December 15th, 2022
Damus Acquisitions Holdings (BHP Community Ltd trading as BHP Insurance, and Keegan Meredith & Williams Insurances Ltd) is the latest specialist business to become part of the rapidly growing insurance intermediary (‘BHP’).The Dublin based broker known as BHP Insurance (‘BHP’) further strengthens PIB’s portfolio of businesses within its Irish division, led by Campion Insurance.
Formed of two businesses (BHP, and Keegan Meredith & Williams Insurances Ltd (‘KMW’)), their arrival adds to PIB’s accelerated growth in Ireland and builds on the eight businesses already acquired. With the addition of BHP’s two offices and 30 employees, they bring the total headcount for PIB in Ireland to a talented team of 350 employees.
About Damus Acquisitions Holdings Ltd.
Damus Acquisitions Holdings Limited trading as BHP (“BHP”, “The Company”, “The Business”) is an independent insurance broker based in Dublin. The company consists of two businesses.
BHP is a commercial broker based in West Dublin with 23 staff. BHP is the only not-for profit (NFP) focused broker in the Irish market with deep sector knowledge, boasting a unique position with three schemes targeting the NFP space. They have strong relationships across a broad range of clients including charities, social housing, community groups and community employment schemes.
Keegan Meredith and Williams Insurances (KMW) is a commercial broker based in South Dublin with seven staff. KMW have developed strong sports and general commercial insurance expertise.
Integration
Following completion of the deal the businesses will continue to trade as BHP and KMW under their existing brands for the medium term. The businesses will form part of the Irish division, led by Campion Insurance who have been part of PIB since 2021.
Teams will remain in their current locations, with the existing management team continuing in the business led by Martina Westphal and John Williams.
Martina Westphal, Managing Director BHP Insurance commented: “We are delighted that BHP and KMW have now joined the growing PIB team in Ireland. Collaborating with Melior Equity Partners over the past year and a half has delivered impressive results for our business and has also led to this very positive, strategic step of BHP partnering with PIB Group. This is great news for our customers and employees. With our specialism and dynamism we can contribute strongly to the growth of the business in Ireland and look forward to working with Campion Insurance to benefit from their success and scale in the Irish market. I’d like to thank the Melior team for their partnership, expertise and support. We are particularly pleased to have achieved this success with a local, Irish private equity partner.”
This is Melior Equity Partners’ first exit from Melior Equity Partners II, a €160 million private equity fund closed earlier this year supported by the ISIF, the EIF, Bank of Ireland and AIB, amongst others.
Esmond Greene, Managing Director, Melior Equity Partners said: “Our relationship with BHP over the past 18 months has supported significant growth in the business. Revenues have grown by 25% driven by a 20% increase in policies and an increase in customer retention rates. Employee numbers are also up more than 40% in this period. Our partnership has benefited from Melior’s extensive expertise in financial services, particularly in the insurance sector with our team having previously led a successful investment in the AA Ireland. We’d like to thank Martina Westphal and her team for their outstanding work and wish BHP and PIB every success in the future.”
John Lacy and John Hannon of FinRes provided M&A and strategic advice and capital to BHP over the last number of years. Advisors to the sellers included Deloitte Corporate Finance, William Fry and KPMG.
Complimenting PIB Ireland Strategy
BHP’s focus is on the not-for profit sector and in particular in the housing sector, while KMW focuses on commercial lines business. These businesses will complement PIB’s strategy to build market leading positions in specialist businesses. They will provide further significant opportunities for the Company by combining with Campion Insurance and leveraging the combined strong relationships in the Irish market.
Jim Campion, CEO of Campion Insurance, commented “Once again we are delighted to welcome new members to the PIB Group team in Ireland, so I would like to extend a very warm welcome to all our new colleagues in BHP and KMW. This news further highlights our growing strength in the Irish market and also continues the strategy of developing our specialist insurance offerings for the benefit of our customers. We are fully confident that with the great collaboration already in place across our Irish businesses, BHP, KMW and the whole Irish group will continue to go from strength to strength.”
Further growth
Looking ahead to 2023, PIB and Campion Insurance will continue to invest significantly in the Irish insurance market, and attract more excellent local brokers to the growing division.
Editor notes
About Damus Acquisitions Holdings Limited
Damus Acquisitions Holdings Limited trading as BHP (“BHP,” “The Company”, “The Business”) is an insurance broker based in Dublin, Ireland. The business is the formation of two business based in Dublin. BHP Insurance, is based in West Dublin, a not-for profit focussed general broker with a specialism in social housing schemes and unique sector knowledge. The other, Keegan Meredith and Williams Insurance, based out of Sandyford, Dublin, is a commercial lines focussed broker with strong sports and commercial insurance expertise.
