Newcourt raises €8m to buy Sheehan Security

Outsourcing company Newcourt has raised €8m in new funds through a private placing managed by NCB in order to buy Cork-based Sheehan Security.

The €8m has been provided by clients of NCB's wealth management division and by the Guinness Ireland Ulster Bank Equity Fund, which is also managed by NCB.

The 22-year-old Sheehan group, which also has offices in Dublin and Limerick, employs 400 people and will bring Newcourt's total staff numbers in the Republic and Northern Ireland to 1,500.