ESG - Senator Shane Cassells pays tribute to Turmec team for leading charge on circular economy

Portfolio company Turmec was delighted to welcome Minister of State for the Gaeltacht Jack Chambers, Senator Shane Cassells and Cllr. Mike Bray Meath County Council - to catch a glimpse of their manufacturing facility in Rathcairn Co Meath. The visit was co-ordinated by Údarás na Gaeltachta which is the regional authority responsible for the economic, social and cultural development of the Gaeltacht.

Turmec designs, manufactures and installs recycling plants all over the world from its base in Ireland. The business is currently finalising one of the world’s largest construction & demolition (C&D) recycling plants in Sydney, Australia. Once complete, the plant will be able to process up to 7,000 tonnes of brick, concrete, timber, metal and other recyclable materials a day. Using vibrating screens, air density separators, magnets and optical sorting equipment, the facility aims to recover up to 90% of the materials it processes.

Following his visit to Turmec, Senator Shane Cassells paid tribute to the team and staff at Turmec in the Seanad here:

♻️Meath firm builds world's largest recycling facility in Australia♻️
🇦🇺🇮🇪 The world's largest mixed waste recycling facility just opened in Sydney & the company which provided the high tech engineering services was none other than Ráth Chairn based company @TurmecRecycling pic.twitter.com/rDXYQ9XCBG

— Shane Cassells (@ShaneCassells) June 1, 2021

ESG - 100 tonnes of linen saved from landfill

Forward-thinking laundry, Celtic Linen, and commercial linen stain removal expert, Regenex, have reached the landmark volume of 100 tonnes of items saved from rag or landfill and returned to stock.

Celtic Linen CEO Joanne Somers commented:

“As a company we have a strong focus on sustainability and environmental initiatives are a key part of our business strategy. We are delighted with the success of this project to date and our relationship with Regenex.”

See full Laundry & Cleaning Today news article here

In The Style announces £105m IPO on the London Stock Exchange AIM

Causeway Capital is pleased to announce its first partial exit from the firm’s maiden private equity fund following the successful IPO today of portfolio company In The Style Group plc (“In The Style” or “ITS”), the pure-play e-commerce fashion brand.

The IPO was over-subscribed and priced at the top-end of expectations providing the Company with a new long-term shareholder base and further growth capital to fund its future growth plans. The IPO also enabled Causeway Capital to sell two thirds of its holding and provided a multi-million-pound return for the management team. After the IPO, management and Causeway Capital remain substantial shareholders in the Company.

In The Style (ticker: ITS) commenced trading today on the AIM market of the London Stock Exchange with a market capitalisation of £105 million.

In The Style is a fast-growing e-commerce fashion company targeting an audience of women aged between 16 and 35. The Company has pioneered an innovative influencer collaboration model as an authentic and cost-effective way to drive customer engagement and sales.

Causeway Capital invested £2.5m of growth capital in In The Style in 2018 in return for a c.50% shareholding alongside founder/CEO, Adam Frisby and experienced COO/CFO, Paul Masters. Causeway Capital’s growth capital was principally invested in developing the social media influencer and technology platforms. In just under three years, the Company’s sales trebled, and the company moved to profitability.

Growth highlights included:

·       developing a new proprietary app (c.50% of 2020 sales were through the app)

·       launching a new B2B wholesale line (c.20% of 2020 sales)

·       3 year revenue CAGR (2018-21) of 43%

In The Style is a campaigning brand, and an industry champion for female empowerment, body confidence and real beauty with a proactive sustainability agenda. It was one of the first major UK brands to stop retouching photoshoot images and raised over £350,000 for the Samaritans as part of a 2020 campaign to promote awareness of mental health issues linked to online/social media abuse and bullying.

Adam Frisby, Chief Executive Officer of In The Style, said:

‘’Today is a really exciting day for In The Style. Our successful admission to AIM is a milestone we are delighted to have achieved. It has been an incredible journey over the last seven years for the business and I’m beyond proud of the differentiated and inclusive brand In The Style has become.

"We are very pleased to welcome our new shareholders to the business and I am really excited for the next chapter of the In The Style journey.”

