in £80m Alpha Transaction

Dunedin, the UK mid-market private equity house, has today announced that it has made a significant investment in Alpha Financial Markets Consulting (“Alpha”) in a transaction valued at £80 million. Alpha is the leading global asset and wealth management consulting firm. 

Founded in London in 2003, Alpha has grown rapidly and is now the global market leader in providing specialist consultancy services to blue chip asset and wealth managers and their third party administrators.  Alpha has over 200 consultants deployed across six major financial centres (London, Paris, New York, Boston, The Hague & Luxembourg), working on behalf of more than 130 top asset and wealth management clients. Alpha currently advises three quarters of the top 50 global asset managers.

The company’s equity is widely held across its employee base and its unique culture is enhanced by this sense of shared ownership. Alpha has undergone rapid growth in the last three years, growing profits from £2.3 million in 2013 to in excess of £8 million in 2016.  

This growth has been driven by strong market demand for Alpha’s unique consulting capability which combines unprecedented content and industry leading consulting expertise with detailed proprietary benchmarking data. Alpha was voted “European Consultant of the Year” at the Funds Europe Awards in December 2015.

The demand for these skill sets is ever increasing and Alpha’s strong growth trajectory is expected to continue into 2016 and beyond driven by further geographic and sector expansion and supported by strong client activity in the core areas in which Alpha specialises.

The investment from Dunedin will support Alpha’s growth plans to increase its presence in current markets, expand into new geographies and further penetrate new market segments. Alpha has an ongoing emphasis on attracting, developing and investing in the highest calibre consultants in the market and this will remain a key focus for the business. Alpha will seek to hire new talent as it expands its global presence.

Alpha’s Global Chief Executive Officer Euan Fraser commented:
“Alpha has enjoyed spectacular growth in all of our core locations over the last few years as we have established ourselves as the go-to consulting firm for our global asset manager clients. This deal with Dunedin is a fantastic recognition of everything our team has achieved.

“We have enjoyed a very good working relationship with Baird and would like to thank them for their support of the last 2 years. We are very excited to embark on a new chapter of the Alpha story with Dunedin. Our plans for the future are no less ambitious and we look forward to expanding into new geographies and sectors. We chose to work with Dunedin as we feel our respective cultures are well aligned and they have a proven track record of working with ambitious businesses in the financial services sector. Alpha is very focused on achieving even greater success in the years to come.

“We have without a doubt a hugely talented and committed consulting team and it is a pleasure to work with every one of them. Our unique blend of deep content knowledge, market leading IP and the best consulting team in the market mean that we will continue to enjoy a very strong demand for our consulting services from our global clients in the future.”

Mark Ligertwood, partner at Dunedin, who now joins the board of Alpha, said:
“In making this investment in Alpha, we are backing a team of consultants whose expertise across the asset management operating model is unrivalled. Alpha is a business with a unique culture that sets it apart from its peers and a strong senior management team that combines experience, enthusiasm and energy. 

“The company has a track record of recruiting and retaining the best talent in the market, very ably led by the Global CEO, Euan Fraser, and Global CCO, Nick Baker, who have both been instrumental in the growth of the business over the past thirteen years.  

“We are seeing the demand for outsourced consultancy services continue to grow in the face of operational, regulatory and cost pressures and Alpha is strongly placed to attain its position as the leading global provider of consulting services to the financial services industry. It fits very well with Dunedin’s focus on growing businesses through successful internationalisation and we are delighted to be backing the team on the next part of their journey.”
 
Leading the deal for Dunedin were Mark Ligertwood (Partner), Oliver Bevan (Partner) and Andrew Davidson (Associate).

Silver Oak Services Partners Completes Sale of NDC

Evanston, IL – February 3, 2016

Silver Oak Services Partners, LLC, a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it has completed the sale of its equity interest in NDC to New York-based private equity firm Court Square Capital Partners.

