Causeway Capital Nominated for Two Awards at Mazars Irish Investor Awards 2024

Causeway Capital has been nominated for two awards at the inaugural Mazars Irish Investor Awards.

Causeway’s exit of Celtic Linen to Johnson Service Group, an AIM-listed UK laundry provider, has been nominated for both the Portfolio Deal of the Year and ESG Deal of the Year categories, with the winner to be announced on Friday 17th May 2024 at the awards ceremony in the Mansion House, Dublin.

Causeway acquired Celtic Linen out of Examinership in December 2016. Investment highlights included:

• Major capital investment to improve energy and operating efficiencies

• Bolt on acquisition of smaller competitor

• New contract wins; business grew revenue from €15m (2017) to over €30m (2023) and moved into strong profitability

• Maintained service during Covid, providing mission critical support to healthcare sector

Causeway exited Celtic Linen to Johnson Service Group for €31.5m in September 2023, crystallising a strong return for Causeway’s investors with the fund achieving a 3x return on investment. As part of the transaction, JSG agreed to complete an ongoing €1.9m capital investment programme in the group’s Wexford plant to increase efficiency and improve sustainability through reduced energy usage.

Bakers + Baristas secures new six-year term loan from AIB to support growth

Causeway Capital is pleased to announce that Bakers + Baristas, a Causeway Capital Partners I LP portfolio company, has secured a new six-year committed term loan from AIB to support the business as it continues to invest in new and existing locations.

Bakers + Baristas is a branded bakery and coffee operator, famous for baking its muffins fresh in store each day. There are more than 65 Bakers + Baristas located in top shopping centres and outlet villages across the UK and Ireland. The Company plans to open a further 5 locations over the next 12 months with a mixture of company owned and franchise opportunities under consideration.

Having recovered strongly post-Covid and demonstrated impressive like-for-like growth across the UK & Ireland, Bakers + Baristas is expected to deliver sales of €22m sales in the current year. Headquartered in Limerick, the business has over 300 employees and is led by James Fleming (CEO) and Dermot McMahon (CFO).

Matt Scaife, partner at Causeway Capital, commented:

“We are really pleased that AIB has backed our investment in Bakers + Baristas and look forward to the next stage of the company’s growth.”

Causeway Capital triples its return on Celtic Linen investment

Samantha McCaughren, Irish Independent

Sun 3 Sep 2023 at 02:30

Celtic Linen, a supplier of rented linen to hospitals and hotels, was sold last week for €31.5m, equating to around three times the figure invested by sellers Causeway Capital Partners.

The buyer, Johnson Services Group, an AIM-listed UK laundry provider, is led by Irishman Peter Egan.

Celtic Linen was originally acquired by Causeway in December 2016 out of examinership for €4m, while it is understood a further €4.5m was invested in the years that followed. It operates two laundry plants in Ireland and is led by CEO Joanne Somers.

Causeway’s founders include businessmen David Raethorne and Matt Scaife. The Ireland Strategic Investment Fund (ISIF) is a cornerstone investor in its first private equity fund, together with pension funds, financial institutions and private individuals.

Scaife said: “We are delighted to have secured JSG as the new owner of Celtic Linen and to crystallise a strong return for Causeway Capital’s investors.”

JSG has agreed to complete an ongoing €1.9m capital investment programme

At the time of the deal in 2016, the acquisition successfully secured 270 jobs at the company’s headquarters in Wexford.

Since then, the business has completed a major capital investment programme, a bolt-on acquisition and sales have grown from £12m (€14m) to more than £29m and it employs 350 full-time equivalent staff.

Celtic Linen’s other shares were held by employee shareholders, including Somers, who will remain with the business.

As part of the transaction, JSG has agreed to complete an ongoing €1.9m capital investment programme in the group’s Wexford plant to increase efficiency and improve sustainability through reduced energy usage.

Causeway exited ecommerce business, In the Style, in 2021 following its IPO. It is also a major shareholder in Patisserie Valerie a bakery coffee retailer.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Causeway Capital triples its return on Celtic Linen investment | Independent.ie

ESG: Causeway is pleased to share its PRI scoring

The Principles for Responsible Investment (“PRI”) is the world’s leading proponent of responsible investment. The PRI works to achieve a sustainable global financial system by encouraging the adoption of six Principles and collaboration on their implementation, by fostering good governance, integrity and accountability and by addressing obstacles to a sustainable financial system that lie within market practices, structures and regulation.