The Company's Admission Document is available to view on the Company's website at https://corporate.inthestyle.com/

Liberum Capital Limited is acting as Nominated Adviser and was sole broker to In The Style.

ESG - Causeway Capital are the first Irish private equity fund manager to become carbon neutral at the manager level

At Causeway Capital, we want to ensure our investments have a positive impact for our investors, society and the wider world – while also delivering financial returns. Environmental, social and governance (ESG) considerations have been an integral and growing part of our decision-making process since we launched in 2016. We recognise we have a social responsibility given our active ownership of several sizeable businesses across Ireland and the UK.

Since 2018, we have maintained a Responsible Investment Policy which governs how we incorporate ESG criteria across all levels of our investment analysis and portfolio management (see here). While ESG incorporates many topics and themes, the environmental aspect and specifically climate change is a hugely important global issue, and we wish to ensure we are doing our part for society. Climate change is the defining issue of our time and we are at a pivotal moment. As investors in SMEs, we can help play our part in the transition to a low-carbon economy through our investment decisions and ongoing assessment of climate change impacts across the portfolio.

We have therefore published our Environmental Approach and Policy, which sits alongside our broader Responsible Investment Policy. That said, we do recognise that climate change (as a key ESG component) is highly complex and the underlying assumptions, methodologies and data are all relatively new and evolving. This policy represents our first steps in developing and furthering our understanding and approach to climate-related risks and opportunities over time.

In addition we are pleased to say our General Partner (Causeway CGP Limited) is now carbon neutral. We have calculated the carbon emissions generated from our GP business activities including work locations and business travel in 2019 and 2020. Carbon emissions have been calculated using publicly available carbon calculators and emissions data provided by the GP’s energy provider.

Causeway Capital has offset all our GP carbon emissions generated from business activities in 2020 by supporting Make It Wild through the purchase of carbon offset credits. Make It Wild is a nature conservation project encouraging greater knowledge, understanding and enjoyment of the natural world.

Celtic Linen CEO Joanne Somers' interview with Richard Curran on RTE's The Business

Joanne discusses the essential service Celtic Linen has provided to the healthcare sector through the Covid-19 pandemic. Listen here:

The Business (rte.ie)

Bizimply supporting customers through pandemic challenges

The Irish & UK hospitality sectors have been among the hardest hit by Covid-19 and resulting lockdowns. Recognising the extraordinary challenges presented by the pandemic to hospitality businesses, Bizimply provided free furlough and wage subsidy scheme management tools to support customers through Covid-19.

Employment support schemes and changes to right to work rules in the UK have increased compliance requirements for hospitality businesses; in response, Bizimply enhanced its product offering by implementing new tools to alleviate the additional administrative burden on its customers.

Bizimply CEO Conor Shaw said "Bizimply stand with our customers during these difficult times. We are delighted to have accelerated development of Questionnaires and Remote clock-in capabilities to enable customers comply with Government advice."

Sainsbury’s partners with Patisserie Valerie

Sainsbury’s and Patisserie Valerie have teamed up with a deal that will see Patisserie Valerie cakes sold at the supermarket’s bakery counters.

The selection consists of Patisserie Valerie’s 14 top-selling products, including the Salted Caramel & Chocolate Bombe, Strawberry Gateau and Baked Cheesecake Slice, alongside celebration cakes such as the Triple Chocolate Delight.

“Both Patisserie Valerie and Sainsbury’s are brands that are much loved and trusted by UK consumers,” said Patisserie Valerie CEO James Fleming. “In bringing our range exclusively into Sainsbury’s stores and online to their customers, we are excited to build on that trust with our high-quality handmade cakes and patisserie.”

“It was important to us that the offer was exactly the same as the menu served in our cafés and we have worked together as a team with Sainsbury’s to ensure that is possible, without any compromise to the visual excitement and eating enjoyment of all our products. The proof of this pudding is very much in the eating and we can’t wait to hear how the team at Sainsbury’s and the customers in turn react once our handmade cakes are in store.”

Geoff Bailey appointed as Turmec CEO

Following a 20-year career in the recycling and waste services industry in Ireland and the UK, Geoff Bailey joins Turmec as Chief Executive.

