Outsourcing company Newcourt, which operates mainly in the security and recruitment sectors, has raised €8m in new funds through a private placing managed by NCB.
The proceeds will be used to finance Newcourt's acquisition of Cork-based Sheehan Security, which employs 400 people. This will bring Newcourt's total staff numbers in the Republic and Northern Ireland to 1,500.
The €8m has been provided by clients of NCB's wealth management division and by the Guinness Ireland Ulster Bank Equity Fund, which is also managed by NCB.
Newcourt chief executive Ted O'Neill said the extra funding would also support what he called the company's ambitious plans for growth.
