A UK investment firm is to take a minority stake in Dublin-based private credit business DunPort Capital Management after the two sides agreed a “strategic long-term partnership.”
Vertis Capital Partners will take an initial stake in DunPort which is expected to grow over time, DunPort said in a statement. Terms of the deal were not disclosed.
“Through the transaction, DunPort will collaborate closely with Vertis and its affiliate, Henry Costa Partners, a specialist merchant bank, to accelerate institutional fundraising and provide tailored fundraising solutions to channel capital from insurance companies and other long-term investors into the real economy,” DunPort said.
The company’s executive directors, Pat Walsh and Ross Morrow, will remain leading the DunPort business. Under the agreement, former Aviva Ireland boss Dermot Browne will join DunPort‘s board while Ralf Ackermann, a co-founder of Vertis, will join DunPort‘s investment committee. Henry Costa Partners founder, Henrik Matsen, is also added to the DunPort board.
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“The combination of Vertis’ institutional relationships and Henry Costa’s structuring expertise will be invaluable as we continue to scale our platform and expand our geographical reach in a targeted way,” Mr Walsh said.
Mr Morrow added: “Through our partnership with Vertis and Henry Costa, we are well-positioned to accelerate DunPort‘s growth across key European markets, including the Benelux, DACH and Nordic regions, while continuing to serve Ireland and the UK.
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“Their combined expertise complements our proven credit and origination strengths, enabling us to target larger, more complex transactions in the lower mid-market while maintaining the disciplined investment approach that has been central to our success.”
The deal comes on the heels of the firm completing the so-called first close of its latest fund aimed at small and medium-sized companies in Ireland and elsewhere.
The €200 million direct lending fund known as Willow Corporate Credit is backed by a €100 million commitment from the Ireland Strategic Investment Fund (ISIF), along with other institutional investors including the European Investment Fund and the Construction Workers’ Pension Scheme.
