Investing

Causeway Capital triples return on Celtic Linen investment

The private equity firm backed by the ISIF acquired the Wexford-based linen rental and laundry business out of examinership in 2016 for €4 million

Joanne Somers, current chief executive of Celtic Linen, and the rest of the senior management team, will remain with the business following its sale. Picture: Patrick Browne

Causeway Capital has more than tripled its return on investment in Celtic Linen, the linen rental and laundry business which was sold last week, the Business Post understands.

Causeway Capital, the private equity firm backed by the Ireland Strategic Investment Fund (ISIF), acquired Celtic Linen out of examinership in 2016 for €4 million.

Since then, Causeway provided a further €4.5 million of follow-on investment, spread over a number of years, according to people familiar with ...