Dunedin secures full exit as Alpha Financial Markets clinches IPO

Dunedin has fully exited its investment in Alpha Financial Markets following the company’s AIM IPO.

Specialist consultancy Alpha began trading this morning after placing shares at 160 pence apiece, equating to a market cap of £163m.

Dunedin has made a 55 per cent IRR on the deal, having held the company for just 19 months. It acquired Alpha from Baird Capital in February 2016 in an £80m deal.

The investment came from its third buyout fund which closed in July 2013 at £300m.

“Alpha’s successful IPO and the positive response that it has received from investors is testament to the strength and quality of the business and its management team. We had a clear and ambitious growth plan for the company at the time we invested and have worked in partnership with Euan [Fraser, chief executive officer] and the rest of the team over the last 19 months to deliver on this,” said Dunedin partner Mark Ligertwood.

Alpha provides consultancy services to more than 200 asset and wealth management clients. It employs 250 consultants in Edinburgh, New York, Boston, Paris, Geneva, The Hague, Luxembourg and Singapore. 

Berenberg acted as sole global coordinator and broker for the transaction and Grant Thornton as nominated adviser.