The venture capitalist and businessman, Mr Pierce Casey, has joined the board of Lamont Holdings as a non-executive director, after a company he jointly owns acquired a 15.81 per cent stake in the Northern Ireland group.

The company, Castlemere Enterprises, is owned by Mr Casey and Mr Ronald Wilson, the managing director of Monaghan Mushrooms Ltd. Castlemere Enterprises acquired Mr Casey's existing 5 per cent interest in Lamont.

The 15.81 per cent stake cost Castlemere approximately £3.1 million (#3.9 million). The venture capital company he heads, Apax Partners Ireland, advised Castlemere on the sale.

Mr Casey declined to comment on the investment. The chairman of Lamont, Mr Dermot Simpson, said Mr Casey's equity interest in the company "demonstrates his confidence in the potential of the group".