As a signatory to the PRI since 2018, Causeway is required to submit an annual assessment that rates the funds’ performance. Causeway’s investment activities must factor in, and adhere to, the following six principles:

1. Causeway will incorporate ESG issues into investment analysis and decision-making processes

2. Causeway will be active owners and incorporate ESG issues into its ownership policies and practices

3. Causeway will seek appropriate disclosure on ESG issues by the entities in which it invests

4. Causeway will promote acceptance and implementation of the Principles within the investment industry

5. Causeway will work to enhance its effectiveness in implementing the Principles

6. Causeway will report on its activities and progress towards implementing the Principles

We are pleased to present the following ratings awarded to Causeway in respect of its investment activities:

Q4-22: Ireland’s economic outlook

Despite global macro-economic headwinds, Ireland remains an attractive investment location due to a combination of strong economic growth, low unemployment, business friendly policies, declining debt to GDP ratio, and fiscal budget surpluses.

Over 3,000 graduate jobs on offer at the gradireland Graduate Careers Fair 2022

Over 120 of Ireland’s top graduate recruiters participated in Ireland’s largest graduate recruitment fair – the gradireland Careers Fair 2022 - on Wednesday 28th of September 2022.

 The fair was the first in-person event since Covid and took place at the RDS, Dublin where over 5,500 jobs were on offer to graduates across all sectors.

 Ireland’s leading graduate employers, including AIB, Enterprise Ireland, Musgrave, Amazon, Workday, Jameson, and Glanbia, attended to meet with graduates to outline the opportunities they are offering this year’s graduates for further skills and career development. 

 The fair was attended by 5,500 students where Ireland’s leading employers were able to outline the mix of skills and educational achievements they are looking for to fill available graduate recruitment places. Students had the opportunity to build their network and interact with top employers and postgraduate providers at over 120 stands, get their CV reviewed and ready for job applications, find internships, graduate programmes and immediate start roles, all underpinned by exclusive content in the live seminar sessions, spread across four different stages.

Turmec wins €30m major new contract to build a state-of-the-art construction waste processing facility in Australia

Causeway Capital portfolio company Turmec has secured a €30m contract to design, build and install a new construction waste processing solution for Rino Recycling at its Pinkenba facility near Brisbane in Queensland in Australia. This follows on the back of a number of successful contract wins for the business.

The new project will be one of the largest construction and demolition (C&D) waste recovery sites in Australia and is designed to achieve landfill diversion and recovery rates of up to 99%. It will have a processing capacity of 475 tonnes per hour.

The Pinkenba project forms part of a multi-million Australian dollar capital investment programme by Rino Recycling to meet growing demand for materials recovery and recycling in South East Queensland. The recovered C&D materials will be recycled by Rino Recycling into a range of high-quality sand, fill, road bases and aggregate materials which will be supplied back into new construction projects. Significant growth in construction activities as part of a 25-year development plan for the region is driving recycling demand for waste construction materials, including major transportation, port and waterfront development and leisure facilities in and around Brisbane. High levels of construction activities are expected to continue in preparation for Olympic Games which will be hosted by Brisbane in 2032.

Geoff Bailey, chief executive of Turmec, said the planned facility would be a world class development.

“We are delighted to have the opportunity to support Rino Recycling to deliver on its vision to revolutionise construction and demolition waste handling and processing, and to become the leading producer of recycled construction materials in Queensland. Our goal for the Pinkenba project is to match Rino’s ambition with a world-class, turn-key construction waste recycling facility that not alone provides market-leading landfill diversion rates, but also produces high quality recycled construction materials that will go back into an extraordinary pipeline of construction projects around Brisbane that are already underway, and planned over the next 10 years,” Bailey added

ESG: In The Style raises over £1.25m for The Bowelbabe Fund for Cancer Research UK

Portfolio company In The Style is proud to announce that it has raised over £1.25m in aid of The Bowelbabe Fund for Cancer Research UK.

The funds have been raised through the sale of the Dame Deborah James 'Rebellious Hope' t-shirt, the first item to be unveiled to customers from In The Style's Dame Deborah James collection. The amount was raised in one month, reflecting the huge amount of support of In The Style's customers and those that have followed Deborah's inspirational journey, all of whom have been keen to support The Bowelbabe Fund for Cancer Research UK's important mission.

