The firm generated a 3x money multiple on its original investment with an IRR of 50% after acquiring Dennis Eagle in January 2004. The investment and exit were co-ordinated by Andrew Moye, who will leave the board of Dennis Eagle. Dennis Eagle’s management, led by CEO Mike Molesworth will remain and have already reinvested a significant part of the proceeds they received as part of the company’s acquisition by Ros Roca.
Dennis Eagle designs and manufactures refuse collection vehicles (RVCs) and is the only European supplier of bodies and chassis. It is the UK market leader with its sights set on building on its presence in continental Europe, Scandinavia and the rest of the world. The company has 580 employees in factories in Warwick and Blackpool. In 2005 it reported revenues of €164m, with an EBITDA of €14m for 2005.
Since it was bought by ABN, Dennis Eagle significantly increased its market share in the UK and expanded into India and China. It has also increased the quality of its parts and service after-market business, as well as introducing Volvo Euro 4 engine technology. The company is now the UK market leader with a rapidly expanding customer base in continental Europe, Scandinavia and the rest of the world. Dennis Eagle has 580 employees in factories in Warwick and Blackpool.