About PIB Group
Backed by world leading private equity firms, Apax Funds and The Carlyle Group, PIB is a dynamic and diversified independent specialist insurance intermediary which is experiencing rapid acquisitive and organic growth. Launched in 2015, PIB has grown rapidly through acquisitions and by employing outstanding individuals with a wealth of knowledge and experience in the insurance market. PIB Group offers a range of specialist teams, products, and services to clients and has offices throughout the UK, Channel Islands, Ireland, Germany, Poland, Denmark, Spain and the Netherlands. For more information, visit https://www.pibgroup.co.uk
About Campion Insurance
Campion Insurance was established in Urlingford Co. Kilkenny in 1984 by Jim & Margaret Campion. Since then, it has grown into one of Ireland’s largest brokers, with offices nationwide. The business was acquired by PIB Group in 2021, and Campion Insurance is now PIB’s lead brand in the Irish market. This combination of local knowledge and international strength has enabled Campion Insurance to accelerate its growth in the market place.
About Melior Equity Partners:
Melior Equity Partners (“Melior”) is a leading Irish private equity investment firm headquartered in Dublin with a strong track record of supporting Irish management teams and investing in small to medium sized private businesses in Ireland.
Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of an Irish fund (CCI – a €292 million Ireland dedicated private equity fund) for The Carlyle Group. The Melior team members invested the CCI fund from 2014 to 2019 and is one of the most experienced private equity investment teams in the Irish market. Melior combines best-in-class international standards and far-reaching networks developed at leading global investment firms, with a deep knowledge of the local marketplace to bring a unique approach to investing and partnering with management teams in Ireland.
The Melior team is currently deploying capital out of Melior Equity Partners II, a €160 million fund which is backed by a pool of local and international blue-chip investors including the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB. The breadth and nature of its investors provide Melior with significant capacity to fund transactions of any scale in the Irish market.
Media Enquiries:
PIB Group (including Campion Insurance)
Lorraine Hambleton
Tel: 0203 961 7644 or email lorraine.hambleton@pib-insurance.com
Melior Equity Partners
Louise Cassidy
Tel: +353 (86) 383 5727 or louise@ckcomms.ie
November 10th, 2022
The great thing about having a co-founder is you spread the load. Johnny (Cosgrave) and I come from very normal backgrounds. I’ve had the same friends for many decades. In the private equity world you need that perspective.
Launching in January 2020 was bad timing. Getting investors was very hard work. We raised €160m, the majority from overseas institutions and high-net-worth individuals.
There was stress. In the very early days there were times we were not sure it was going to work. But we are on a firm footing and have responsibilities.
We looked people in the eye and promised to do our best managing their money and have built up a team of 10.
Paying wages is a big responsibility. We hired a couple of people from London and also locally. We talk to people of all different backgrounds, the right blend of team is important.
Johnny and myself had a good track record with The Carlyle Group and the three founders invested. This gave us confidence and also we gathered around us wise advisers.
I feel really good about how we are doing – we have strong investments.
Now it is all about executing our plans well. We want to build a world-class firm in Ireland. Things not working out is not an option.
KMPG training
I grew up in Knocklyon. It was all new housing estates when my parents moved there from Cork.
At Terenure College I was sports mad, not overly academic, but sport taught me planning and preparation and what you put into things is what you get out.
In sixth year up until the CAO deadline I was applying for US athletic scholarships but made the right decision with economics and finance at Trinity where I met my wife, Laura.
Erasmus opened my eyes. The first time I was on an aeroplane was when I was 18 and in Copenhagen I was in class with 12 nationalities.
My mum said I was good with numbers, and she didn’t know many unemployed accountants, so after Trinity I started with KPMG where I got a good professional toolkit.
Towards the end I worked on the finance side and got an understanding of deals. My brother and some friends were in London and when I saw an FT ad with McKinsey looking for accountants, I applied.
Learning what good is
I was at McKinsey four wonderful years and met the smartest people you could ever meet – I was certainly not one of them.
They would do really detailed analysis. Starting with a problem – say to increase sales fivefold – and would break this down into manageable chunks, then build it back up.
In our past careers we managed funds worth many billions, the companies we are dealing with in Ireland are much smaller but the execution piece is as crucial.
I did not want to be a consultant forever and when a colleague moved to Goldman Sachs he suggested I talk to them.
Deal making
At Goldman I got to work in New York, South Africa, Russia, Turkey. In asset management, all I saw was very high integrity. Other parts of the firm may have a different reputation but I could not recognise any of the negative stuff I read about.
I loved it but eight years later, in 2014, private equity group Carlyle knocked. They had raised a fund for Ireland and needed people to run it.
