LONDON, UK: Dunedin Enterprise Investment Trust PLC (DENT), a private equity investment company, has announced the sale of its investment in Premier Hytemp, a leading provider of engineered metal solutions.
The sale has received regulatory approval and generated proceeds of £4.9m for Dunedin Enterprise Investment Trust.
Premier Hytemp was one of the portfolio companies of Dunedin Buyout Fund II LP, a fund in which DENT has an interest. As of September 30, 2023, DENT’s investment in Premier Hytemp was valued at £4.9m, which means the sale has realised its full value.
The sale of Premier Hytemp is part of DENT’s managed wind-down strategy, which aims to realise its assets and return cash to shareholders in an orderly manner.
After this transaction, Dunedin Enterprise Investment Trust has £7.8m worth of unlisted investments, £23.3m of cash and £2.9m of other net assets. It also has £9.0m of outstanding commitments to limited partnership funds.
DENT’s board is considering the best way to distribute the cash to shareholders, including the possibility of winding-up the company and liquidating its remaining assets. The board will make a further announcement on this matter in due course.