As a result of sales of businesses, a plethora of family investment vehicles have sprung up in Dublin in around Fitzwilliam Square and its adjacent streetsFitzwilliam Square in Dublin: the area has become home to a host of family investment vehicles in recent times. Photograph: Cyril Byrne
It would mean much less now, after English agreed last week to sell control of Winthrop Technologies, the engineering business he founded in 1995 which has become one of Europe’s biggest data centre developers. It currently has projects in Dublin, Warsaw, Amsterdam and Munich.
Funded by scores of millions of euro of Winthrop dividends in recent years, Penman had €162 million of current assets at the end of 2022, up from €40 million a year, earlier, according to its most recent accounts filed with the Companies Registration Office . “Most family offices in Ireland are first-generation ones, as it is really only in the last few decades that we have seen serious wealth creation in the State. The family offices that we have seen being set up over the past 10 years have largely come from the sale of businesses,” said Damian Roddy, head of capital markets at Davy.
“What upside is there to me discussing our investments?” said the principal of another family office, who declined to be identified. “There is a saying in this sector that if you’ve met one family office, you’ve met one family office. Each one is different,” said Karl Rogers, chief investment officer at investment firm Elkstone, which has a family office business managing the money of its general partners and also invests on behalf of other high-net-worth individuals.
The low-profile entrepreneur would go on to merge Azur Pharma, a company he founded in 2005, with Nasdaq-listed Jazz Pharmaceuticals in a stock-based deal in early 2012, before subsequently raising about $99 million months later from the sale of a bunch of shares. High-profile assets include estate agents Sherry Fitzgerald, almost 4 per cent of Dublin-listed Cairn Homes, wearable sports analytics technology company Danu Sports and athleisure business Gym+Coffee. Kelly also built up a 4 per cent stake in HealthBeacon, the medical technology company that floated in 2021 but went into examinership last year.
It has also accumulated a stake of more than 7 per cent in lender PTSB, 10.3 per cent of listed insurer FBD – which Sretaw’s chairwoman Fiona Muldoon once led – and 2.8 per cent of Dalata Hotel Group.
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