Private equity firm Waterland has announced a commitment of up to €100m to invest in Irish businesses over the next 12 to18 months to help them deliver significant scale across Europe and at a global level.
The company said the commitment is the latest stage of its overall plans to support Irish-headquartered companies to launch and expand their export channels in local and international markets.
Launched in Ireland at the end of 2019, Waterland was established in Holland 23 years ago and now has over €9bn in assets under management.
The existing portfolio in Ireland includes Silver Stream Healthcare Group, one of the largest providers of residential care for older people in Ireland, which has increased its number of nursing homes by four year to date, bringing the total to 11.
In recent months, Waterland has also supported the Writech Group, the Westmeath fire-protection company which it partnered with in 2021, in progressing its expansion plan with the acquisition of Ce Sprinkler, a Swedish fire protection business, and Compco Fire Systems, a UK provider of automatic fire suppression systems.
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These deals have increased Writech’s headcount to 400 people and annual revenue to c.€80m.
Most recently Waterland bought into MTM Engineering in Meath, which is involved in cable installation and termination services.
The Slane company employs around 400 people and has completed large-scale industrial and renewable projects in Ireland and around Europe.
Waterland typically invests in successful companies making between €2.5m and €50m in EBITDA.
Managing director Laura Dillon commented: “At Waterland, our fundamental partnership model is about backing strong founders and management teams to realise their full ambitions, support accelerated growth strategies and reach their targeted goals.”
Photo (l-r): TCD’s Gavan Drohan, Scott Pickard and Don Brooks of Business Infusions, Pierce Dargan and Finlay Dargan
Not all private equity investors demand a solid trading record before investing.
Equine MediRecord recently closed an investment believed to be c.€10 million to drive adoption of its equine welfare and anti-doping platform in Europe, North America and the Middle East.
Trading company Tincomy Ltd had minimal turnover in 2020, with year-end debtors of just €8,000. Negative net worth at period-end was €157,000.
The investment came from Chicago-based private equity firm Merit Holdings through is Inova Group Holdings platform, which also previously acquired Business Infusions, the largest equine veterinary software group in the world.
Founded by Pierce Dargan, Simon Hillary and Finlay Dargan in 2016, Equine MediRecord is a previous winner of TCD’s start-up accelerator programme, LaunchBox.
Equine MediRecord is based on The Curragh in Kildare, and has been supported by the Kildare Local Enterprise Office and Enterprise Ireland.
CEO Pierce Dargan commented: “This funding will help us bring our platform to more horse farms and equine events ensuring equine welfare best practices are being adopted.”
John Burke, chief executive of Merit Holdings, added: “Equine MediRecord is a compelling network-based platform that is helping to transform and digitise the equine industry with a clear and quantifiable value proposition for trainers, events, associations, vets and the broader equine community, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team.
“EMR brings a unique perspective to our team and will further enable Business Infusions to grow globally and provide equine health solutions to this industry through technology integration. We are excited to have these talented leaders on our team.”
Photo (l-r): Waterland Ireland principals Adam Crinion, Laura Dillon and Donal Mac Nioclais