This was a great opportunity for myself and Laura to move home. We had two daughters – Annabelle and Olivia, now 10 and nine – and wanted to raise them in Ireland.
A firm partnership
Carlyle also hired Jonathan. He lived down the road from us in London, in Parsons Green, but we had never met. We had a barbecue with our families and immediately hit it off. Johnny is an introvert, I’m the opposite, but we have the same values.
We had to spread the private equity gospel in Ireland. We would be driving around the country and in the last eight years met over 1,200 companies. As Johnny says, no deals get done in the office.
When we got the opportunity to set up our own company, private equity was much more mainstream and companies started pitching to us.
Adjusting
My first day at work in London I couldn’t get on three packed tubes until it dawned on me I needed to push through. London was tremendous. I had gotten used to the hustle and bustle and moving back to Ireland required a cultural mindshift.
We were living in Blackrock a few months and had yet to meet our neighbours. So we went door to door posting a letter asking to meet us in the pub. A hundred people showed up and it has become an annual event.
At Goldman it was a very transactional environment and Ireland is much more relationship based. We are working with founder owners to grow their business and we must trust each other.
Holding the fort
The hours were long with a lot of travel when I was with McKinsey and Goldman.
I always thought the sacrifices were worth it because I was working on interesting transactions and constantly learning.
Laura also worked long hours in human resources for an investment bank but when our first child was born, she decided she’d become a full-time mum.
That has allowed me to continue to fully focus on my career and it means when I’m flat out on a deal I know everyone is still being well looked after at home.
Running
I run 5km a couple of times a week. After a day of problems this gives me a clear head.
Sport remains important to me and I’m determined our daughters have access to as many options as I had.
My kids run with Blackrock Athletic Club where I coach the under-10 group on Thursday night and Sunday.
My work is not time sensitive so I can prioritise the coaching and work after.
One of the kids I coach, Alice Hayes, has a very rare cancer of the nerve cells and needs to go to New York for life-saving medical treatment. The club is helping fundraise by running 5,128km (the distance from Blackrock to the clinic) this week culminating in an event on Sunday in Carysfort Park to which everyone is invited.
Weathering any slowdown
A recession makes it harder, but we believe most of our companies can still grow in more difficult environments.
The sectors we’ve recently invested in – insurance broking, financial software, confectionery – are relatively resilient to a downturn.
Valuations have been at record high levels over the last few years making investing at fair prices difficult. We have a fund with significant capital to deploy so an adjustment to prices to more normal long-term levels wouldn’t be unwelcome.
The routine
My nine-year old wakes me around 7am. I have breakfast with the family most days, I love being able to do this and chat to the girls about what’s happening in school and then I head into Mount Street on the Dart.
My day is a mix of external and internal meetings. I divide my time between the companies we have invested in and could be visiting prospects around the country, with a work dinner once or twice a week.
Working on a deal I could be home at 9pm, otherwise it could be 6pm.
We expect everyone to have an opinion on deals and for this, and for learning, going into the office is important.
Priorities
We work very hard but with experience you learn to cope.
Downtime is usually family time and I’m a fairly hands-on dad. I manage this by bringing the laptop home and my phone is always on. Johnny and myself talk four times a day.
In London, where we had no family support, from the early months of having our first child we got a babysitter every Saturday. We decided this was a priority and still do that.
I like to play golf locally, though I’m no good. My stance is wrong but we have a laugh, even if it’s at my expense.
August 13th, 2022
Jonny Cosgrave, a partner in Melior private equity, said the drop in the volume of deals was not surprising as investors were taking a more “judicious” view to completing transactions this year.
“Deals are taking longer to complete this year as investors are much more circumspect. They want to be sure and are taking more time on due diligence before giving anything the green light. Although deal volumes are down in the first half of this year, it’s important to remember we’re coming off a strong comparative year,” he said.
“If you compare this year’s figures to pre-pandemic levels in 2019, deal volumes in Ireland are actually up 12 per cent; 2021 was a banner year for M&A activity in Ireland. The only word I would use to describe last year is frenetic, especially in certain sectors.
“The valuations that were paid for certain companies last year was extremely frothy. A lot of that froth is definitely coming off valuations, particularly in the tech sector. But that’s not to say anything is cheap out there right now. We’re still seeing very full prices being paid for companies,” Cosgrave added.
Founded in 2020, Melior has raised €160 million for its first private equity fund. Last year, the firm announced its first investment after it acquired a significant majority stake in Dublin-based BHP Insurance for an undisclosed sum.
This was followed by two further investments, after Melior acquired majority stakes in Salmon Software, the Dublin-based treasury management software company, and Rose Confectionery, a sweets, snacks and freeze pops manufacturer based in Co Offaly.
