Carne Group, an Irish provider of technology solutions to the global funds industry, has been valued at €1.4 billion in a deal that saw it secure fresh private equity investment.
Permira has acquired a minority stake in Carne in a transaction that has allowed fellow London-based investment group, Vitruvian Partners and several other minority shareholders to sell their interests, the company said in a statement on Friday.
Carne’s founder and chief executive, John Donohoe, and wider management team and employees will retain a majority shareholding in the group. Mr Donohoe, a funds industry veteran, will continue to lead the business, ensuring continuity and stability, the statement said.
The enterprise value of a business includes both equity and debt. The business was valued at €400 million under the Vitruvian stake purchase deal in 2021.
The Permira transaction is subject to customary regulatory approvals and is expected to close in the third quarter of this year.
Founded in 2004 by Mr Donohoe, Carne has more than 650 employees in eight locations globally involved in managing the governance, compliance and regulatory requirements of more than 700 of the world’s leading asset managers and institutional investors, with a total of $1 trillion (€840 billion) of assets under management.
It has 460 staff in Ireland, mainly based in Dublin.
“Partnering with Permira is an important step in Carne’s long‑term journey. Their global perspective and experience working with international, technology‑enabled businesses align well with our ambitions as the industry continues to evolve,” said Mr Donohoe.
“This partnership supports our ability to scale thoughtfully, broaden our reach and continue delivering for clients, while remaining independent and staying true to our mission of taking care of the people who take care of money.”
Carne said Permira’s backing will help it accelerate the development of technology platform and employ artificial intelligence. It will also allow the group to capitalise “on the significant growth opportunity across the sector as larger outsourcing mandates continue to gain momentum”, it said.