Headquartered in Nashville, TN, NDC (“the Company”) is a leading healthcare supply chain company and distributor of consumable medical supplies. The Company operates as one of the largest master distributors in healthcare, purchasing supplies directly from manufacturers and providing a broad product line to distributors who handle the last mile delivery direct to health care providers. The Company serves as a vital partner delivering supply chain efficiency to manufacturers, GPOs and national, regional and local distributors. NDC has over 180 employees and operates distribution centers in Tennessee and Nevada.

Silver Oak made its original investment in NDC in February 2010. During Silver Oak’s ownership, NDC completed two acquisitions, strengthened its management team, expanded its product portfolio, upgraded its technology platform and launched new service offerings.

“We are extremely proud of our partnership with the NDC management team,” said Greg Barr, Managing Partner at Silver Oak. “They have done an outstanding job of driving significant top and bottom line growth over the last six years. With a strong management team and proven value proposition in the market, the Company is well positioned for continued growth.”

Mark Seitz, CEO of NDC, noted, “Silver Oak has been an excellent partner. With their active support and guidance, we experienced significant growth while enhancing the value we bring to our business partners. We look forward to building upon this success with our new partners.”

William Blair and Locke Lord LLP acted as financial advisor and legal counsel to the sellers, respectively.

About Silver Oak Services Partners

Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. We bring extensive services industry expertise and relationships to our investments and work closely with our management teams to drive long-term value creation. Silver Oak’s principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue.

About Court Square Capital Partners

Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 210 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Based in New York, N.Y., Court Square invests in companies that have compelling growth potential. The firm manages approximately $5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrials, healthcare and technology/telecommunications.

Silver Oak Services Partners, LLC
1560 Sherman Ave., Suite 1200
Evanston, IL 60201
Phone: 847-332-0400
www.silveroaksp.com

Brentwood Associates-Backed Excelligence Learning Corporation Acquires Really Good Stuff, Inc. to Significantly Expand Educational Products Platform

 

January 28, 2016 08:32 AM Eastern Standard Time

LOS ANGELES--(BUSINESS WIRE)--Brentwood Associates, a leading consumer-focused private equity investment firm, announced that its portfolio company, Excelligence Learning Corporation (“Excelligence”), has acquired Really Good Stuff, Inc. (“Really Good Stuff”). Really Good Stuff, which is headquartered in Monroe, Connecticut, is a multi-channel marketer of innovative classroom products and teaching tools used primarily in grades K-8. The acquisition expands Excelligence’s portfolio of brands, which until now primarily served pre-K early childhood programs and preschools, to include the much broader K-8th grade markets. Really Good Stuff, which will continue to be led by Co-Founder and President Jim Bennett, will both complement and derive significant synergies from Excelligence’s core brand, Discount School Supply.

“Most importantly, we believe the Really Good Stuff team has maintained a culture of highest integrity and ethical standards with an unwavering dedication to their core customer that is at the cornerstone of our success.”
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Founded in 1992, Really Good Stuff works side-by-side with educators to develop and market creative products for teachers that address a broad range of classroom needs. Marketing through its print, digital, and social media channels, as well as its dedicated sales force, the company offers over 7,500 items, with a range of product categories that include classroom organizers and storage; teacher supplies and management tools; bulletin boards and posters; and games and activities. With over 500 new products introduced annually, Really Good Stuff is the innovation leader in its markets served.

Founded in 1985, Excelligence is a leading developer, manufacturer, distributor, and multi-channel retailer of over 20,000 educational products, which are sold primarily to pre-K early childhood programs, preschools, PTAs, and consumers. The company provides a full-line selection of branded, private label, and proprietary products across several categories, including arts and crafts, infant and toddler, active play, dramatic play, furniture and equipment, math, language, and science. The Discount School Supply brand represents the company’s largest business segment and is a market leader in the arts and crafts category. In addition to its headquarters in Monterey, California, the company operates five distribution facilities throughout the U.S., providing for fast and cost-effective delivery.

