UK mid-market private equity firm Dunedin has promoted David Williams to senior partner and taken on two new hires.
Lorna Eltringham joins the firm as investor relations manager and Jessica Hardy has been hired as an analyst, the firm said in a statement.
Williams came out of retirement to join Dunedin in 2010, according to the firm’s website, and has 30 years of experience in private equity. At Dunedin he has been involved in the firm’s £44 million management buyout of recruitment agency Red Commerce in 2011, its 2010 investment in automotive refinish products company U-POL, and its £69 million acquisition earlier this summer of a stake in EV Offshore, a manufacturer of video cameras used to analyse problems in oil and gas wells.
Eltringham joins Dunedin from Coller Capital, where she worked as a fundraising executive. At Coller, Eltringham was involved in raising the firm’s sixth global secondaries fund, which closed on $5.5 billion in 2012. According to Eltringham’s LinkedIn page, she left Coller in October 2012, and took up her new role at Dunedin in August 2014.
Before Coller, Eltringham spent ten years at Credit Suisse, most recently as a vice president in its private equity fund placements team. At Dunedin she will support partner Mark Ligertwood in managing relationships with new and existing investors.
Hardy, previously a strategy consultant at Accenture targeting the oil and gas and utilities industries, will be involved in identifying acquisition targets.
“The fundraising environment has become increasingly competitive and the requirements of LPs are always changing,” Dunedin managing partner Shaun Middleton said today. “It is therefore important that we develop our team to best meet the needs of our investors.”
Dunedin closed its third buyout fund on its hard-cap of £300 million in June 2013, exceeding its target of £250 million. The fund invests in UK-based companies with an enterprise value of between £20 million and £75 million. The fund has already made at least three investments, including acquiring the stake in EV Offshore.
“With a new fund behind us, we have the firepower to invest and are actively looking for UK headquartered businesses that are market leaders in their niche, which we can help to grow and internationalise,” Middleton said.