Mr Bailey said: “I am really excited about the opportunity to work with a team with such deep waste-sector expertise and engineering capability to lead the business through the next stages of its development. With an existing customer base in a number of significant global markets, and the continuing focus of public policy on zero landfill, circular economies and climate action, Turmec is well placed to make a real difference for our customers and the innovative solutions that they need in managing waste.”

Niall Fay, chairman of Turmec, said: “Geoff’s leadership credentials and impressive track record are ideally suited to guide Turmec on the strong growth trajectory we are on. Under Geoff’s guidance, we look forward to growing Turmec’s position as a world leader in innovative recycling solutions and supporting our increasing customer base in key markets across the globe.”

Ireland's largest graduate careers fair, the gradireland Graduate Careers Fair, takes place virtually for the first time

Over 100 of Ireland's top graduate recruiters are expected to participate in Ireland's largest online graduate recruitment fair- gradireland Careers Fair 2020 - where hundreds of jobs will be on offer to graduates across all sectors.

Irish graduate employers attending include AIB, Enterprise Ireland, Intel, Lidl, Workday, Amazon, Davy and many more. Up to 4,000 graduates have already registered for the first ever virtual gradireland Careers Fair 2020 which runs on Wednesday 30th September and Thursday 1st October 2020.

This year's virtual gradireland Careers Fair 2020 will include a host of new online features to allow participants upload their CV's, book online meetings with prospective employers and access graduate employment opportunities from many of Ireland's leading graduate employers.

And the good news ahead of this year's gradireland Career's Fair is that graduate salaries are continuing to rise. Findings from the 2020 gradireland Graduate Salary & Recruitment Trends Survey show that the average graduate starting salary across all sectors has risen from €30,409 to €31,938. Areas such as engineering, technology, finance, and retail are amongst those offering the highest salaries. The survey also finds that despite the challenges presented by Covid-19 employers are still optimistic about graduate recruitment with 70% of employers planning to maintain or increase their graduate recruitment levels.

Commenting on this year's gradireland Careers Fair, Ruairi Kavanagh, of gradireland, said the outlook for2020 for graduates, despite the challenges, remains positive. He said:

"The Graduate Survey shows that key sectors of IT, Engineering, Banking and Finance, Accountancy, HR and Research & Development remain strong with recruiters seeing sustained growth in graduate jobs."

"This year's survey results should give graduates real confidence as they enter the jobs market and are a perfect backdrop for this year's gradireland Careers Fair 2020. It goes virtual for the first time and will be live from 12 noon to 6 pm on Wednesday 30th Sept. and Thursday 1st Oct. with a packed programme of live events and discussions. We are very excited about the opportunity this gives graduates from all over the country to explore job opportunities, fine tune their CV's, engage directly with recruiters and secure jobs and training that will bring them to the next stage in their careers, particularly during this uncertain time."

"Graduates need to pre-register for the Careers Fair 2020 now to plan their participation over the two days so that they get the maximum benefit from the packed online programme of events. These include 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 go to www.graduatecareersfair.com

Celtic Linen CEO Joanne Somers highlights critical service provided by Celtic Linen team during Covid-19 pandemic

In her interview with The Sunday Times, Joanne Somers discusses the challenges Celtic Linen have faced during the Covid-19 pandemic while continuing to provide a critical service to the Irish healthcare and hospitality industries.

https://www.thetimes.co.uk/article/celtic-linen-boss-joanne-somers-says-laundry-firm-won-t-be-washed-up-by-covid-bg528qpvl

In The Style raises over £350,000 for The Samaritans with mental health initiative

Causeway portfolio company In The Style has raised in excess of £350,000 in donations for the suicide prevention organisation The Samaritans by selling a ‘Be Kind’ t-shirt inspired by the late Caroline Flack

All profits from the sale of the inspirational t-shirt are being donated to the mental health charity and In The Style have waved all delivery charges on its sales, with the business having to restock the £10 t-shirts due to unprecedented demand

The fundraising initiative demonstrated In The Style’s commitment as a brand to use its platform to raise awareness of important causes and issues affecting both the In The Style community and wider society

https://www.dailymail.co.uk/femail/article-8015891/In-Style-raises-100-000-donations-Samaritans-selling-Caroline-Flack-t-shirts.html

Patisserie Valerie partners with Reshmi Bennett for new autumn/winter menu

Patisserie Valerie has teamed up with Reshmi Bennett, former Bake Off contestant, to launch a new menu.