Commenting on the acquisition, Excelligence CEO Kelly Crampton said, “With acquisitions being a critical component of our five year strategic plan, Really Good Stuff represents a perfect archetype: strong brand equity, extremely loyal customers, complementary products and access to new market segments. We are thrilled to partner with Jim and his team at Really Good Stuff, and we expect significant revenue synergies as we being to leverage our respective core strengths.” Crampton continued, “Most importantly, we believe the Really Good Stuff team has maintained a culture of highest integrity and ethical standards with an unwavering dedication to their core customer that is at the cornerstone of our success.”

Jim Bennett, Co-Founder and President of Really Good Stuff, added, “We are very excited about joining the Excelligence family. Really Good Stuff and Excelligence share a culture of product innovation and customer satisfaction. The acquisition provides us with greater resources to serve teachers, schools, and school districts throughout the country. We look forward to maintaining our laser focus on today's classroom, introducing fun and creative products that help teachers make a difference. Our growing sales force can leverage the strengths of the entire Excelligence network to create customized solutions for the largest school districts in the country.”

“With the goal of building a world-class, multi-category educational products and services organization, Really Good Stuff represents the beginning of an exciting expansion into grades K-8. We plan to invest significant resources in this new partnership, with the goal of delivering even greater value for the teachers, schools, parents and children we serve,” explained Eric Reiter, a member of the board of directors of Excelligence and partner at Brentwood Associates. “As we look forward, we expect strong benefits from the integration of Really Good Stuff. In addition, we remain optimistic about the opportunity for continued success in product innovation, growth in print and digital marketing, optimization across our global distribution and fulfillment platform, and progress in developing our pipeline of strategic acquisitions.”

Really Good Stuff was advised by Carter Morse & Mathias and represented by Mark de Regt and Shipman & Goodwin LLP. Excelligence was represented by Burr & Forman LLP and Kirkland & Ellis LLP. Antares Capital and Ares Capital Corporation provided debt financing supporting the acquisition in the form of an incremental term loan, in conjunction with Excelligence’s existing lender, General Electric Capital Corporation.

ABOUT REALLY GOOD STUFF, INC.

Really Good Stuff, Inc. is a branded, multi-channel designer and marketer of classroom products and teaching tools, primarily serving grades K-8. The company markets its products through its print, digital and social media channels, as well as its dedicated sales force. Product categories include organizers and storage; teacher supplies and management tools; bulletin boards and posters; and games and activities. The company’s goal is to provide teachers with high quality, affordable, and innovative tools to help make a difference in children’s lives. For more information about Really Good Stuff, please visit www.reallygoodstuff.com.

ABOUT EXCELLIGENCE LEARNING CORPORATION

Excelligence Learning Corporation is a leading developer, manufacturer, distributor, and multi-channel retailer of educational products, which are sold primarily to pre-K early childhood programs, preschools, PTAs, and consumers. Brands within the Excelligence portfolio include: Discount School Supply (www.discountschoolsupply.com), SmarterKids (www.smarterkids.com), Environments (www.environments.com), Angeles (www.angelesstore.com), Achievement Products (www.achievement-products.com), Educational Products, Inc. (www.educationalproducts.com), Early Childhood Manufacturers’ Direct (www.ecmdstore.com), and Earlychildhood News (www.earlychildhoodnews.com). Excelligence offers a broad array of educational products designed for classroom use, enhanced by its extensive proprietary product development program. Leading proprietary brands include: Colorations, BioColor, and Excellerations. For more information about Excelligence, please visit www.excelligence.com.

ABOUT BRENTWOOD ASSOCIATES

Brentwood Associates is a leading consumer-focused private equity investment firm with over $1.4 billion of capital under management and a 30-year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: specialty retail; branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; and restaurants. Since 1984, Brentwood's dedicated private equity team has invested in 49 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.

