Carlyle Cardinal doubles money on GSLS with sale to Star Capital

CCI doubled its money after offloading its entire 51.5% stake in both this sale and a refinancing with the Bank of Ireland that took place in December, Unquote understands. GSLS was valued at around €30m at the time of its investment in 2014.

Star plans to identify new growth opportunities for the firm as well as invest in the company's fleet, staff and IT operations. GSLS is the fourth investment by Star's €800m Fund III, which closed on its hard-cap in June 2017.

CCI, a joint venture between Carlyle and local investor Cardinal Capital, is the largest private equity fund focused on Ireland. Under CCI's ownership, the company has grown its staff numbers by 70% to 200 and invested in the firm's fleet, premises and IT systems.

Previous funding
In 2014, growth capital was invested by CCI, a €300m fund focused on Irish SMEs with backing from the Irish Strategic Investment Fund and Irish Sovereign Wealth Fund.

Company
Founded in 2004, GSLS provides secure cash logistics to banks, financial institutions, retailers and hospitality businesses in Ireland. It is headquartered in Dublin.  

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