We provided financial and taxation due diligence to Dunedin LLP, which in December 2013 backed the £90m management buyout of Kee Safety.
Kee Safety is a global supplier of safety solutions and products designed to protect people from hazards. Dunedin's stake was acquired from LDC, which invested in the business in February 2011.
Kee Safety employs 274 people and sells its products in over 50 countries. The West Midlands based business achieved revenues of £35m for the year ended 31 December 2012.
Nicol Fraser, partner at Dunedin, commented "Kee Safety represents an exciting opportunity for Dunedin to invest in a first class management team with a track record of delivering into international markets."
We led the due diligence work for LDC on its initial investment, and the Birmingham due diligence team had also advised Kee Safety on several previous acquisitions.
By fielding substantially the same due diligence team for the Dunedin investment we leveraged our extensive knowledge of the business.
We were also able to mobilise our on-site fieldwork team very quickly and by focusing on the key areas of Dunedin's investment hypothesis to provide comfort to Dunedin and the banks on the major deal issues.
This approach, coupled with management's drive and determination helped Dunedin to complete the deal within six weeks of issuing its offer letter.
The team also provided analysis and advice to Dunedin in relation to the completion mechanism, including the working capital and net debt adjustments.
The acquisition finance team at Lloyds Bank Commercial Banking and HSBC Leveraged Finance jointly provided senior debt and an RCF to support the transaction.
Grant Thornton's reaction time and ability to get up to speed allowed us to complete the deal in a tight timeframe. The team worked quickly and efficiently whilst still producing a piece of work which was as good as anything we have seen recently. Everyone at Dunedin was impressed with the work done by Mo Merali, Alex Hyde and their team and we will look to work with them again in the future.
Simon Rowan Investment Director, Dunedin LLP
