Carlyle Cardinal Ireland stake in Abtran is its ‘biggest yet’

Carlyle Cardinal Ireland has made what is believed to be its biggest ever investment, in Abtran — a major employer in Cork and Dublin.

The private equity fund has finalised terms of the investment in Abtran, which provides business process management services to firms.

The CCI fund established by Washington DC private equity firm Carlyle Group and Dublin’s Cardinal Capital Group has previously invested in companies such as Carroll Cuisine and e-payments group, Payzone.

The Abtran chief executive, Michael Fitzgerald, said the capital provided by the equity fund’s investment would allow it to pursue its growth strategy and facilitate further career development for its employees.

“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.

“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.”

Abtran counts a number of government agencies including Irish Water and the HSE among its clients. High-profile private clients include Sky and insurer Aviva.

The company employs more than 2,000 people at its Cork and Dublin offices.

In April, CCI financed the management buyout of Offaly cooked ham and ready meats producer, Carroll Cuisine, in a deal which valued the company at about €40m.

The €292m Irish private equity fund, whose investors also include the Government’s Strategic Investment Fund and Enterprise Ireland, also acquired Payzone from Duke Street in a deal understood to be worth between €30m and €40m.

“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,” said the Cardinal Capital Group managing director, John Dolan.