MML Capital Partners Ireland, an Enterprise Ireland-backed fund, has invested up to €12 million for a controlling stake in Travel Department. The existing management team, including Sara Zimmerman, Managing Director, is to stay with the business and company founder Bob Haugh will continue as an investor.
The investment, which is expected to complete before the end of March, is the 10th made by the €125 million fund, whose other backers include AIB and a number of international investors.
MML provides capital to businesses for expansions, acquisitions, shareholder reorganisations, recapitalisations and management buyouts within the range of €2 million to €12 million. Other recent investments made under the fund include deals involving Fastway Couriers, Prim-Ed Publishing and Identigen, a food-tracking business in which financier Paul Coulson previously had a stake.
“We are backing a market leading business led by an experienced team with a very strong understanding of the market and their customers, and with significant ambitions for the future,” said Neil McGowan, Investment Director, MML.