Monday 18 February 2019

One of the country's best-known businessmen, Monaco-based Michael Smurfit (82) built a hugely successful global business, Smurfit Kappa, from a small cardboard box firm, which his father founded.

The paper and packaging magnate has been trying to sell loss-making Kildare five-star hotel and golf resort The K Club. The asking price was reportedly €70-80m.

In 2002, Smurfit earned €230m for his 7.5pc stake when US firm Madison Dearborn acquired it for €3.8bn. He later spent €55m to buy 4.29pc of the private company back before it returned to the stock market in 2007, and he later made money again selling that stake. The family are believed to still retain a tiny stake, less than 1pc.

In 2016, he banked an estimated €62m from his stake in his brother Dermot's firm Powerflute, which was bought by Madison Dearborn. He also invests in startups, including nephew Dermot Jr's gambling tech firm GAN, Offaly-based farm tech firm MooCall, and cancer treatment firm Inflection Biosciences. Other assets include an art collection, properties including a Kildare stud farm, and a 50-metre €60m yacht, which is available for charter.

Online Editors

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