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.