Bennett said she was excited to collaborate with the Patisserie Valerie team on the menu which includes new items such as Winter Spiced Cheesecake and hand-dipped eclairs.

Along with new items, Patisserie Valerie is also extending its all-day brunch menu with a brioche French toast with either frosted berries or crispy bacon and maple syrup.

Patisserie Valerie Managing Director Paolo Peretti, commenting on the new menu, said “we’re really pleased to launch this collection which marks a bold step”.

https://bakeryinfo.co.uk/news/fullstory.php/aid/22074/Patisserie_Valerie_partners_with_Bennett_for_new_menu.html

BBC launches new documentary on In The Style

BBC has just launched a new six episode series called “Breaking Fashion” which is a fly-on-the-wall documentary on In The Style.

The documentary follows CEO Adam and his team with each episode diving into the trials and tribulations of working with influencers, financing photo shoots, the sustainability agenda and the general speediness of the fast fashion industry. Most of the six episodes involve some kind of celebrity influencer, including Love Island winner Dani Dyer, Emily Atack, and Lottie Tomlinson. Instagram queen Lorna Luxe also features along with body positivity spokesperson Chessie King.

Check out the fascinating series on BBC1 and BBC iPlayer!

Turmec announces a number of new contracts

Turmec has recently announced a number of exciting new projects for two clients in the UK.

 One project has just been completed. ETM Recycling, in the South-West England, has just invested £4m in an innovative recycling centre at its Ashton Vale transfer station on the outskirts of Bristol. Now fully operational, the custom-built ‘super plant’ doubles ETM’s waste capacity to 150,000 tonnes per year. It also significantly improves the efficiency of waste handling and segregation, taking Ashton Vale’s landfill diversion rate to 98%. ETM chose Turmec – which has more than 45 years’ experience in the engineering and recycling industries – for its expertise in the end-to-end design and build of complex systems for separating and processing wastes.

 A second project has just commenced. Hills Waste Solutions, based in Wiltshire, UK, has commissioned Turmec to supply and install a new Materials Recovery Facility (MRF) plant, which will have the capacity to process 20 tonnes per hour of mixed dry recyclables (MDR). The new MRF plant will treat kerbside collected commingled recyclable materials collected by Hills from around 220,000 households across Wiltshire under a contract with Wiltshire Council, one of the largest unitary authorities in the country. The new Turmec MRF equipment will include various screens with optical and magnet elements to maximise the recovery of paper, cardboard, plastic bottles (PET and HDPE), plastic pots, tubs and trays, cans (steel and aluminium) and food and drink cartons.

 Henry Newbery, recycling manager for Hills said: “Turmec was awarded the contract to provide the MRF after a competitive tender process which saw Hills evaluating MRF designs from a number of providers. Turmec’s plant design and advanced sorting equipment will ensure that we achieve a high-quality separation of recycled materials.”

Causeway Capital welcomes the publication of the latest version of the ILPA Principles

Causeway Capital welcomes the publication of the latest version of the ILPA Principles (version 3.0).

As a General Partner, we fully endorse its key objectives of fostering transparency, governance and alignment of interests for General and Limited Partners.

About the ILPA

The Institutional Limited Partners Association (ILPA) engages, empowers and connects limited partners (LPs) to maximize their performance on an individual, institutional and collective basis. Serving more than 515 member institutions representing over $2 trillion USD of private equity assets under management (AUM), ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and networking. ILPA takes seriously its role in facilitating the growth and sustainability of this industry. It is imperative to the health of the private equity ecosystem that market actors adhere to the highest ethical and professional standards, deal fairly and honestly, invest responsibly and act with integrity and transparency.

About Causeway Capital

Causeway Capital is a private equity fund manager (General Partner) headquartered in Dublin, investing in small to medium sized businesses (SMBs) based in Ireland, the UK and Europe. Investing our own capital alongside third party institutional funds, we back ambitious management teams with sustainable growth plans. A responsible investor, we seek to use our capital and voice to make a positive impact through our investments. Our approach is firmly aligned with the objectives of the ILPA as described above