Marketing assets

Philip Lynch engaged in insider trading at C&C, regulator says

Philip Lynch, former chairman of An Post, has become the first person in state history to be convicted of insider trading, according to The Sunday Times.

Mr Lynch – who has served as chief executive of two listed companies in Ireland, One51 and IAWS – accepted a €75,000 fine from the Central Bank of Ireland and a ban on being involved in a services company regulated financial institutions for five years. It is a punishment for breaching market abuse regulations while he was a director of C&C, which makes Bulmers cider.

The discovery is the result of a more than 10-year investigation and relates to her purchase of 200,000 shares of the company on October 21, 2008, when she was looking for a new chief executive, according to a report on the story in the Post. business.

Quanta will spend 300 million euros on warehouses

Property player Quanta Capital plans to spend 300 million euros to reclaim warehouses from cash-strapped small businesses, according to The Sunday Times.

The newspaper reported that Quanta, backed by Oaktree Capital, intended to spend the money buying warehouses and logistics centers from small businesses in need of capital and then leasing the properties to them.

Such transactions will free up capital for these companies while reducing their risk in the real estate market.

Quanta has already concluded 12 transactions worth a total of 85 million euros, the Sunday Times reported.

The company created the 300 million euro fund after withdrawing an offer on Yew Grove Real Estate Investment Trust last year.

Led by former professional cyclist Mel Sutcliffe, Quanta manages €1 billion in assets and is one of the largest logistics investors in the Republic. He also owns more than 45,000 m² of office space, including 23 Shelbourne Road, which he bought from Colony Capital last year.

Venture capital operations

Irish companies raised a record €382 million in venture capital in 25 deals between January and March, the Business Post reported.

New figures show a strong start to 2022 after a record year in 2021, when 287 venture capital deals totaling $1.87 billion (€1.77 billion) took place.

The total raised by Irish companies was the highest on record in the first quarter of the year.

Figures compiled by KPMG from researcher Pitchbook show activity soared despite the global slowdown amid geopolitical and economic pressures.

Deals completed in the quarter included fast-food ordering software maker Flipdish’s $100 million fundraiser, which valued the company at $1.25 billion.

Another big deal in the three-month period was the $150 million secured by Wayflyer, which provides online businesses with revenue, financial and marketing analytics.

Sale of Bord na Móna’s stake in a subsidiary

State-owned Bord na Móna is looking for a buyer for its 50% stake in energy technology company Viotas, which The Sunday Times has said could be worth 35 million euros in total.

The company has hired Deloitte accountants to find a buyer for the stake, he said. Viotas is developing technology that helps companies manage the energy demands they make on the national power grid.

Its technology remotely controls standby generators to reduce the power needs of grid companies during peak demand periods when electricity is needed most and cost is highest.

Companies that use this so-called “demand management” approach can receive capacity payments similar to those given to electricity generators for making themselves available to generate electricity when needed.

Acquisition of whiskey

Sazerac, owner of Paddy Whisky, is set to buy Lough Gill distillery from Co Sligo, producer of emerging rival Athrú, according to the Sunday Independent.

The newspaper says talks over North America-based Sazerac’s bid to buy Lough Gill are at an advanced stage.

Software entrepreneur David Raethorne founded Lough Gill Distillery in 2014. Sazerac is said to be willing to pay more than 40 million euros for the venture, according to a source quoted by the Sunday Independent.

According to the report, Sazerac, owner of Southern Comfort, has approached several distilleries to find a new paddy producer, either through a joint venture or outright acquisition.

Irish Distillers, which sold Paddy to Sazerac in 2016, continues to produce the famous Irish whiskey at its factory in Midleton, Co Cork, under the terms of the agreement.