Three Newcourt arms bought out of receivership

THREE PARTS of the failed Irish-listed company Newcourt were bought out of receivership yesterday.

Federal Security has been acquired by Dublin-based Noonan Services group, which specialises in contract cleaning, security and other outsourced services and has more than 6,000 workers in Ireland and the UK.

It is understood that just more than €15 million was paid to acquire Federal, which operates on an all-Ireland basis and employs about 3,000 people.

Noonan is owned by Alchemy Partners, a UK private equity group led by Jon Moulton.

Federal is one of Ireland’s biggest provider of security services with an annual turnover of about €100 million.

Three directors of Federal Security resigned recently after their own bid for the business was trumped by Noonan. These were Hugh O’Neill, the executive chairman, and the directors Aine Mulcahy and Joe Cully.

Separately, Irish listed recruiter CPL Resources has acquired call centre operator Interaction and health and safety training specialist Nifast for an undisclosed sum. Commenting on the deals, CPL’s chief Anne Heraty told The Irish Times: “They are all solid businesses with good management teams. We’re delighted to have acquired them.”

Ms Heraty said CPL would retain all of the staff employed by the businesses. Interaction provides call centre services to the financial services and IT industries. It has about 70 staff. Nifast employs around 15 people.

In mid June, CPL acquired Cork-based Kenny Whelan Associates, another Newcourt subsidiary. It specialises in recruitment for the pharmaceutical sector.

Earlier this month, CPL warned that the outlook for the remainder of 2009 was uncertain although it will make a profit.

Newcourt was placed into receivership by Bank of Ireland in early June after failing to restructure its €36 million debt.