Tunstall was a private company specialising in the design, manufacture and installation of specialist alarm and communication equipment. In particular its equipment was used to assist the elderly and infirm. In December 1980 Cinven financed a buyout of the business from its existing shareholders in support of the incumbent management team.
Increased government support for the elderly and the more widespread adoption of such security equipment contributed to a growing market space in which Tunstall operated. In addition, it was in the early stages of introducing a new product that linked security protection to the telephone service provider. This was expected to prove popular and there was a reasonable expectation that sales would increase significantly over the next few years.
By December 1984 the business had progressed in line with expectations. A highly successful flotation of the business on the London Stock Exchange followed and a year later Cinven sold the remainder of its shares.
Multiple returned on investment: 32x