Brentwood Associates Acquires Multi-Channel Retailer Boston Proper

LOS ANGELES--(BUSINESS WIRE)--Brentwood Associates, a leading consumer-focused private equity investment firm based in Los Angeles, announced today that it has acquired, through its affiliates, the Boston Proper ("Boston Proper") direct-to-consumer business from Chico’s FAS, Inc. Terms of the agreement were not disclosed. Boston Proper is a Boca Raton, Florida-based multi-channel retailer of women’s apparel and accessories, offering distinctive products with a focus on quality and style. In partnership with existing Boston Proper management, including Boston Proper President and Chief Merchandising Officer Sheryl Clark, Brentwood will refocus on building a unique and compelling direct-to-consumer lifestyle brand through Boston Proper’s print, digital and social channels.

"Boston Proper has been catering to a very particular niche for nearly 25 years. The demographic can best be described by its attitude – ‘wear it like no one else’," explains Clark. "These women don’t fall into traditional categories. What they do have in common is the desire to feel sexy but polished in such a way that’s impossible to ignore. The Boston Proper woman is on trend, but she makes it her own in unexpected ways, and she looks to us for fashions she knows no one else will be wearing."

"We will reignite the passion around the brand, strengthen the quality of our service and further enhance the personal relationships that drive our business," says Clark "Everyone changes. We’ve changed. Our customer has changed. The world has changed. But our core attitude is still there. We’ve started the conversation with our customers, and they’re eager to join us on this journey of growth and rediscovery."

"Brentwood brings an extraordinary level of relevant experience and strategic insight to our company," notes Clark. "They not only have a proven track record of success with our business model, but they also have a strong understanding of who we are and a like-minded vision of where we want to go."

"Brentwood has been a loyal and longstanding fan of Boston Proper and its management team, having tracked the business for over a decade," said Eric Reiter, a partner at Brentwood. "They occupy a unique and compelling niche within the women’s apparel and accessory market, and we believe we can be a valuable partner in their next stage of growth."

"We see tremendous opportunity in Boston Proper’s direct-to-consumer channels, as the focus shifts back towards the brand’s unique customer value proposition," said Roger Goddu, partner with Brentwood Associates.

Chico’s FAS was advised by Peter J. Solomon Company as financial advisor and by Greenberg Traurig LLP as legal counsel. Brentwood was represented by Burr & Forman LLP and KPMG Corporate Finance LLC.

ABOUT BOSTON PROPER

Founded in 1992 and headquartered in Boca Raton, Florida, Boston Proper is a specialty retailer of women’s high-end apparel and accessories inspired by women who are fearlessly feminine, enviably chic and possess the poise and confidence to Wear It Like No One Else®. Characterized by highly differentiated merchandise and a desirable and aspirational look, the brand emphasizes an iconic, classy and sexy aesthetic, delivering on-trend styles with age-appropriate fits that cultivate glamour and inspire individuality. Boston Proper merchandise is available nationwide by direct mail catalog and online at bostonproper.com.

ABOUT BRENTWOOD ASSOCIATES

Brentwood Associates is a leading consumer-focused private equity investment firm with over $1.4 billion of capital under management and a 30-year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: specialty retail; branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; and restaurants. Since 1984, Brentwood's dedicated private equity team has invested in 49 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.

ABOUT CHICO’S FAS, INC.

The Company, through its brands – Chico’s, White House | Black Market, and Soma, is a leading omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items. As of October 31, 2015, the Company operated 1,546 stores in the US and Canada and sold merchandise through franchise locations in Mexico. The Company’s merchandise is also available at www.chicos.com, www.whbm.com, and www.soma.com. For more detailed information on Chico’s FAS, Inc., please go to our corporate website at www.chicosfas.com.

