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LDC nets ‘excellent’ return exiting Kee Safety stake to Dunedin

4 Dec 2013

???????????????????????????????UK-based private equity firm LDC has revealed it made an “excellent” return by selling its stake in Kee Safety to Dunedin through a £90m buyout.

LDC bought the stake in Kee in February 2011, and has seen the company’s turnover rise from £27m to £37m in the last financial year alone.

Kee provides handrails, guardrails and roof edge protection equipment to prevent people falling from height and from other nearby hazards.

LDC’s Chief Investment Officer Martin Draper said, “In Kee Safety, we recognised the opportunity to partner with a high-quality management team and a business which had an internationally renowned reputation for high-quality and innovative safety products and solutions.

“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.

“This exit highlights how private equity working in partnership with a high quality management team can help to grow and develop a business on an international scale.

“Kee Safety is now strategically well positioned to embark on the next phase of its development with Dunedin, and we wish everyone at the business all the best for the future.”

The exit from Kee follows a busy period of deal activity for LDC.

Last month, the team completed its seventh new investment of 2013, investing £22m for a minority stake in leading lifestyle brand Joules.

It also exited its investment in specialist outdoor retailer Mountain Warehouse for a return of more than two times.

LDC acquired a significant minority stake in August 2010 as part of a £47m buyout.

The firm has completed 19 investments this year, placing over £350m of new funding and another £40m of follow-on funding for existing portfolio companies.

Last year LDC invested over £300million across 18 investments.

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