Dunedin Capital Partners Limited has exited from its investment in Goals Soccer Centres plc, following the flotation of Goals on the Alternative Investment Market. Dunedin will receive net proceeds of £14.5m from a total investment of £7.3m. This represents a multiple of 2.2 times and an IRR of 25% over four years.
Dunedin originally invested in Goals in November 2000 when it led the management buy-in of the company. Dunedin provided equity finance and the Bank of Scotland structured an innovative debt package. Post-MBI, Dunedin took an active role in supporting the business and provided further development finance allowing the business to expand from five football centres to 11.