The situation
CET is a provider of specialist services to the infrastructure and insurance markets in the UK.
In the year to March 2010, CET booked an operating loss of £1.2m on revenues of £12m. The business was owned by Dunedin Private Equity.
Our approach
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New appointments
Nick Winks became CRO in May 2010 and Andy Pearson joined as interim FD shortly afterwards.
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Change
The turnaround focused on changing the operating model and focusing on contract performance and working capital management.
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Infill acquisitions
Several small infill acquisitions were made which expanded service range and geographic coverage and were rapidly earnings enhancing.
Results
In the year to March 2019, CET reported an operating profit of £1.8m on revenues of £45m and underlying EBITDAE of £4.9m
CET went through a secondary buyout in November 2018 led by Palatine PE. The turnaround delivered a significant return on original investment to original investors, Dunedin.