A LIMERICK-based firm have had a majority stake in the company acquired by a Swedish private equity firm.
The majority stake in waste recycling business AMCS has been acquired by Swedish private equity firm EQT, which has been received as a sign of the industry’s “expanding appetite”.
Founded in 2003 by Jimmy Martin and Austin Ryan, AMCS serves resource-intensive industries, including waste management, recycling, transportation, manufacturing, and utilities.
The firm, which is headquartered in Limerick has over 1,300 employees worldwide, including across Europe, America, and Australia.
Current backers of AMCS include the Ireland Strategic Investment Fund (Isif) and private equity heavyweights such as Insight Venture Partners and Clearlake Capital.
Mr Martin and AMCS’s management company will retain a minority share, along with the Isif, Clearlake, and Highland Europe.
The deal was negotiated by financial advisor William Blair and was undertaken for an undisclosed sum.
Raphael Grunschlag, managing director of William Blair’s technology investment banking group, told the Business Post that the transaction “underscores two trends” in the market, namely the “expanding appetite to back both market leading software and sustainability platforms globally” and the “positive impact” software companies can have on resource intensive industries.
Robert Maclean, partner in the EQT Private Equity advisory team, said that “we have followed the progress of AMCS closely for many years and have been hugely impressed by what it has achieved, establishing itself as a clear market leader and delivering continuous innovation on behalf of its customers”.
“We strongly believe that AMCS has a fantastic opportunity to further support the circular economy and drive a greater share of recycling within the waste industry.”
