Private equity fund Carlyle Cardinal Ireland (CCI) has exited its majority stake in cash-in-transit business General Secure Logistics Services (GSLS) as part of a sale of the business to European fund manager STAR Capital. Private equity fund Carlyle Cardinal Ireland (CCI) has exited its majority stake in cash-in-transit business General Secure Logistics Services (GSLS) as part of a sale of the business to European fund manager STAR Capital. CCI, which is part-backed by the State, bought its 51.5pc stake in GSLS in September 2014 in a deal that valued the company at €30m. The fund is understood to have doubled its money as a result of the agreed sale yesterday and a refinancing last December, that was used to repay shareholder loans. CCI bought a majority stake in 2014, alongside management, including Mary Ann O'Brien and CEO Eoin Donnelly.

Source: Irish Independent March 31, 2018 01:30 UTC