The firm still has almost €100 million of its initial fund left to deploy and Cosgrave is hopeful of completing at least one, if not two, deals by the end of this year.
August, 2022
David O’Kelly from KPMG Ireland speaks to Peter Garvey, Partner at Melior Equity Partners about everything from how private equity works with businesses to drive growth and create confidence, how demanding – both emotionally and physically – getting a deal done can be, and about what Peter’s favourite deal that he’s invested in is.
July 4th, 2022
Investment to Support Continued Strong Growth of the Business
Dublin, 4 July 2022: Leading Irish private equity firm, Melior Equity Partners, has agreed an investment in Rose Confectionery, a manufacturer and distributor of confectionery, freeze pops and savoury snacks, headquartered in Ireland with operations in the UK. Established in 1983, Rose employs 87 staff, with 33 in its manufacturing facility in Edenderry, Co. Offaly, 27 in its distribution centre in Dublin and the remaining 27 in the UK.
Rose is Ireland’s leading manufacturer of mallow and wafer products at its 18,000 square feet facility in Edenderry. The business sells a broad product range including freeze pops, mallows and fruit & nuts which includes the Sun Exotics savoury snack range. Its freeze pops varieties include SLUSH PUPPiE, Vimto, Robinsons, Swizzels and Chupa Chups. Rose has built its business through a constant focus on new product innovation, its global product sourcing capabilities and its wide distribution network across Ireland and the UK covering most large retailers and convenience stores. The company has longstanding relationships, many established over 10 years with leading brands including Swizzels, Tango, SLUSH PUPPiE, Fruit Shoot and Vimto through long term licence arrangements.
Commenting on the announcement, Richard Kennedy, Group CEO and MD of Rose Confectionary, said, “Melior Equity Partners are the right team to help us achieve the next phase of our ambitious growth plans and we are delighted to have secured them as investors into our business. After more than 30 years in business and having grown very strongly over the last few years to reach €40 million in sales, we knew it was the right time to seek additional investment to help us continue that growth. It was very important for us to get the right partner with the right fit who would recognise and respect the company and leading brand we have created. We are very proud of our business, our culture and above all our staff for whom this is positive news, opening up exciting career development opportunities.”
Rose’ decision to partner with Melior was driven by the team’s track record in helping to grow similar Irish food and confectionery businesses including Lily O’Brien’s and Carroll Cuisine and its unique global network and Senior Advisor panel. The investment from Melior will support the future growth of the business, specifically expanding the Rose team, pursuing opportunities for international sales and facilitating further new category growth.
Welcoming the announcement, Steven Watt, MD of Rose Marketing UK, said, “We have made great strides in the UK over the last 15 years working with a set of leading brands and developing a position as the preeminent innovator in several categories including confectionery and freeze in particular. We have exciting plans for the future and our partnership with Melior will significantly strengthen our business growth strategy”
Rose’s management team will remain unchanged, Richard Kennedy, Group CEO and MD of Rose Confectionery; Phelim Daly, MD of Rose Manufacturing and Steven Watt, MD of Rose Marketing UK will remain in their current leadership roles and continue as significant shareholders in the business.
Peter Garvey, co-founder of Melior and Jonathan Dalton, Managing Director of Melior, will join the board of the company as part of the transaction.
Jonathan Dalton, Managing Director of Melior Equity Partners, said, “We are excited to partner with Richard and his team who have grown Rose into a highly successful confectionery and freeze business with a unique set of license relationships, tremendous distribution channels and a wide client base comprising of supermarkets, discounters, convenience stores and wholesalers. Through its consistent focus on innovation, the business has been growing at over 20% a year and we believe that we can help the Rose team continue their impressive growth trajectory. Rose is making a significant investment in its manufacturing capabilities in Edenderry and we will invest to expand the portfolio of licences and product categories.”
Melior Equity Partners was founded in 2019 by Jonathan Cosgrave and Peter Garvey. Melior Equity Partners Fund II is backed by a pool of local and international blue-chip investors and invests capital in, and provides support to, businesses across Ireland to achieve their growth ambitions. Rose is the third investment from Melior Equity Partners Fund II following the completion of an investment during 2021 in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector and Salmon Software a financial software business in April 2022. Prior to establishing Melior Equity Partners, Cosgrave and Garvey led an Ireland-focused private equity fund for The Carlyle Group investing in companies such as AA Ireland, Carroll Cuisine, GSLS, Learning Pool, Lily O’Brien’s, McCauley Pharmacy, Payzone, Sports Surgery Clinic and The City Bin Co.
