23 November 2015
By Tom Collins
tom@TheCork.ie
Carlyle Cardinal Ireland joins management to support future growth of the business
Carlyle Cardinal Ireland (CCI), the Irish private equity fund established by The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group, today announced that it has finalised the terms of an investment in Abtran, a provider of Business Process Management (BPM) services in Ireland. The transaction, terms of which are not being disclosed, is expected to close in early 2016.
Abtran is one of Ireland’s largest providers of customer and business process management services, employing over 2,000 people in Cork and Dublin. Established in 1997, the company has a proven capability in delivering transformative service solutions to public and private sector clients across multiple sectors.
Abtran’s existing management team, including CEO Michael Fitzgerald and COO Pat Ryan, will continue in their leadership roles and are investing further as shareholders in the business. John Dolan, Managing Director, Cardinal, Peter Garvey, Managing Director, Carlyle and Nick Corcoran, Cardinal founder will join the board of Abtran.
Michael Fitzgerald, CEO, Abtran said, “CCI is the largest equity investment fund in the Irish market and brings extensive local and international experience to Abtran which will be of significant strategic benefit to us in the future. Abtran is continuing its successful growth and development including major investments in facilities, technologies, skills and resources. We are also growing our IFSC-based Consulting and Technology Services Division which forms an important part of our future. The CCI investment provides access to capital which will underpin a strategic and structured growth programme and will also ensure continuing long term career development opportunities for our people.”
John Dolan, Managing Director, Cardinal Capital Group said, “This is CCI’s fifth investment in fast-growing Irish companies in the last two years, reflecting the significant growth opportunities in the Irish market. Michael and the Abtran team have exciting plans for the development of the business in the medium term and using CCI’s network and resources we look forward to working with management to accelerate those growth plans.”
Peter Garvey, Managing Director, Carlyle said, “Abtran is a deeply innovative company with an excellent management team who have a clear vision for the future growth of the company. Its success to date has been built on an impressive track record of high quality service delivery for a diverse base of clients. Abtran has identified a range of strategic opportunities including international growth in key market sectors where it already has strong expertise and we’re looking forward to partnering with the company in realising these plans.”
The investment is subject to approval from the Competition and Consumer Protection Commission.
Equity for the investment will come from Carlyle Cardinal Ireland, a €292 million Irish private equity fund focused on growth capital and buyout investment opportunities across Ireland, whose investors include the Ireland Strategic Investment Fund and Enterprise Ireland. The fund has also made investments in Tullamore-based Carroll Cuisine, Kildare-based premium chocolate manufacturer Lily O’Brien’s, General Secure Logistics Services (GSLS), an Irish cash management solutions provider, and Payzone, the largest provider of multi-channel consumer payments across Ireland.
About Abtran
Abtran is one of Ireland’s largest providers of customer and business process management services, employing over 2,000 people in Cork and Dublin. Established in 1997, the company has a proven capability in delivering transformative service solutions to public and private sector clients across multiple sectors.
Carlyle Cardinal Ireland
Carlyle Cardinal Ireland is a joint venture between The Carlyle Group and Cardinal Capital Group.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than
About Cardinal Capital Group
Cardinal Capital Group (Cardinal) is Ireland’s leading provider of alternative capital directing private equity capital, real estate mezzanine finance and alternative lending to a broad range of business sectors including technology, food, healthcare, business services, financial services and real estate. The Cardinal team consists of experienced professionals with a proven track record, internationally and domestically, of investing in and assisting the development and growth of companies operating across a broad range of sectors.
Founded in 2003, Cardinal is an innovative investment firm that invests its own capital alongside international institutional investors to support entrepreneurs and corporate management teams. Cardinal has an extensive client base of institutional investors including domestic and international sovereign wealth funds, financial institutions, endowments, global public and private pension funds, family offices and insurance companies.
