Carlyle Cardinal Ireland (CCI), a €292-million Irish private equity fund established by the Carlyle Group and Cardinal Capital Group, has finalised an investment in Abtran, a provider of business process management services based in Cork. The transaction is expected to close in early 2016.

Established in 1997, Abtran employs 2,000 people in Cork and Dublin. The company delivers service solutions to public and private sector clients across multiple sectors.

Abtran’s existing management team, including CEO Michael Fitzgerald  (pictured) and COO Pat Ryan, will continue in their leadership roles and are investing further as business shareholders, according to a CCI statement.

Fitzgerald 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.

"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.”

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John Dolan, Cardinal Capital Group managing director, 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, added: “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.”

Press reports indicated that CCI has purchased a majority stake in Abtran, for consideration that values the business at around  €90m. Abtran’s ownership is hidden offshore, through two companies registered in the British Virgin Islands, Edgeway Group Unlimited and Forrest Hill Global Unlimited.

Prior to changing the company status to unlimited in 2011, Abtran Group’s ownership was divided between Gerard Fitzgerald, Michael Fitzgerald and Patrick Fitzgerald (27% each) and Pat Ryan (19%).

The investment is subject to approval from the Competition and Consumer Protection Commission. IBI Corporate Finance and law firm Matheson advised the founders of Abtran. Maples & Calder advised CCI.