March 2019: Investment in Group GTI

GTI is the leading provider of media, data and technology solutions to the graduate recruitment market in the UK and Ireland. The business has over 30 years’ experience in providing students, universities and businesses with a suite of products to enable UK and Irish graduates to move in to industry and secure employment.

At the Company’s heart is a database of over 750,000 UK and Irish graduate students. GTI aims to connect this graduate talent with businesses and universities alike and offers a comprehensive suite of connected digital media, data and technology solutions.

Founded in 1988, GTI has over 600 customers and delivered revenue of over £15m in the year to April 2018. The Company has 250 employees based in its UK and Irish offices.

Causeway Capital invested alongside Mark Blythe, one of the original founders of GTI, and are delighted to partner with Mark and the team.

The deal marks Causeway Capital’s seventh investment in total and second transaction in 2019 (following its recent acquisition of Patisserie Valerie). These seven portfolio companies generate over €150m in revenue and collectively employ c.3,000 people.

February 2019: Acquisition of Patisserie Valerie from Administration

Founded in London’s Soho district in 1926, Patisserie Valerie is the leading branded patisserie and bakery operator in the UK with more than 90 outlets.

Causeway Capital funded the acquisition of the business and assets of Patisserie Valerie from the joint administrators in February 2019. Causeway Capital has also provided growth capital to finance investment in the business’ central food production facilities and store refurbishments.

Patisserie Valerie employs more than 1,700 people and Causeway Capital’s investment ended an uncertain financial period for the business, benefitting customers, employees and suppliers alike.

July 2018: MBO of leading Irish recycling engineering business Turmec

Turmec ( is an Irish-based expert in the design, manufacture and installation of recycling plants and equipment. The business specialises in the end to-end design and build of complex waste separation and processing systems which are critical for large, efficient waste processing and recycling plants. The business serves a blue-chip customer base of corporates and semi-state agencies including Biffa, Thorntons, Suez, Bord na Mona, AES and Powerday predominantly across the UK and Ireland, but increasingly further overseas.

The global opportunity for Turmec is expanding rapidly in line with increased recycling rates due to environmental concerns and the pressures on landfill. This is good news for Turmec as its systems help customers to recover more high-quality material from recycled waste more efficiently.

The business employs 75 people in its headquarters in the Irish-speaking Gaeltacht area of Co. Meath, at Athboy. Causeway invested c.€4 million to back the MBO team led by Managing Director, Brian Thornton. Former majority shareholder Joe Coffey will remain involved in Turmec. Niall Fay, a Director at Offaly-based Grant Engineering, has joined the board as non-Executive Chairman.

See coverage here.

May 2018: Growth capital investment in UK-based online fast-fashion retailer In The Style

In The Style ( is an online fast-fashion retailer which uses the reach of social media influencers by designing collaborations with them which are sold online along with their own brand collection. The business has over 2 million direct social media followers and a wider reach of over 25 million through its influencers, generating over 2 million visitors to the website per month.

Founded in 2013, In The Style is headquartered in Manchester, UK and exports all over the world. In The Style has revenue of over £20 million, and Ireland is the company’s second largest market after the UK. The business is led by founder and CEO, Adam Frisby, and COO, Paul Masters, who previously worked with fashion brands Missguided and Bench.

In The Style has recently announced a number of exciting new collaborations with influencers, including one with Dani Dyer, winner of ITV’s Love Island 2018 who boasts over 3.5m followers on social media – her collaboration launched on 10 October 2018.

See coverage here.

February 2018: Bolt on acquisition of Millbrook Linen by Celtic Linen

In February Celtic Linen, Causeway Capital’s third investment and the leading nationwide commercial laundry operator serving the healthcare and hospitality sectors, acquired Millbrook Linen and appointed Tom Joyce as Chairman.

The acquisition provides Celtic Linen with a second laundry facility located in Naas, Co. Kildare which will operate alongside Celtic’s existing facility in Wexford. This will enhance the quality of the group’s nationwide service to its hospital, care home, hotel and leisure operator customers.

Following the transaction, the Millbrook shareholders will become shareholders in the enlarged Celtic Linen group. The acquisition follows a twelve month, multi-million programme of capital investment by Celtic Linen in new, efficient equipment and high-quality linen for customers.

See coverage here.