The collection comprises 18 products and is available in sizes 6-28. It includes dresses, skirts, blazers, shirts and blouses, t-shirts and hair accessories, with each and every piece perfectly encapsulating the British summertime and activities that Dame Deborah loves.

In The Style Founder & Chief Brand Officer Adam Frisby added, "I am absolutely delighted that we have managed to raise for The Bowel Babe Fund in just a few days since releasing the t-shirt and more recently, the full collection. I want to say a huge thank you to both In The Style and Deborah's followers for the huge support they have shown. It will make such a huge impact.

"I am so thrilled for Deborah, speaking to her last night she was overwhelmed with happiness at how people have supported the collection and just how much it has raised. It was a dream for Deborah to be able to see this launch happen. She has worked so hard on it, and it really is a collection that encapsulates everything In The Style and Dame Deborah stand for. We are so proud to have raised so much for The Bowelbabe Fund and we look forward to raising even more important funds over the coming weeks."

Dame Deborah James was diagnosed in 2016 with incurable bowel cancer and since then has charted her struggles with her illness as well as raising huge sums for her chosen charities

Read the full story here

Turmec shortlisted for two awards at the Irish Exporters Association Industry Awards 2022

Portfolio company Turmec has been shortlisted for two awards at the Export Industry Awards, being the Export Innovation of the Year and the Manufacturing Exporter of the Year.

Congratulations to the Turmec management team for their industry recognition, which follows on from a recent new £4m contract announcement earlier in May to upgrade and modernise a newly acquired recycling facility in Falkirk, Scotland for Turmec customer Levenseat.

The winners will be announced at the 20th Export Industry Awards Ceremony & Gala Dinner on Friday 30th September 2022 at the Mansion House, Dublin. Best of luck to all the finalists.

TURMEC completes the design and installation of State-of-the-Art Waste Recycling Facility

The Challenge

In January 2021 Thorntons Recycling suffered a major fire at one of their largest processing facilities at Killeen Road in Dublin. This fire was devastating and required a total re-instatement of all equipment within the fastest time possible to minimise business interruption.

This gave Thorntons an opportunity to build a new processing line that was:

1. Designed to maximise segregation and recycling

2. Availed of the best available sorting technology

3. Purpose built to suit the waste and needs of Thorntons Recycling

4. Designed to fit into the previous building footprint

5. Was reconfigured to allow Thorntons to move potential odour material to a better processing location on site

6. That was energy efficient and reduced emissions

7. They went to tender looking for a partner to design, procure and build a plant for them that would support their existing business where they serve over 80,000 customers each day, and improve efficiencies.

In March 2021 Turmec were awarded the contract to deliver a plant with a throughput rate of 100 tph comprising of 60tph C&D (Construction & Demolition Waste) and 40tph MSW (Municipal Solid Waste). The plant separates metals (ferrous & non-ferrous) from MSW materials received and produces SRF from low grade paper, cardboard, and plastic.

The Solution

Thorntons requirement was to recycle and recover as much material as possible from the mixed waste it collects and processes thus diverting waste away from landfill. Turmec designed a highly automated, bespoke plant for Thorntons that minimised the operating footprint and recovers the high value materials suitable for recycling, produces an SRF grade refuse derived fuel from the paper, plastic, cardboard, and timber not suitable for recycling and keeps the residual bound for incineration or landfill to less than 5%.

The primary materials recycled are wood, metal, hard plastics, and tyres. The main items recovered are stone, aggregates, soil, inert fines and SRF (comprising timber, soiled paper, cardboard, and plastic) By turning this material into SRF Thorntons Recycling are producing a sustainable, valuable product that assists with reduction in dependence on fossil fuels, reduces CO2 emissions and diverts materials away from landfill.

The overall rebuild project consisted of the re-instatement of new buildings, yard space as well as the Turmec supplied plant. To ensure the project was delivered in the shortest possible time, Turmec worked closely and in conjunction with the civil and electrical contractors to complete the project within the agreed timeframe.

Turmec designed and installed the new state of the art facility within 9 months from order. All components of the installation are fully CE marked to all the relevant European safety standards.

The Results/ Outcome

The project was delivered on budget and on time, with minimal impact on the Thorntons business. Thorntons Recycling have transformed their business and the way they now process waste material on the site.

Thorntons Recycling now have the most efficient and effective plant, with the most innovative configuration and technology in Europe. This increases the efficiency of waste handling and improves waste segregation, assisting Thorntons to continuously achieve over 95 per cent recycling/recovery as well as being able to process C&D, C&I and MSW for the Greater Dublin Region.