Contacts
Olmstead Williams Communications
Tracy Williams, 310.824.9000
tracy@olmsteadwilliams.com
www.olmsteadwilliams.com

Silver Oak Services Partners Leads Recapitalization of CCS

Evanston, IL – Silver Oak Services Partners, LLC (“Silver Oak”), a lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of Commercial Cleaning Systems, LLC (“CCS” or the “Company”) in partnership with management and co-investors.

CCS is a leading provider of commercial janitorial services across the Western U.S. Founded in 1988 and headquartered in Denver, the Company has operations in Arizona, California, Colorado, Georgia, Nevada and Washington. CCS provides a full range of janitorial services focused on commercial customers, including end markets such as single and multi-tenant office, healthcare, education, industrial, government and residential communities.

Silver Oak invested alongside the Company’s founder and senior management team in the transaction. “We are excited about our partnership with Silver Oak, which provides the additional capital resources and expertise we need to build a leading national janitorial services company,” said Troy Coker, CEO of CCS. “Silver Oak has a proven track record of helping their portfolio companies grow rapidly, but strategically, both organically and through add-on acquisitions.” Troy and the existing management team will continue in their current roles with CCS and retain a significant ownership stake in the business.

Silver Oak highlighted janitorial services as an attractive subsector for investment as part of a broader effort in facilities services, due to the recurring nature of revenue, low cyclicality and high degree of fragmentation. Greg Barr, Managing Partner at Silver Oak, said, “We are very excited to partner with Troy and the rest of the team at CCS. We believe the Company is a great platform from which to grow in janitorial services due to its strong reputation in each market, service-oriented culture and experienced management team. We look forward to leveraging the Company’s strengths, while further investing in both new and existing markets.” CCS is actively looking for add-on acquisition opportunities.

Please contact Greg Barr or Andrew Gustafson of Silver Oak for additional information.

Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.

Silver Oak Services Partners, LLC
1560 Sherman Ave., Suite 1200
Evanston, IL 60201
Phone: 847-332-0400
www.silveroaksp.com

Dunedin applauds top exporters in the South East and offers guidance to other aspiring exporters

Growth focussed investor Dunedin has today congratulated the businesses that have recently been named as the top exporters in the South East by the EEF/Aldermore Manufacturing Awards, a nationwide search for UK manufacturers that have excelled in exporting. 

MRT Castings Ltd has been named regional winner of the Outstanding Export Award, sponsored by Dunedin, which seeks to recognise the achievements of manufacturers that have developed their export strategy to both reach new markets and enhance their presence in existing markets. 

Internationalisation is one of the primary growth strategies that Dunedin adopts in order to add value to the businesses that it backs and partner Nicol Fraser offers the following advice on what any exporting strategy should incorporate:

"Exporting for the first time, or expanding existing exporting activities, can be challenging for a fast growing, still formative business.  The prize for those that succeed is significant - and attainable for those with the right support.

While every business will need to plan according to its specific goals and needs, there are four crucial areas that all export strategies should incorporate:

• Market research:  The right market for the business will depend on its demographics, social and political landscape, culture and economy, as well as the extent to which competitors are already operating there. Businesses should use every possible resource to conduct that research, from field-trips and local contacts to the support available from UK Trade & Industry.

• Product testing: No business should move into a new market until it has assessed whether there will be demand for its products and services. Selling through local distributors may be one way to test the waters before a full-scale launch.

• Team building: Export teams, whether on the ground or back home, need a blend of people with local expertise and senior management input. The former provide crucial insight on local culture and can build personal relationships in the new market; the latter ensure the company’s culture is embedded in its new venture.

• Internal communication: Exporters need clear lines of reporting as they branch out, with transparency about who is responsible for what – and how much autonomy local representatives of the business will have.

Building these mechanisms and structures from scratch isn’t easy, but that shouldn’t prevent businesses from being ambitious. There is no shortage of trailblazers that have shown the way as the Future Manufacturing Awards have shown.

For businesses that get the basics right – and draw on the support of those with a track record of export success – there is every reason to be confident of success on the world stage. Now is the time for businesses to step up and become the export stars of tomorrow.”

