Irish private equity firm Erisbeg has agreed to acquire a majority stake in Specialist IT Recruiter Eolas Recruitment Limited. The consideration for the transaction was not disclosed.
The transaction is subject to approval from the Competition and Consumer Protection Commission.
The acquisition brings the total invested by Erisbeg in various Irish businesses in the past 4 years to over €60 million. In October AIB confirmed that it had committed €10 million to the flagship Erisbeg fund bringing the total in that fund to €110 million. Erisbeg was established in 2017 by Alan Kerr and Thomas Davy who formerly worked with Blackstone and DCC respectively.
In conjunction with the acquisition, Eolas Recruitment has announced the appointment of Jim Ryan as Managing Director to succeed founder and Managing Director Vincent Flynn. Eolas Recruitment has also announced the appointment of senior executives Peter Kirby and Stephen Daly to the Eolas Recruitment board of directors. Stephen and Peter will retain their existing executive roles and responsibilities. Jim, Stephen, and Peter are investing in the business alongside Erisbeg.
Mr Flynn said his wife Mary and he started Eolas Recruitment in 1999 with a vision to create a specialist IT recruitment firm. "We are very proud of what we have achieved in that time, with the support of our talented and hard-working employees, our wonderful clients, all of the Specialist IT consultants, and the goodwill of the entire business community who have supported our journey over the past 23 years. We feel that Erisbeg is the right partner for Eolas Recruitment at the right time, and I am delighted that the business is in safe hands now for the next stage of its growth and development."
Thomas Davy, Erisbeg Partner said "Eolas Recruitment is a terrific and highly respected firm, which has wonderful employees, a highly talented roster of consultants available to it and an unrivalled blue chip client base. We are looking forward to supporting the management team and their growth strategy for the business. We welcome Jim Ryan, Stephen Daly, and Peter Kirby to the Eolas board of directors, and we look forward to working closely with them as we build on the strong foundations put in place by Vincent and Mary Flynn."
