Secondary buyout sees Dunedin exit etc venues
TRAINING and conference staging business etc venues, the owner of Maple House in Birmingham, has undergone a secondary buy-out backed by Growth Capital Partners.
No figure has been put on the deal.
The transaction provides a successful exit for Dunedin which has realised a money multiple of more than three times.
The business operates 12 venues in London and Birmingham and the opening of Maple House as a meeting space in Birmingham was so successful it won the BDRC UK Conference Venue of the Year Award in 2010.
In 2006 Dunedin completed the management buy-out led by Alastair Stewart, a highly experienced hospitality industry professional who had plans to develop a specialist venues business.
The business offers venues for training and conferences in city centre locations. It has consistently grown year on year through a new venue roll-out programme and the significant expansion of its existing venues. Sales have increased from £9m to £22m in the period from 2006 to the year ended June 2012.
Stewart, managing director of the business, said: “Dunedin has proved to be an excellent investment partner, not only backing us financially but also providing us with the significant strategic support we needed to successfully grow the business during the downturn.”
Birmingham-based adviser Catalyst advised etc venue’s shareholders.
Catalyst partner, Steve Currie, who led the deal, said: “We are delighted to have had the opportunity to work with a high quality management team to deliver a successful exit for Dunedin whilst introducing Growth Capital Partners to provide the investment and support to take advantage of the future growth opportunities.”