ENDS//
For further information contact:
Claire Keane: claire@ckcomms.ie / +353 (0)87 121 4140
Note to Editors
About Rose Confectionary (Rose):
Established in 1983, Rose Confectionery operates as three separate divisions – Rose Manufacturing, Rose Confectionery and Rose UK. The business employs 87 staff with 33 in its manufacturing facility in Edenderry, Co. Offaly – Ireland’s leading manufacturer of mallow and wafer products, 27 in its Dublin distribution centre, and 27 staff in the UK.
About Melior Equity Partners:
Melior Equity Partners (“Melior”) is a leading Irish private equity investment firm headquartered in Dublin with a strong track record of supporting Irish management teams and investing in small to medium sized private businesses in Ireland.
Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of a €292 million Ireland dedicated private equity fund for The Carlyle Group. The Melior team members invested this fund for The Carlyle Group from 2014 to 2019 and are one of the most experienced private equity investment teams in the Irish market.
Melior combines best-in-class international standards and far-reaching networks developed at leading global investment firms, with a deep knowledge of the local marketplace to bring a unique approach to investing and partnering with management teams in Ireland.
The Melior team is currently deploying capital out of Melior Equity Partners II, a fund which is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB. The breadth and nature of its investors provide Melior with significant capacity to fund transactions of any scale in the Irish market.
Transaction Advisers:
Melior was advised by PWC, McCann Fitzgerald, KPMG and Food Strategy Associates, while Rose was advised by Grant Thornton and Addelshaw Goddard.
April 11th, 2022
Melior Equity Partners Fund II One of The Largest Private Equity Funds in Ireland
Dublin, 11th April 2022: Leading Irish private equity firm Melior Equity Partners has announced the final close of Melior Equity Partners Fund II with €160 million of total capital commitments, making it one of the largest private equity funds in the state. Melior was launched by Jonathan Cosgrave and Peter Garvey in 2020. Melior Equity Partners Fund II is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB and will support ambitious Irish SMEs with strong growth prospects.
Commenting on the announcement, Jonny Cosgrave, Co-Founder of Melior Equity Partners said, “We are very proud of what the Melior team has achieved over the last two years. We have welcomed several new limited partners to our blue-chip investor base and succeeded in raising one of the largest Irish private equity funds.”
Melior aims to fill the financing gap for small to medium sized businesses in Ireland. The firm is targeting ten equity investments in private Irish companies over the next four years, worth between €20 to €100 million, with a focus on founder-owned businesses seeking capital and support to radically accelerate their growth. Melior uses its international networks and expertise, combined with its in-depth experience of the Irish market, to provide a differentiated proposition for Irish business owners and management teams with strong growth ambitions.
Melior recently completed the second investment from Fund II by partnering with the management team and founder of Salmon Software, a prominent, independent financial software business specialising in treasury management solutions. Last August, the firm finalised an investment in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector.
Melior has built an experienced team of ten professionals based in Dublin. The firm recently hired the former head of corporate finance at Key Capital, Jonathan Dalton as Managing Director. In addition, Melior has partnered with six Irish business leaders who act as senior advisors to the firm namely Fergal Leamy, CEO, Glen Dimplex; Laura Heuston, Founder, Sustainability Works; Jimmy Tolan, former CEO, VHI; Conor Jones, Senior Director, Google; John-George Willis, former Senior Partner, Tughans and Ulric Kenny, Chairman, Prepay Power. In addition, Campbell “Cam” Dyer, the former Co-Head of Global Technology, Media and Telecom (TMT) at The Carlyle Group recently joined the firm’s senior advisor panel. Cam will use his extensive network and expertise to further enhance Melior’s ability to help investee companies grow in North America.
Peter Garvey, Co-Founder of Melior Equity Partners, commented, “We have the most experienced investment team in the Irish market. We have built strong track records at leading global investment firms over many decades as well as locally over the last eight years working with ambitious Irish management teams. We have a tremendous bench of senior advisors and an unmatched international reach through our ongoing relationship with The Carlyle Group. Collectively these attributes make Melior the partner of choice for many Irish business owners seeking help to grow.”
Prior to establishing Melior Equity Partners, Cosgrave and Garvey led the CCI Fund for The Carlyle Group investing in companies such as AA Ireland, Carroll Cuisine, GSLS, Learning Pool, Lily O’Brien’s, McCauley Pharmacy, Payzone, Sports Surgery Clinic and The City Bin Co.
Asante Capital Group acted as exclusive fundraising advisor, Travers Smith were lead counsel, McCann Fitzgerald supplied Irish legal support, and KPMG provided tax advice on the fundraise.
