Dunedin double whammy

UK-based mid-market firm Dunedin Capital Partners has exited two of its portfolio companies in as many weeks, creating money multiples of 4.3 times and 3.6 times.

Dunedin Capital Partners has exited two portfolio companies, asset based lender Davenham and travel agency Portman, in two weeks.

The firm backed the £60 million management buyout of UK-based Davenham in 2000 and provided a second round of financing in 2001. Dunedin realised part of its investment when it floated the company on AIM, the UK growth market, in 2005, and has now sold its remaining stake. The investment has returned a money multiple of 4.3 times and an IRR of 32 percent.

Dunedin supported the £22 million management buyout of UK-based Portman in 1996, which was led by Nat West Ventures (now Bridgepoint). Vision Capital, a London-based secondary private equity firm, has now bought the business in a deal that has generated a money multiple of 3.6 times and an IRR of 16 percent.

Edinburgh and London-based Dunedin closed its second fund in October on £250 million (€372.8 million). The firm also manages the quoted investment trust Dunedin Enterprise Investment Trust.