Blackrock Programme Management, a construction consultancy which has worked on projects such as The Shard and Dubai's Burj Khalifa, has been sold for £161.5m by its private equity owner.
Dunedin, the UK private equity house which has previously owned photography shop Jessops, Goals Soccer Centres and courier firm CitySprint, has sold its stake back to the management team. Intermediate Capital Group provided debt and equity financial support.
Dunedin has made 2.8-times its money invested and, having held the business for just two years and four months, the sale has generated a strong internal rate of return (a time-weighted measure of profitability) of 60 per cent.
“During our partnership with Dunedin, we have transformed the company from a boutique consulting practice that was reliant on a small number of experts to a forensic consulting business with real critical mass, capable of handling the largest and most complex projects across the globe,” said Blackrock PM’s founder David Barry.
The business, which also offers expert witnessing services in construction disputes, has almost tripled its revenues over the past two years from £9m to £26m and is currently advising on disputes valued at around £125bn.
It has opened an office in Dubai, moved into the Middle Eastern, African, European and Asian markets and accordingly boosted its international sales by 221 per cent during Dunedin's investment period.