ENDS//
For further information:
Louise Cassidy: louise@ckcomms.ie / 086 383 5727
Claire Keane: claire@ckcomms.ie / 087 121 4140
About Melior Equity Partners:
Melior Equity Partners (“Melior”) is a leading Irish private equity investment firm headquartered in Dublin with a strong track record of supporting Irish management teams and investing in small to medium sized private businesses in Ireland.
Melior was launched in 2020 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of the Carlyle Cardinal Ireland Fund (CCI – a €292 million Ireland dedicated private equity fund) for The Carlyle Group. The Melior team members invested the CCI fund from 2014 to 2019 and are one of the most experienced private equity investment teams in the Irish market.
Melior combines best-in-class international standards and far-reaching networks developed at leading global investment firms, with a deep knowledge of the local marketplace to bring a unique approach to investing and partnering with management teams in Ireland.
The Melior team is currently deploying capital out of Melior Equity Partners II, a €160 million fund which is backed by leading international and local sovereign wealth funds, fund of funds, foundations, financial institutions and family office investors. The breadth and nature of its investors provide Melior with significant capacity to fund transactions of any scale in the Irish market.
April 11th, 2022
Firm has already invested in two companies: Salmon Software and BHP Insurance
Melior Equity Partners, the private equity firm led by former Irish managers with US investment giant Carlyle Group, has raised €160 million to invest in Irish small and medium-sized enterprises. This makes it one of the largest private equity funds in Ireland.
Melior Equity Partners Fund II, which is backed by local and international blue-chip investors, is targeting founder-owned companies with strong growth potential. It plans to invest in 10 companies over the next four years, in the range of €20 million-€100 million.
Backers include the Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB.
The firm has already invested in two companies: Dublin-based treasury management software company Salmon Software, in March; and BHP Insurance, which specialises in covering not-for-profit organisations, in August last year.
Salmon Software, a prominent, independent financial software business specialising in treasury management solutions. Last August the firm finalised an investment in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector.
“We are very proud of what the Melior team has achieved over the last two years,” said Jonny Cosgrave, co-founder of Melior Equity Partners. “We have welcomed several new limited partners to our blue-chip investor base and succeeded in raising one of the largest Irish private equity funds.”
Financing gap
Melior, launched by Mr Cosgrave and Peter Garvey in 2020, is targeting the financing gap for small to medium-sized businesses in Ireland. Its senior advisers include Glen Dimplex chief executive Fergal Leamy; Laura Heuston, founder of Sustainability Works; former VHI chief executive Jimmy Tolan; Google senior director Conor Jones; John-George Willis, former senior partner at Tughans; and Ulric Kenny, chairman of Prepay Power.
Former co-head of global technology, media and telecom Campbell Dyer also recently joined the firm’s senior adviser panel, bringing an extensive network to help investee companies grow in North America.
“We have the most experienced investment team in the Irish market. We have built strong track records at leading global investment firms over many decades as well as locally over the last eight years working with ambitious Irish management teams,” said Mr Garvey. “We have a tremendous bench of senior advisers and an unmatched international reach through our ongoing relationship with The Carlyle Group.”
April 11th, 2022
Melior Equity Partners has announced “final close” on its debut private equity fund with €160 million of capital commitments from investors.
Over 60 per cent of the money raised for Melior Equity Partners Fund II came from overseas, with a mix of institutions and so called family offices, the investment vehicles of high net-worth individuals. The Ireland Strategic Investment Fund, European Investment Fund, Bank of Ireland and AIB support the fund.
Melior was founded by Peter Garvey and Jonathan Cosgrave, previously partners with Carlyle Cardinal Ireland, a joint venture between Wall Street giant the Carlyle Group and Dublin finance group Cardinal.
Carlyle has committed to the Melior fund, as have its three founders, William Conway, Daniel D’Aniello, and David Rubenstein.
Cam Dyer, a former co-head of global technology, media and telecoms at Carlyle, has joined Melior’s advisory group, which also includes Glen Dimplex boss Fergal Leamy.
The fund will seek to make roughly ten investments, Garvey said. It has already backed insurance broker BHP and Salmon Software, an IT company.
It will look to provide growth capital to businesses with a valuation of €20 million to €100 million. Garvey said Melior will target founder-owned businesses “with multiple levers of growth” and seek to double earnings. He envisaged the fund investing across a wide range of sectors.
Garvey added that, in the year ahead, inflation fears are likely to be an issue in mergers and acquisition activity.
He said private equity is likely to be slower to “back people-intensive, low-margin business” that might be susceptible to wage inflation. The bias would be towards businesses with pricing power, he added.
