Private equity firm Melior raises €160m to invest in Irish SMEs

Melior Equity Partners, the private equity firm led by former Irish managers with US investment giant Carlyle Group, has raised €160 million to invest in Irish small and medium-sized enterprises. This makes it one of the largest private equity funds in Ireland.

Melior Equity Partners Fund II, which is backed by local and international blue-chip investors, is targeting founder-owned companies with strong growth potential. It plans to invest in 10 companies over the next four years, in the range of €20 million-€100 million.

Backers include the Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB.

The firm has already invested in two companies: Dublin-based treasury management software company Salmon Software, in March; and BHP Insurance, which specialises in covering not-for-profit organisations, in August last year.

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Salmon Software, a prominent, independent financial software business specialising in treasury management solutions. Last August the firm finalised an investment in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector.

"We are very proud of what the Melior team has achieved over the last two years," said Jonny Cosgrave, co-founder of Melior Equity Partners. "We have welcomed several new limited partners to our blue-chip investor base and succeeded in raising one of the largest Irish private equity funds."

Financing gap

Melior, launched by Mr Cosgrave and Peter Garvey in 2020, is targeting the financing gap for small to medium-sized businesses in Ireland. Its senior advisers include Glen Dimplex chief executive Fergal Leamy; Laura Heuston, founder of Sustainability Works; former VHI chief executive Jimmy Tolan; Google senior director Conor Jones; John-George Willis, former senior partner at Tughans; and Ulric Kenny, chairman of Prepay Power.

Former co-head of global technology, media and telecom Campbell Dyer also recently joined the firm's senior adviser panel, bringing an extensive network to help investee companies grow in North America.

“We have the most experienced investment team in the Irish market. We have built strong track records at leading global investment firms over many decades as well as locally over the last eight years working with ambitious Irish management teams,” said Mr Garvey. “We have a tremendous bench of senior advisers and an unmatched international reach through our ongoing relationship with The Carlyle Group.”