“The new processing line was designed for optimum segregation and recycling, availing of the best available sorting technology. Having the site designed and purpose built to fit to the existing footprint allows us to process our recycling materials with improved efficiency and preferred area designation. The sheds were rebuilt using cutting-edge technology for better integrity and sealing to prevent escape of air from the shed. The entrance/exit points are fitted with rapid roller shutter doors and modern odour abatement technology.” David Duff EHS Manager, Thorntons Recycling

“Turmec has provided Thorntons with a quality solution. From the time the plant was initially designed and ordered until it was commissioned Turmec kept the Thorntons team up to date and appraised of all issues and progress on the project. Working together everybody achieved more and brought the installation in on time and within budget. I would like to thank Turmec, and the other contractors involved in this project for their dedication and effort in getting the facility re-opened in such an expeditious and safe manner.” Gary Brady, CEO, Thorntons Recycling

“We have worked with Thorntons for many years and have a long-standing relationship however when we were awarded this tender, we were committed to providing the most efficient and effective plant with the most innovative configuration and technology that Europe had to offer. I am proud that the Team at Turmec could deliver a state-of-the-art facility within 9 months from order.” Gavin Dunne, Technical Sales, Turmec

Key Facts 

• C&D C&I plant rebuild

• Material type: C&D / C&I

• Hours per annum: 4000

• Input capacity: C&D Processing line 60 tph & C&I processing line 40tph

• Annual capacity: 250,000 tonnes

In The Style a finalist at the UK Small Deal of the Year (EV on entry less than €25m) at the Real Deals Private Equity Awards 2022

Causeway Capital is delighted that the March 2021 IPO of our portfolio company In the Style is a finalist at the UK Small Deal of the Year (EV on entry less than €25m) at the Real Deals Private Equity Awards 2022.

Congratulations on this achievement to the In The Style management team as well as the superb team of advisers which worked on the transaction, including Liberum, Osborne Clarke, BDO and Hudson Sandler.

The winners will be announced at the Awards in London on 28th April 2022. Best of luck to all the finalists.

GradIreland survey highlights Covid impact on graduate recruitment, and provides list of most sought after graduate employers

Student experiences during the COVID pandemic, in particular remote learning and the development of online skills, have influenced what graduates are looking for from their future careers. This is one of the key findings from the gradireland 100 Leading Graduate Employers Survey - the largest ever survey of university students in Ireland to determine who are the most sought-after employers of graduates, and the wider aspirations and concerns of graduates as they start out on their working lives.

 The Survey of 20,901 third-level students, across 30 institutions in both Northern Ireland and the Republic, was independently conducted by Cibyl Ireland and UK, a leading graduate careers research firm. It found that 50% of students said they would be more likely to look for a job that allows them to work from home and 57% said they would be more likely to look for a job that allows for flexible working.  The survey also inquired into graduate salary expectations and their key considerations before taking up a graduate job.

 Careers services across Ireland’s university sector drove participation in the online survey amongst students, who completed it through college careers websites and via gradireland.

 Commenting on the findings, gradireland Managing Director, Gavan O’Brien, said:

 “Covid has completely transformed the graduate recruitment market, resulting in many more opportunities for graduates and the continuing growth of online recruitment processes. There is also a growing realisation among employers of the need to be able to offer remote and flexible working to new graduate recruits.”

 “The lifting of pandemic restrictions and a strong economic rebound means that graduates are facing a recruitment landscape that is far more positive than it was this time last year. At that time, many graduate employers froze their recruitment drives and reduced the number of employment and internship opportunities because of the uncertainties during the worst of the pandemic. Many students used this time to gain further skills by completing micro-courses and technical credentialing which is now standing to them with employers.”

Facebook falls out of favour in survey of job-seeking students as Google takes top spot again - Independent.ie

ESG: COP26 - Alignment, Ambition & Action

As Glasgow welcomes world leaders to COP26, Causeway Capital is firmly aligned with those committing to #netzero.

We all have a part to play to deliver this. As a private equity investor we use our voice to encourage ambition in the board room and our capital can be used to support the changes required. 

At the start of 2021, we made small (but important) changes to our business to achieve net zero at the fund manager level. This was achieved in partnership with Make It Wild who plant trees on our behalf to offset the small balance of emissions we have not yet eliminated. 

