Previous Investments
Nua Healthcare
Nua Healthcare is Ireland’s leading specialist care provider for people with intellectual disabilities, mental health conditions and other complex needs. It supports some of Ireland’s most vulnerable and complex people in full time residential and supported living settings.
Fastnet Capital acquired a majority stake in Nua Healthcare from its founder Ed Dunne in March 2015. Following its investment, the business put significant resources into strengthening its management team and expanding its operational capacity. By 2019 it had grown by 150%, delivering care to 220 residential service users in 45 homes by 1,700 staff while sustaining high quality: Nua’s HIQA audits ranked it in the Top 3 of all residential disability services in Ireland.
The business was sold to an iCON Infrastructure backed management buyout in 2020, delivering an excellent return to its shareholders. The business has gone on to perform exceptionally well under its new owners.
SWS Energy and SouthWestern
The SWS Group was founded by a group of farmers’ co-operatives in 1957 to provide service to landowners. Ion Equity acquired it in 2006 for €215m, by which time it had become a conglomerate of businesses spanning renewable energy, outsourcing, waste processing, business services and property.
Ulric managed Ion’s investment in the group and drove its transition to focus on two businesses: SWS Energy, which at the time was an early-stage wind developer, and SouthWestern, a business process outsourcer.
SWS Energy
Between 2007 and 2009 SWS Energy grew through acquisition of early-stage projects and organic development to become Ireland’s largest wind energy developer. By 2009, it had 180MW in operating wind farms and an advanced pipeline of 500MW.
Ulric led the sale of SWS Energy to Bord Gáis Éireann in December 2009 for €550m, delivering strong returns for shareholders despite the significant economic headwinds of the time.
SouthWestern
On acquisition in 2006, SouthWestern employed 250 people providing outsourcing services, principally to the Department of Agriculture. Ion Equity invested in building the management team and focusing on growth and diversifying its earnings, opening new offices and trebling its revenues and staff numbers. This made the business a strategically attractive asset, which led to its sale to Capita plc in August 2014 for €35m.
Ocean Media
Ocean Media is a UK specialist exhibitions organiser and magazines publisher for trade and consumer markets. It is the clear UK leader in each of its key markets: social housing, weddings and leisure.
2006-2007 Ownership
Ulric led Ion Equity’s acquisition of Ocean Media from Trinity Mirror plc in July 2006 for £41m in an exclusive, off-market process.
Under Ion Equity’s ownership, the business grew earnings substantially from 2006 to 2007 and executed a number of strategic bolt-on acquisitions which established a European platform for the company’s future growth. The company was sold in November 2007 to a UK private equity firm, for £104m.
2011-2015 Ownership
Following its sale in 2007, Ocean Media faced a challenging trading period following a change of management team by the new owners and predictable erosion in some of its print advertising income streams.
Fastnet Capital rescued the business in 2011, working with some of the original management team in acquiring the business from its lenders. Following an intensive turnaround effort, the business was sold to Lonsdale Capital Partners in October 2015, generating a strong return for investors.