Private equity group Elysian Capital has acquired a stake in Cross Rental Services from fellow PE player Lonsdale Capital Partners held since December 2018.

Headquartered in Dublin, Cross Rental Services provides specialist cooling and heating equipment and services on a rental basis in Ireland and the UK.

Cross Rental Services says it hopes to increase its presence in the UK market through selective mergers and acquisitions.

Elysian Capital focuses targets the acquisition of lower mid-market firms in Ireland and the UK.

CRS CEO Graeme Nesbitt said: “The management team are delighted to have entered into partnership with Elysian, who are an experienced investor in this sector and have demonstrated a strong commitment to our business throughout the time we have known them.

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“We are very excited to work with them, and their investment into the business will enable us to deliver on our ambitious growth plans via accelerated capital expenditure and targeted M&A within our core markets.”

Elysian CEO Ken Terry added: “I am very pleased that this transaction sees the successful return to Elysian of Laura McCoy and the formal establishment of the new Elysian office in Dublin. Laura was a very important and valued team member when she worked with us previously and we are very excited to have her back, helping us continue to be successful in the interesting Irish market.

“We see the opening of an Irish office as a key strategic opportunity for us to grow our presence in Ireland. With two portfolio companies now in the Irish market, we are looking forward to building our footprint here and are excited about the opportunities this new presence brings us.”