Dunedin Enterprise upbeat as it realises Kee Safety investment
Updated : 10:00
Dunedin Enterprise Investment Trust announced the successful realisation of its investment in the supplier of safety solutions and products designed to protect people from hazards, Kee Safety, on Wednesday.
The firm said it followed completion of the transaction first announced on 18 October.
“Our holding in Kee Safety was valued at £11.6m as at 30 June, the last published valuation.,” Dunedin’s board said in its statement.
“Total proceeds have been received of £15.8m - an uplift of £4.2m - consisting of capital of £15.1m and income of £0.7m.
“After taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.4p.”
The original cost of the investment made in November 2013 was £6.3m, and over its life a total of £18.8m had been received by Dunedin Enterprise, representing a 3.0x return and an internal rate of return of 35%.
Following the realisation of Kee Safety, the company said it has cash balances of £49.0m with outstanding commitments to limited partnership funds of £43.5m.
It estimated that only some £27m of that total outstanding commitment would be drawn over the remaining life of the limited partnership funds.