We're also pleased to confirm that 2 of our 7 portfolio companies have now adopted plans to achieve net zero by the end of 2021. 

We will work with our other 5 investee companies to develop carbon emission reduction plans and horizons that are appropriate for their industries and business models. 

For some businesses, net zero should be straightforward to achieve quickly. For others it will require planning, investment and change over time. Either way, we must act now.

For further information on Causeway Capital's responsible investment strategy and our approach to ESG more generally, please visit Responsible investment — Causeway Capital Partners

Over 4,500 graduate jobs on offer at the gradireland Graduate Careers Fair 2021 this Friday, 1st October

Over 80 of Ireland’s top graduate recruiters will participate in Ireland’s largest online graduate recruitment fair – the gradireland Careers Fair 2021 - this Friday (1st October) where over 4,500 jobs will be on offer to graduates across all sectors.

Ireland’s leading graduate employers, including AIB, Enterprise Ireland, Intel, Lidl, Workday, Amazon, and Davy, will be attending to meet with graduates virtually to outline the opportunities they are offering this year’s graduates for further skills and career development. 

Over 5,000 university graduates have pre-registered already to attend this year’s event, which will be the second consecutive year that the gradireland Graduate Careers Fair 2021 will be held as an exclusively on-line event due to continuing restrictions on large-scale public gatherings as result of COVID-19. Registration for the gradireland Graduate Careers Fair 2021 remain open at: https://gradireland.com/events/gradireland-graduate-careers-fair

Ireland’s leading employers will outline the mix of skills and educational achievements they are looking for to fill available graduate recruitment places. Participants at the on-line event will have opportunities to:

• Interact with top employers and postgraduate course providers in one-to-one meetings,

• Discover internship opportunities, graduate programmes and jobs,

• Learn how to boost their CV and get ‘career-ready’ in CV clinics,

• Learn how to develop their skills and see what employers are looking for in a packed programme of live seminars, and

• Build their networks among employers and graduate programme providers by speaking directly with them in online one-on-ones and group sessions.

gradireland’s hosting of last year’s fair Graduate Careers Fair 2020 as an exclusively on-line event was considered a huge success among both graduate participants and recruiters who attended live seminars and held over 12,500 job-related conversations which resulted in 3,638 job applications over the course of the fair.

Commenting ahead of this year’s gradireland Graduate Careers Fair, Gavan O’Brien, Managing Director of gradireland said that despite COVID, opportunities for graduates in 2021 and 2022 remain extremely positive. He said:

“Key sectors of the economy have remained insulated from the effects of lockdown and working from home. Sectors such as IT, Engineering, Banking and Finance, Accountancy, HR and Research & Development remain strong with recruiters seeing sustained growth in the number of graduate jobs they can offer.

Also, graduates and employers – just like the rest of society - have been quick to adapt to online events and the virtual way of doing business. The gradireland Graduate Careers Fair has introduced new ways for graduates and recruiters to interact. Some of the benefits of the move online have included greater flexibility and improved efficiency in the recruitment and skills advice process.”

Graduates need to pre-register for the gradireland Graduate Careers Fair 2021 and plan their participation and engagement with employers on Friday 1st October. The event will run from 11 am to 5 pm and includes a packed programme of online events including graduate jobs, internships, graduate training programmes, CV Clinics, a stellar seminar schedule and the chance to explore further study options.

To find out more about this year’s gradireland Graduate Careers Fair and for students to pre-register, go to https://gradireland.com/events/gradireland-graduate-careers-fair

In The Style nominated for Small Buyout Exit of the Year at the Unquote British Private Equity Awards

Causeway Capital is delighted that the March 2021 IPO of our portfolio company In the Style plc has been shortlisted for the Small Buyout Exit of the Year at the Unquote British Private Equity Awards.

The shortlist was compiled by a panel of leading industry figures and includes some of the most successful small private companies in the UK and their private equity investors.

Congratulations on this achievement to the In The Style management team led by Adam Frisby and Paul Masters as well as the superb team of advisers which worked on the transaction, including Liberum, Osborne Clarke, BDO and Hudson Sandler.

The public vote is open until Friday, 10 September and we would be delighted if you had time to lend your support by voting. You can see all the entries and cast your vote here Shortlist | British Private Equity Awards

The winners will be announced at the Awards in London on 5 October 2021. Best of luck to all those shortlisted.