US fund buys into Enright's €600m Syncreon
Published 08/01/2012 | 05:00
US private equity firm GenNx360 Capital Partners has bought a majority stake in Limerick man Brian Enright's fast growing global transport and logistics firm, Syncreon.
Enright's father Michael built a small Galway haulage firm into bustling transport group Walsh Western International. Brian became chief executive in 2007, helping transform the business with a €310m merger with US firm TDS in 2007. The deal saw the creation of Syncreon, headed by Brian, with his father serving as chairman.
In early 2009, GenNx360 Capital Partners bought a 33 per cent stake in the business. The New York-based private equity firm increased its shareholding in 2010 before taking a majority shareholding in the Irish logistics group just before Christmas. It is now understood to own 51 per cent of Syncreon. Sales are thought to be rapidly approaching the €1bn mark. The latest deal is likely to value the whole company at more than €600m.
"This is very much business as usual for syncreon. GenNx360 has been a long-term investor and their continued investment represents their confidence in Syncreon's strategy, management and business model. The Enright family is excited about continuing their relationship with GenNx360 and growing the business together," said Brian Enright, following the deal.
Syncreon has grown dramatically over the past three years following a series of swift acquisitions. Last February, it bought Spanish hi-tech logistics firm Compusar, which had sales of around €41m. A year earlier, it spent close to €25m buying NAL Worldwide Holdings, which supplied the telecoms sector.
The sheer size of Syncreon is highlighted in its latest figures, which show it is active in 25 countries, with 82 facilities and around 12,000 employees.
Sunday Indo Business