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.


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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.

Fast-Growing Irish Financial Software Business Secures Investment to Support Continued Strong Growth

Dublin, 1 April 2022: 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.

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.”


See the original article on the The Irish Times.

Melior Equity Partners Raises €160 million Fund to Invest in Irish SMEs

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.

Private equity firm Melior raises €160m to invest in Irish SMEs

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.”


See the original article on the The Irish Times.

Melior’s debut fund wins commitments of €160m

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.


See the original article on the The Times.