AIB invests 10 million euros in Erisbeg flagship fund

Ireland’s largest bank, AIB, has invested €10m in a Dublin-based private equity fund.

risbeg I LP typically works with small and medium sized Irish companies in the business services sector.

This investment by AIB was made by the bank’s equity team and brings the total value of the Erisbeg fund to €110 million.

The private equity firm was founded in 2017 by Alan Kerry and Thomas Davy, formerly of Blackstone and DCC respectively.

Since then, Erisbeg has completed 11 transactions.

His portfolio Companies now have a combined annual turnover of over 130 million euros and an annual profit of 25 million euros. Today, these companies employ almost 700 people.

Individual investments are usually between 5 and 25 million euros. Last December, the fund bought a majority stake in logistics company Dixon International Transport, with Erisbeg also backing the acquisition of Carna Transport last month.

Erisbeg has also invested in healthcare equipment distributor Medray and wireless communications company BP Multipage.

The private equity firm reported that BP Multipage recently acquired Meath’s Regional Electrical Maintenance company.

Other key sectors for the fund are regulatory and training solutions and compliance.

“Our focus is on business services and companies in this sector have shown themselves to be very resilient and well prepared to weather some more challenging times,” said Alan Kerr, Erisbeg’s managing partner.

The fund had its first close in April last year, raising €75 million from a range of European institutional Tier 1 investors.

Since then, a further EUR 35 million has been raised, including the EUR 10 million investment by AIB.

“AIB is delighted to invest in the Erisbeg Fund and to support its plans to develop and grow its portfolio companies, thereby supporting a growing number of jobs in Ireland,” said Cathy Bryce, Managing Director of AIB Capital Markets.

In August, AIB – which is 63 per cent owned by the government – and the Ireland Strategic Investment Fund invested €25m in the Claret European Growth Capital Fund III.

The London-based equity fund invests in Irish tech and life sciences startups. AIB invests 10 million euros in Erisbeg flagship fund

Fry Electronics Team

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