Nicol Fraser added:  "To develop and implement a successful international export strategy is a great achievement for any business and the Outstanding Export awards celebrate this success. 

“Many congratulations to the South East regional finalist, that is taking big steps to establish a position in global markets.  We wish them well for the national awards in January.”

For further information, please contact Corinna Osborne at Equity Dynamics
Tel: +44 (0)208 948 2771 | Email: corinna@equitydynamics.co.uk

Dunedin joins newly formed global mid-market Private Equity network

Dunedin, the UK mid-market private equity house, today announced that it has joined the Alliance for Global Growth. The Alliance for Global Growth is a newly launched global network of ambitious lower mid-market private equity firms and the first of its kind to operate across Europe and the USA.

The Alliance for Global Growth currently includes ten members drawn from Western Europe and the United States. In addition to Dunedin, which targets buyouts of market-leading companies headquartered in the UK with a deal size of £20 -100 million, the network includes Nordic mid market specialist, Axcel; Finatem, a German private equity fund focused on the “Mittelstand”; French mid market house Nixen; Nazca, a leading Spanish mid-market firm; and US investors Harris Preston Partners, Brentwood Associates, Stone Goff, Wincove and Silver Oak Services Partners.

The formation of this network is driven by a continuing trend towards globalisation and comes at a time when significant opportunities exist for UK businesses to capitalise on increasing inbound and outbound investment.

The Alliance for Global Growth intends to support growth within its members’ portfolios of companies during the investment period, but also to enhance opportunities for sale to international buyers at the point of exit. In addition, shared knowledge and intelligence across the network will benefit member firms and contribute to members’ deal origination and the identification of overseas investment opportunities.

Internationalisation is one of the primary growth strategies that Dunedin adopts in order to add value to the businesses that it backs. This strategy is shared by other members of the Alliance for Global Growth. Of Dunedin’s last four exits, three were to international trade buyers. These were UK headquartered businesses with a market leading position in their niche, which, with Dunedin's support, achieved greater scale and operational efficiency, ultimately attracting the attention of international trade buyers. Dunedin has had particular success in helping its portfolio companies to establish a presence in international markets.

The Alliance for Global Growth is the only global alliance spanning Europe and America. Future plans include establishing relationships with new members in Eastern Europe, Asia and South America. The current member firms collectively back a total of 122 companies across Western Europe and the US. A dedicated person will be recruited to manage the day to day business of the Alliance.

Shaun Middleton, Managing Partner of Dunedin commented: “We are constantly looking for ways to add value to our companies and ultimately to our investors and this initiative illustrates our commitment to the international growth of the businesses we back.”    

“Globalisation is a continuing trend and local knowledge and relationships are a critically important factor in the internationalisation of any business. Joining this newly formed Alliance gives Dunedin and its portfolio companies the benefit of a global perspective and a strong international network. We are very excited by the opportunities that the Alliance represents, especially since it is the first to secure members from Europe and the USA. We hope to bring in new international members in the coming months.”

In addition to joining the Alliance for Global Growth, Dunedin has also announced three senior appointments to its international advisory board. These include:

David Lockwood OBE - the current CEO of Laird PLC with extensive experience of international operations. He is also Non-Executive Chairman of Knowledge Transfer Network Limited and formerly held senior positions in B.T., Thales and GEC.

Gerard Lavery – President of Xoepia Investments. He has a proven track record in delivering strategic initiatives, driving organisational change, profitable growth, operational excellence and sustainable productivity. Gerard was formerly CEO of GKN Land Systems and transformed the business to become a $1.5 billion plus global business. Prior to that he held senior executive positions at Ingersoll Rand in the US where he led global operations for the Climate Solutions business, Trane, General Electric and GEC Alstom.

