Cardinal Capital to acquire MML-backed Ashdale Care

MML Growth Capital declined to comment. Cardinal Capital had not responded to a request for comment at the time of publication.

The Irish Sunday Times first reported on 15 August 2021 that Cardinal was to acquire Ashdale, citing a spokesperson for Cardinal Capital. The item noted that the company has 120 staff and posts revenues of EUR 8.4m.

Cardinal Capital is a partner of the Carlyle Group, co-founded by Nigel McDermott and Nick Corcoran. The GP is currently deploying equity via its second fund, Cardinal Ireland Partners Fund. The vehicle makes equity investments of EUR 10m-50m and aims to make eight platform investments across the technology, food, financial services and healthcare sectors.

Cardinal's debut fund held a final close in July 2014 on EUR 292m.

MML acquired a minority stake in Ashdale Care in February 2018. At the time, the GP was deploying equity via its debut fund, which held a final close in November 2013 on EUR 125m. The fund deployed equity tickets of EUR 2m-EUR 12m, backing Irish and Northern Irish SMEs.

Company
Ashdale Care provides residential care and therapeutic, educational and specialist services for young people with complex emotional and behavioural difficulties. The company is headquartered in Ballygawley and operates 11 homes, according to its website.

People
Cardinal Capital – Nigel McDermott, Nick Corcoran (co-founders).
MML Growth Capital – Rory Quirke, Neil McGowan, (partner, co-head of investments).
Ashdale Care – Paul Kane (chief executive).

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• Buyouts
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