April 1th, 2022
Fast-Growing Irish Financial Software Business Secures Investment to Support Continued Strong Growth
Dublin: Leading Irish private equity firm, Melior Equity Partners, has agreed an investment in Salmon Software, a fast-growing financial software business that provides customers with a world-class treasury management software system. Founded by CEO John Byrne, Dublin-headquartered Salmon Software employs a total of 30 staff across its operations in Ireland and the Czech Republic.
Since its foundation, the company’s treasury management software system has evolved into one of the world’s most sophisticated treasury management products, reflecting the global financial industry’s technological innovation and increasingly complex nature. The company’s software system enables customers to automate treasury management processes, providing information on debt, derivatives, foreign exchange, banking, cash management and payments which deliver efficiencies that save costs, ensure full regulatory compliance and provide real-time business insights. Salmon Software’s treasury management system supports a range of blue-chip customers including global businesses such as CRH, Avolon, Dechra Pharmaceuticals, DP World and Ryanair.
Salmon Software’s decision to partner with Melior was driven by the firm’s strategic experience in growing similar Irish technology businesses, its unique global network, and notable investor base. The investment from Melior will support the future growth of Salmon Software, facilitating further product innovation and the delivery of an even more comprehensive service for new and existing customers.
Salmon Software’s existing management team, including John Byrne, will remain in their current leadership roles and continue as significant shareholders in the business. Fiona Timmons, an experienced software industry finance executive, has joined the company as Chief Financial Officer (CFO) and will work closely with John Byrne and the existing senior management team.
Commenting on the announcement, John Byrne, CEO and Founder of Salmon Software, said, “The investment by Melior is an exciting development for both our customers and employees. We have developed a world-class treasury management software system with deep product functionality that receives the ongoing support of a loyal blue-chip customer base. The Melior investment will allow us to grow and invest further in our team, extend our support and sales infrastructure, and deliver product enhancements including a superior cloud-hosted offering. This investment will provide exciting career development opportunities for our existing employees, see new talent join the company and will significantly benefit current and future customers.”
Jonathan Cosgrave, Co-Founder of Melior Equity Partners, said, “We are excited to partner with John and his team, who have successfully grown Salmon Software into a world-class provider of treasury management software systems through continued product innovation, customer engagement and market-leading organic growth. The global treasury management software system market is valued at €1 billion and is forecast to grow strongly over the coming years. As a leading independent provider with strong reference customers, Salmon Software is ideally placed to meet this demand.”
Melior Equity Partners was founded in 2019 by Jonathan Cosgrave and Peter Garvey. Melior Equity Partners Fund II is backed by a pool of local and international blue-chip investors and invests capital in, and provides support to, businesses across Ireland to achieve their growth ambitions. Salmon Software is the second investment from Melior Equity Partners Fund II following the completion of an investment during 2021 in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector. Prior to establishing Melior Equity Partners, Cosgrave and Garvey led an Ireland-focused private equity fund for The Carlyle Group investing in companies such as AA Ireland, Carroll Cuisine, GSLS, Learning Pool, Lily O’Brien’s, McCauley Pharmacy, Payzone, Sports Surgery Clinic and The City Bin Co.
ENDS//
For further information contact:
Louise Cassidy: louise@ckcomms.ie / +353 (0)86 383 5727
Claire Keane: claire@ckcomms.ie / +353 (0)87 121 4140
Note to Editors
About Salmon Software:
Since its foundation, Salmon Software has focused on delivering a world-class treasury management software system with functionalities that fulfil the requirements of the treasury front, middle and back offices, including integration with third-party systems ranging from dealing platforms and market data providers to ERPs and risk systems. The solution is based upon Microsoft Azure hosting that allows every client to operate on a separate environment. The business has achieved great success and coverage with its flagship treasury management software system ‘Salmon Treasurer’. The system has evolved to reflect the technological innovation and increasingly complex global financial systems that have paralleled the company’s history making it one of the most sophisticated treasury software platforms in the world. This achievement is due to the dedication of a highly skilled, multi-disciplined support and development team who focus on producing a world-class product. These capabilities combined with meaningful ongoing client engagement enable Salmon Software to pursue a policy of continuous, customer-focused product enhancement and development.
About Melior Equity Partners:
Melior Equity Partners (“Melior”) is a leading Irish private equity investment firm headquartered in Dublin with a strong track record of supporting Irish management teams and investing in small to medium sized private businesses in Ireland.
Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of a €292 million Ireland dedicated private equity fund for The Carlyle Group. The Melior team members invested this fund for The Carlyle Group from 2014 to 2019 and are one of the most experienced private equity investment teams in the Irish market.
Melior combines best-in-class international standards and far-reaching networks developed at leading global investment firms, with a deep knowledge of the local marketplace to bring a unique approach to investing and partnering with management teams in Ireland.
