Kee Safety in £90m management buyout
CRADLEY Heath safety systems firm Kee Safety has undergone a £90m management buyout.
The deal gives an exit to private equity firm LDC which has sold its stake in the firm to mid-market buyout house Dunedin.
Dunedin has invested £32m in Kee Safety, which will help the business to continue its international expansion.
Kee Safety employs 274 people and sells its products in more than 50 countries. The business achieved revenues of £35m for the year ended 31 December 2012.
Its customers range from multi-national corporations, to major contractors, distributors and installers. Its products include fall prevention equipment, roof edge protection, barrier and guardrail systems and safe access solutions.
The business operates sales and distribution centres in the UK, Germany, the US and Dubai and has sales offices in Canada, China, France and Poland. Kee Safety can trace its heritage back to 1934 when the initial Kee Klamp barrier system was devised for the agriculture market.
Nicol Fraser, partner at Dunedin who joins the board, said: “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.
“The business enjoys strong brand recognition and loyalty across its global customer base and has successfully utilised this strength to develop the brand and expand its routes to market.”
Chris Milburn, CEO of Kee Safety, said: “Dunedin was the obvious fit for us. They have a strong partnership approach and a reputation for delivering on what they say they will do. They also have a proven track record of enabling businesses to achieve growth organically and through acquisition.”
LDC invested in Kee Safety in February 2011.
Chief investment officer Martin Draper said: “Since our investment, the business has consistently outperformed and enjoyed considerable success on a global scale, leveraging its brands internationally, driving organic and acquisitive growth, and successfully expanding its presence in all key international territories.”
The acquisition finance team at Lloyds Bank Commercial Banking and HSBC Leveraged Finance jointly provided senior debt and a revolving credit facility to support the transaction.
Advisers on the deal were Grant Thornton, Wragge & Co, Eversheds and Gateley.
