Business Irish

Tuesday 25 June 2019

Irish Patisserie Valerie buyer Causeway on hunt for more acquisitions

Sweet deal: Irish investor Causeway rescued coffee and cakes chain Patisserie Valerie
Sweet deal: Irish investor Causeway rescued coffee and cakes chain Patisserie Valerie
Gavin McLoughlin

Gavin McLoughlin

The Irish investor buying Patisserie Valerie in the UK is on the hunt for more deals, saying it has €2.5m-€10m available for individual transactions.

Causeway Capital, an Irish private equity firm, has also invested in the 'BB's' bakery and coffee shop chain, and software firm Bizimply.

It said it wants to invest in Irish or UK companies with sales in the region of €2m-€50m and ebitda (earnings before interest, tax, depreciation and amortisation) of at least €500,000.

"We are looking for differentiated businesses that lead their sectors, we value innovation, ambition and growth prospects," Causeway said.

It said it would finance shareholder exits or management buy-outs, as well as funding organic and acquisition-led growth strategies.

It has invested in seven companies in total out of its €50m debut fund.

The Patisserie Valerie deal was the most high-profile of those, with Causeway rescuing the coffee and cakes chain out of administration.

An accounting scandal had left the company unable to secure funds to pay its debts. Causeway said it would keep open 96 outlets, of around 200.

Irish Independent

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