Dunedin sells stake in Scandinavian fund for £9m

Dunedin Enterprise Investment Trust has sold its stake in Scandinavian fund FSN Capital III for £9 million.

The Edinburgh-based trust said that the amount raised was about £760,000 higher than the book value at the end of last year.

Dunedin Enterprise said: “The board intends to put proposals to shareholders for the distribution of relevant amounts in accordance with Dunedin Enterprise’s distribution policy at a later date.

“This realisation follows the sale of Egeria in February 2013 and continues Dunedin Enterprise’s strategy of progressively refocusing the portfolio on UK lower mid-market buyouts where the company has invested directly or through funds managed by its investment manager, Dunedin LLP.”

FSN Capital III has investments in ten companies spread across sectors including consumer, healthcare and industrial in Denmark, Norway and Sweden.