The Melior team is currently deploying capital out of Melior Equity Partners II, a fund which is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB. The breadth and nature of its investors provide Melior with significant capacity to fund transactions of any scale in the Irish market.
Transaction Advisers:
Melior was advised by KPMG and William Fry while Salmon Software and its shareholders were advised by Mazars Corporate Finance and Hayes Solicitors.
March 31th, 2022
Jonathan Cosgrave of Melior Equity Partners (left), Fiona Timmons, chief financial officer of Salmon Software and John Byrne, CEO and founder of the business.
Melior Equity Partners, the private equity firm led by former Irish managers with US investment giant Carlyle Group, has agreed to buy a stake of about 70 per cent in Dublin-based treasury management software company, Salmon Software.
It is understood the controlling stake will cost Melior as much as €15 million. Salmon Software’s founder and chief executive John Byrne will sell some of his shares as part of the deal, but most of the investment is by way of the acquisition of new stock to grow the business further.
The deal marks Melior’s second investment since it was launched in 2019. It follows the purchase last year of a majority stake in Dublin-based insurance brokerage BHP Insurance, which subsequently went on to acquire Keegan Meredith & Williams Insurances.
Melior was founded by Peter Garvey and Jonathan Cosgrave, former managing directors with Carlyle in the Republic, who co-managed a €290 million private equity fund with Dublin-based Cardinal Capital. The fledgling Melior fund has a target size of €175 million.
Salmon Software, founded in 1985, employs 30 staff across Ireland and the Czech Republic.
The company’s software system enables customers to automate treasury management processes, providing information on debt, derivatives, foreign exchange, banking, cash management and payments. The system delivers efficiencies that save on costs, ensure full regulatory compliance and provide real-time business insights, according to Salmon Software.
Blue-chip customers included building materials giant CRH, aircraft lessor Avolon, Dechra Pharmaceuticals, logistics giant DP World and Ryanair.
“The Melior investment will allow us to grow and invest further in our team, extend our support and sales infrastructure, and deliver product enhancements including a superior cloud-hosted offering,” said Mr Byrne. “This investment will provide exciting career development opportunities for our existing employees, see new talent join the company and will significantly benefit current and future customers.”
Fiona Timmons, an experienced software industry finance executive, has joined the company as chief financial officer and will work closely with Mr Byrne and the existing senior management team.
Melior’s Mr Cosgrave said: “The global treasury management software system market is valued at €1 billion and is forecast to grow strongly over the coming years. As a leading independent provider with strong reference customers, Salmon Software is ideally placed to meet this demand.”
March 31th, 2022
Jonathan Cosgrave of Melior Equity Partners (left), Fiona Timmons, chief financial officer of Salmon Software and John Byrne, CEO and founder of the business.
Melior Equity Partners, the private equity firm led by former Irish managers with US investment giant Carlyle Group, has agreed to buy a stake of about 70 per cent in Dublin-based treasury management software company, Salmon Software.
It is understood the controlling stake will cost Melior as much as €15 million. Salmon Software’s founder and chief executive John Byrne will sell some of his shares as part of the deal, but most of the investment is by way of the acquisition of new stock to grow the business further.
The deal marks Melior’s second investment since it was launched in 2019. It follows the purchase last year of a majority stake in Dublin-based insurance brokerage BHP Insurance, which subsequently went on to acquire Keegan Meredith & Williams Insurances.
Melior was founded by Peter Garvey and Jonathan Cosgrave, former managing directors with Carlyle in the Republic, who co-managed a €290 million private equity fund with Dublin-based Cardinal Capital. The fledgling Melior fund has a target size of €175 million.
Salmon Software, founded in 1985, employs 30 staff across Ireland and the Czech Republic.
The company’s software system enables customers to automate treasury management processes, providing information on debt, derivatives, foreign exchange, banking, cash management and payments. The system delivers efficiencies that save on costs, ensure full regulatory compliance and provide real-time business insights, according to Salmon Software.
Blue-chip customers included building materials giant CRH, aircraft lessor Avolon, Dechra Pharmaceuticals, logistics giant DP World and Ryanair.
“The Melior investment will allow us to grow and invest further in our team, extend our support and sales infrastructure, and deliver product enhancements including a superior cloud-hosted offering,” said Mr Byrne. “This investment will provide exciting career development opportunities for our existing employees, see new talent join the company and will significantly benefit current and future customers.”
Fiona Timmons, an experienced software industry finance executive, has joined the company as chief financial officer and will work closely with Mr Byrne and the existing senior management team.
Melior’s Mr Cosgrave said: “The global treasury management software system market is valued at €1 billion and is forecast to grow strongly over the coming years. As a leading independent provider with strong reference customers, Salmon Software is ideally placed to meet this demand.”
