Dunedin Enterprise Investment Trust, the investment trust managed by UK mid-market private equity firm Dunedin, has reported an increase in value across its portfolio for 2011.
During 2011 Dunedin Enterprise’s net assets increased from £150.1m to £163m, an increase of 8.8 per cent. The share price moved from 300.0p to 313.5p over the same period. Dunedin Enterprise also recently announced that it sold its entire investment in SWIP Private Equity Fund of Funds II to a number of third parties for an aggregate cash consideration of £14.5m.
Shaun Middleton, managing partner of Dunedin, said, “We are focused on driving value creation across our portfolio through acquisitive growth and international expansion. Dunedin backed businesses made a total of eleven follow-on acquisitions in 2011 enabling them to accelerate growth on an international level. Operational improvements, strong trading and positive contributions from acquisitions, have meant that a number of our portfolio companies have experienced valuation uplifts as reported in the year end results.”
During the year, a total of £17.2m was invested during the year of which £9.9m was invested by Dunedin managed funds and £7.3m was drawn down by European and other third party managed funds. A total of £18.4m was generated from portfolio realisations.
According to Dunedin, the largest single uplift in unrealised value was generated by Capula. A high level of orders generated in 2010 resulted in strong profit growth at the company during 2011 enabling an increase in valuation of £7.0m, the firm said.
In addition, portfolio company WFEL repayed all its bank debt and subsequently increased its valuation by £5m in the year.
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