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Dunedin strikes third deal from £300m Fund III with £69m EV Offshore MBO

26 Jun 2014

EV Offshore cameraUK mid-market buyout house Dunedin has struck the third deal from its £300m third fund by backing a £69m MBO of oil and gas well safety business EV Offshore.

The deal saw the exit of Lime Rock Partners from UK-based EV after the energy-focused firm successfully backed its early growth.

EV provides rugged, high-performance video cameras designed to diagnose and analyse problems in oil and gas wells.

It was founded by technical director Jonathan Thursby in 2000 after he adapted video camera technology initially developed for televising sport events such as Formula One and the World Rally Championships.

EV increased its turnover from £1m in 2010 to almost £20m this year.

Dunedin investment director Oliver Bevan, who will join EV’s board, said, “EV Offshore has grown quickly over the last three years, fuelled by its world leading products and strong demand from a market beginning to understand the cost and operating benefits that EV can deliver.

“It has developed market leading down-hole video technology and is now poised to marry this with sensor tools to offer oil and gas well operators significant new capabilities for problem diagnosis and well production optimisation.”

Dunedin has closed its third fund on its £300m hard cap last summer, ahead of its initial £250m target.

Dunedin said it had “significantly” diversified and expanded its investor reach since closing its second fund on £250m in June 2006.

Some 60 per cent of the LPs that have committed to Dunedin Buyout Fund III reside outside the UK, compared with 20 per cent in 2006, it said.

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