Dublin-based private equity firm Erisberg buys Eolas Recruitment

Irish private equity firm Erisberg has acquired Eolas Recruitment, a specialist tech recruiter based in Bray, Co Wicklow, for an undisclosed sum.

The deal, which is subject to regulatory approval by the Competition and Consumer Protection Commission (CCPC), brings to more than €60 million the total amount that Erisberg has invested in Irish companies since 2017.

The Dublin-based private equity firm was cofounded by former Blackstone executive Alan Kerr and Thomas Davy, who previously headed up FTSE 100 company DCC’s environmental business before its sale in 2017 for roughly £219 million (€254 million).

Eolas announced the appointment of Jim Ryan as managing director to succeed founder Vincent Flynn. The company also announced the appointment of sales manager Peter Kirby and consultant Stephen Daly to its board of directors. Mr Kirby and Mr Daly will retain their existing executive roles and responsibilities and are investing in the business alongside Mr Ryan and Erisberg.

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Eolas Recruitment’s most recent set of accounts show the company had total assets of more than €4 million at the end of 2021 after generating a profit of close to €600,000 that year.

In a statement, Mr Flynn said: “We feel that Erisberg 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.”

Mr Davy 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.”

Since its foundation, Erisberg has raised a total of €110 million for its flagship fund, with AIB committing the final €10 million in October.

The firm has acquired majority stakes in companies including BP Multipage, a communications firm which operates in the health sector; Food Safety Company, a food safety consultancy; and logistics company Dixon International Transport.