Cavan-based transport and logistics services provider Virginia International Logistics has secured "substantial investment" from private equity investor MML Growth Capital Partners Ireland.
Subject to approval from the competition regualator, the CCPC, MML said it will invest in the business alongside existing family shareholders, including Virginia managing director Ray Cole.
The investment is being made from the €145m MML Growth Capital Partners Ireland Fund II, its dedicated fund for SMEs supported by the Ireland Strategic Investment Fund and AIB
“We are delighted to have agreed this investment and to partner with MML through the next phase of Virginia’s journey,” said Cole. “Given international delivery trends, the logistics sector continues to expand in terms of expertise and capacity, which creates market opportunities for well positioned and invested businesses.
"We are all ambitious for the company and intend to grow both organically and by acquisition. With its experience of working with dynamic scaling businesses, MML is the perfect partner for the next stage of our journey.”
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Virginia has been in operation for 40 years and now employs 200 people, with forecasted revenues of €40m for the current financial year.
The company has a fleet of 130 trucks and 400 trailers, and it services businesses in the food & beverage, industrial, manufacturing and pharmaceutical sectors. It also offers customs clearance, freight forwarding, track, trace and live temperature monitoring services.
Virginia has a 50,000 sq ft facility in Meath for storage of chilled and drive good, cross docking and "pick and pack" as well as transport hub facilities in Ballycoolin, Co Dublin and Tamworth in England.
The MML investment team included Rory Quirke, partner and co-head of investments; Stephen Minogue, investment director; and Kevin Nyhan, investment analyst.
“Virginia has developed a strong reputation in an evolving and growing market,” said Minogue. “We are delighted to partner with Ray and the Virginia team and are excited about the plans to scale the business into the future.”
According to Renatus, financial due diligence for MML Capital is being undertaken by a Mazars team including Mark Mulcahy, Des O'Brien, Antoine Brunner, Kevin Hogan, Kevin Boyd and Robbie Graham. Mazars is also providing tax advice with Gerry Vahey and Nicole Hanlon. Legal due diligence is being undertaken by Dillon Eustace, led by Philip Lea and including David Lawless.
Virginia International Logistics’ legal adviser is Wallace Corporate Counsel, with deal advice from Key Capital. Tax counsel is provided by Bradley Tax Consulting, financial by Vico Advisory, and accounting counsel from DBASS Chartered Accountants.
Photo: Virginia International Logistics.
