Friday 21 July 2017

Entrepreneur McGuire to cash in as Hattrick backers exit in €135m deal

Entrepreneur Cyril McGuire
Entrepreneur Cyril McGuire
Adrian Weckler

Adrian Weckler

Serial entrepreneur Cyril McGuire looks set to cash in on the €85m sale of Hattrick Sports Group, a Dublin-based gaming and betting technology company that has extensive operations in Eastern Europe and Spain.

Mr McGuire is a director and investor in the company, which is being sold to Fortuna Entertainment Group, a Dutch firm active in Poland, Romania and the Czech Republic.

Under the terms of the deal, Fortuna will pay €85m up front with a potential earn-out of €50m. The sale remains subject to regulatory approval.

Hattrick is majority owned by The Presidio Group, a San Francisco-based private equity firm with $4.5bn under advisement.

The most recent accounts filed for the Irish business, late last year, show that revenue in 2015 came to just under €58m.That was up from €29m a year earlier. The group generated pre-tax profits of €5.6m in 2015. The accounts show the business had 2,770 employees at the start of 2016, understood to be spread across the markets where it operates.

The Hattrick sale is the latest in a string of investments turned good for Mr McGuire, who is still best known for making €25m out of the sale of Trintech, a dotcom era tech company in Dublin.

Mr McGuire is ceo of Infinity Capital, which recently invested €750,000 as part of a €3m round in Dublin-based financial technology startup Corlytics.

Infinity Capital is also an investor in Cork-based Wavebreak Media. Mr McGuire's other current Irish investments include, the Airbnb rival set up two years ago by ex- Hostelworld founder Tom Kennedy. He is also an investor in MPStor, another Cork-based cloud startup and in office developments, including One South County in Leopardstown, Dublin 18.

Irish Independent

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