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Who We Are
We are the investment arm of Dunrogan Limited, ultimate holding company of the successful Eakin Healthcare Group.
Dunrogan is wholly owned by The Eakin Family Trust and members of the Eakin Family. We commit our own capital. We are not a fund seeking control, nor are we bound by typical investment timeframes.
We have the flexibility to move fast and make quick decisions.
We are seeking alignment with exceptional owners and teams, and a shared common vision for maximising value creation.
What We Do
We are nimble, flexible and active investors, deploying patient capital in the UK & Ireland
We commit funds generated by the Dunrogan Group to back entrepreneurial and ambitious owners, and excellent management teams with commercially proven business models, to scale and grow their businesses.
We are a minority investor but we actively support you at board level.
We will fund founder retirement, shareholder restructurings, equity release and the next generation.
We established, scaled and accelerated through acquisition, a successful specialist and international business, focused on exceptional customer service, brand ownership, manufacturing and innovation within a highly regulated market.
We understand the family business dynamic. We have walked in your shoes and continue to do so.
We complement your experience.
We are happy to either lead the investment ourselves or work with specialist partners for the typical investment size of…
£2m to £10m
or
€2m to €10m
Our Investment Focus
We understand founder and family-owned businesses.
We have a track record in manufacturing, regulated markets, serving customers exceptionally, international sales, distribution and logistics, brands, managing people, R&D, acquisitions and investing for the future. Our preferred themes are;
Ageing population
Digitalisation
Health and Wellness
Sustainability
Automation
Who We Invest In
Our Investment Commitee’s role is one of strategic direction and oversight of Dunrogan’s investments in accordance with the wishes of The Eakin Family Trust. It is chaired by Paul Eakin and is responsible for the execution of our Strategic Investment Plan including setting investment parameters and portfolio allocations. It will administer and operate the investments of EKN Horizons (the portfolio), in accordance with the agreed investment policy.
The Committee will actively seek opportunities to invest across a range of asset classes, including property, private companies, debt funds and lending platforms. Each asset class will attract a minimum return expectation (IRR %)
Potential opportunities to invest in private companies are screened against the investment criteria. The decision to proceed with a formal investigation rests with the Investment Committee.
The recommendation to invest is brought to the board of Dunrogan, who will approve or decline the recommendation. The key approval stages are: present an indicative offer, enter into exclusivity and commit resources to conduct due diligence.
What We Invest In
Our key criteria for investment in the shares of a trading business are:
Profitable & Cash Generative
Minimum £2m or €2 EBITDA and 10% EBITDA margin
Proven Business Model
Established, understandable and clear market proposition
Management Team
Experienced and credible in sector. with track record of creating shareholder value
Location
In the UK and Ireland
Market opportunity
Large addressable market with long-term growth characteristics
Additional preferred attributes:
- Barriers to entry: regulatory, infrastructure, legal, IP
- Ownership of brands and/or IP
- Absence of concentration risk (customer, supply chain, key person dependency)
- Family business (aligning with the Eakin Family)
- Clear exit horizons and pathway
- Adjacency and complementarity to the core business of Eakin Healthcare Group
News
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In summary: is the opportunity profitable and established, with an excellent team, operating in a growth market?
These criteria will be applied to filer prospective opportunities and to guide the detailed examination of preferred targets.
Key Investment Terms
EKN Horizons is an active investor. We will seek appropriate corporate governance provisions, which are suitable for a minority investor, and which keep us informed and connected to the business.
We will secure a board seat for each investment we make, whether directly or alongside co-investment partners.
Typically we will require appropriate investor consents, enhanced voting rights and acceptable leaver provisions.
We cannot be “dragged” into a sale. Consent must be sought.