Maples advises on first Irish funds to invest in crypto assets

Maples and Calder (Ireland) LLP, the Maples Group’s law firm, has advised the first Irish regulated funds to be granted permission by the Central Bank of Ireland (CBI) to take exposure to crypto-assets.

The approval will enable two Qualifying Investor AIFs (a category of alternative investment fund which is restricted to professional investors) to obtain indirect exposure to Bitcoin, by acquiring cash-settled Bitcoin futures which are traded on the Chicago Mercantile Exchange.

This is the first approval of its kind since the CBI published guidance in August 2021 which opened the door to the possibility of Qualifying Investor AIFs investing in crypto-assets, and it follows an extensive bilateral engagement with the CBI to demonstrate how the risks associated with the proposed investment could be adequately addressed.

Adam Donoghue, co-head of Maples’ Irish funds and investment management practice, said: “We are really proud to have acted on this exciting and innovative approval, which is a breakthrough development for the Irish funds industry.

“Our clients are seeing significant demand from institutional investors to be able to allocate to cryptocurrencies and other digital assets, so it is extremely positive that the Irish regulatory framework now accommodates this rapidly emerging asset class.”

Travers Smith advises Melior on final close of Melior Equity Partners Fund II

UK law firm Travers Smith LLP has advised Melior Equity Partners as lead counsel on the final close of Melior Equity Partners Fund II with €160 million of total commitments, making it one of the largest private equity funds in Ireland.

Melior is a private equity investment firm headquartered in Dublin which was founded by Jonathan Cosgrave and Peter Garvey, the former managing directors of The Carlyle Group’s operations in Ireland.

Melior Equity Partners II is backed by both local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB and will support Irish SMEs with strong growth potential.

The Travers Smith team was led by funds partner Sam Kay with support from senior associate Nikhil Nathwani and associate Natacha Öz. Support was also provided by financial services and markets partner Phil Bartram and associate Nick Glynn.

McCann FitzGerald supplied Irish legal support on the deal.

Walkers advises modular construction specialist ESS Group on sale of majority stake to ISG

Walkers’ corporate M&A group in Ireland has acted as lead counsel for ESS Group on the sale of a majority shareholding to leading UK construction firm ISG.

ESS Group, headquartered in Dublin and Manchester, employs 280 staff and specialises in innovative modern methods of construction within the healthcare, commercial and public sectors.

This transaction brings the significant resources and financial backing of the £2 billion ISG business to support the group’s further expansion.

The Walkers team was led by corporate partner Brendan O’Brien working alongside of counsel Eoin Ryan and associate Cal Kane.

Mr O’Brien said: “Walkers have been working with the ESS team since 2016, so we are especially thrilled to have supported ESS on this transformative deal.”

Ronan Daly Jermyn advises Healthcare 21 on acquisition of O’Flynn Medical

Ronan Daly Jermyn (RDJ) has advised medical equipment supplier Healthcare 21 on its recent acquisition of O’Flynn Medical.

O’Flynn Medical is an independent distributor offering product sales, rental and technical services to the hospital sector, private customers and nursing homes across Ireland and the UK.

The acquisition will support the growth of Healthcare 21’s expansive portfolio into the rental market segment, to become the leading provider in Ireland. The acquisition also provides an entry for Healthcare 21 into the bariatric market segment.

The RDJ transaction team included Sean O’Reilly and Maria Walsh in the firm’s corporate and commercial department, Antoinette Vahey in employment, Caitríona Harte in property and Mark Ludlow in tax.

Leman Solicitors advises ReSure Corporate Brokers on sale to NFP

Leman Solicitors LLP has advised specialist commercial insurance broker ReSure Corporate Brokers on the recent sale of the business to NFP.

Established just over two years ago, Dublin-based ReSure currently employs 14 people and is among the fastest growing corporate insurance brokers in the Irish market, generating gross written premiums valued at more than €24 million in 2021.

ReSure’s directors, Aidan Brady, Ross Barron and Garry Fitzroy, and the full team at ReSure will continue in their roles following the acquisition, which is NFP’s third acquisition in Ireland within the past two years.

The Leman team advising ReSure was led by corporate solicitor Sharon Meaney.