Angus Cockburn - Chief Financial Officer of Serco, and formerly Aggreko plc. He brings a wealth of experience gained across a variety of sectors in high growth competitive global environments. Prior to Aggreko, Angus spent three years as Managing Director of Pringle of Scotland, five years at PepsiCo Inc and several years at KPMG working in the UK and USA. Angus is also an experienced Non-executive Director, currently serving on the Board of GKN Plc.

Wincove Sells GI Plastek to Gladstone Investment

Janney Montgomery Scott LLC (“Janney”) is pleased to announce that Wincove-GIP Acquisition, Inc. (d.b.a. GI Plastek) (“GI Plastek” or the “Company”) has been sold to Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone Investment”), a business development company based in McLean, VA. GI Plastek, a leading manufacturer of medium to large, customized and highly aesthetic plastic injection molded products, was a portfolio company of Wincove Capital (“Wincove”), a private investment firm. Gladstone Investment provided equity, first lien senior debt and a revolving credit facility to complete the transaction. The terms of the transaction were not disclosed.

“We are excited to partner with GI Plastek’s extremely talented and experienced management team on the next phase of the Company’s growth,” said Blair Gertmenian, Director of Gladstone Investment’s management company. “GI Plastek has an excellent reputation in the market as a leading manufacturer of customized injection molded products with superior customer service and support.”

Daniel Mills, President of GI Plastek, stated, “We have enjoyed an excellent relationship with our partners at Wincove, and thank them for their support over the six years of ownership. We are well positioned to continue our strong growth path with Gladstone Investment.”

Michael McGovern, a partner at Wincove, said “We are proud of what we have accomplished in partnership with the management team at GI Plastek. During our ownership tenure we invested heavily in the business, including hiring many key new team members, and completing a large scale plant expansion in Wolfeboro, which have helped the Company provide a leading service offering to its customers.”

Janney acted as exclusive financial advisor to Wincove and GI Plastek, working closely with the management team and shareholders throughout the sales process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction. Choate, Hall & Stewart LLP served as legal counsel to Wincove and GI Plastek while Dickstein Shapiro LLP served as legal counsel to Gladstone Investment.

About GI Plastek

GI Plastek, based in Wolfeboro, NH is a leading manufacturer of medium to large, customized and highly aesthetic plastic injection molded products utilizing structural foam, gas assist, and straight injection processes. In addition, the Company offers value-added assembly and secondary finishing operations, including painting, inserting and decorating.

About Gladstone Investment Corporation

Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations.

About Wincove Capital

Wincove Capital, together with its affiliate Wincove Private Holdings, LP, is a private investment firm that makes equity investments using a permanent equity capital base. Wincove has offices in Boston and New York.

Reprinted from Janney Montgomery Scott

Nazca acquires El Granero Integral

Nazca Capital, through its Fund Nazca III, has signed an agreement for the acquisition of a majority stake of El Granero Integral to the Muñoz Family, the company’s founders and owners. 
In this new stage, the main objective of El Granero Integral will be to double its sales in the next four years, consolidate its current strong national growth and develop in-house added-valued products for both specialized and food retail channels. The company will also consider selective acquisitions of product-complementary companies.

El Granero Integral, founded in 1982, is the leading company in the natural/ecological food and dietary supplements in the spezialized channel and in the food large retail distribution. Currently, El Granero Integral offers both dry and fresh food and dietary supplements mainly under its own brand of in-house manufactured products, completed with third-parties brands. El Granero Integral is a reference in this sector due to its wide product’s range (2,000 references), its added-valued products and the quality of its service.

The company employs 100 people. Headquarter are located in Seseña (Toledo, Spain) and it also has a facility in Paracuellos (Madrid, Spain). The company reported a turnover of €23 millions in 2014 with 15% of annual increases in the past two years.

The Spanish natural/organic food sector has experienced over 10% anual growths in the last ten years based on the high natural and superior quality food product demand. Spain is the European country with the biggest organic crops, with 1.2 million of hectares, and the fifth largest consumer of this type of products.

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