Freshstream today announces that it has agreed to make an investment in MCR Group, a rapidly growing outsourced services company based in Ireland.  

MCR was founded in 1996 by Douglas Taylor who, together with co-shareholders and senior management, Kealan Turley and Donall Barrett, have grown the business to be a leading provider of cleaning, security, engineering and personnel services in Ireland. The company serves a diversified, longstanding client base across various sectors including commercial, pharmaceutical, construction, retail and public sector. The company is headquartered in Dublin with a workforce of more than 3,000 employees and will remain Irish based. 

The business has demonstrated a strong track record of growth and profitability, underpinned by a distinct focus on quality and client service. This has been recognised by several industry awards such as the Irish Contract Cleaning Awards and the Green Awards. The company is planning to expand further across Ireland, including via acquisitions with Freshstream’s support.   

Freshstream recently closed its fundraising for its first independent fund at €762 million. MCR marks the fifth investment in this fund and builds on Freshstream’s proven strategy of partnering with entrepreneurial and founder-led businesses. MCR follows recent investments in DeterTech, Bella Figura Music, Big Motoring World and Nafinco. 

Kealan Turley, CEO of MCR Group, commented: 

“We are thrilled to be teaming up with Freshstream and look forward to working together as we continue our ambitious growth strategy. Their expertise and investment will enable us to further accelerate our expansion plans, both organically and through acquisitions.” 

Giuseppe Silvestri, Venture Partner at Freshstream, said: 

“We are excited to support the MCR management team on the next step of their impressive growth trajectory. They have developed a business well regarded for its high standards of quality and entrepreneurial mindset, which is well-positioned to benefit from the positive market trends in the coming years.” 

Tom Carroll, Director at Freshstream, said: 

“We have been extremely impressed by MCR across all facets of the business. The culture and leadership in the firm was a real attraction for us and there is very strong alignment with Freshstream and our core values. We are delighted to have partnered with them and look forward to working with Kealan, Donall and the team.” 

Kealan Turley and Donall Barrett, who joined the firm in 2000, will continue to lead the business with the support of their existing senior management team and Freshstream. 

We have recently invested in BFM, a music publishing & rights business. Founded in December 2021 by Alexi Cory-Smith and Neelesh Prahbu, BFM is a company focused on acquiring and managing music rights. A music company for the digital age with a hands-on approach to optimising the monetisation of Publishing and Master Recording rights, in partnership with the artists.

Freshstream today announces that it has agreed to make an investment in Nafinco, the Dutch full-service partner for independent pharmacies.

With more than 200 members, Nafinco is the only independent buying group for independent pharmacies in the Netherlands of scale. The company offers its customers support with respect to procurement, inventory management, logistics and business intelligence. Partnering with Nafinco provides pharmacies with access to the best possible terms and product availability and allows pharmacists to focus their energy on providing the best available care to their patients.

Freshstream’s investment will support Nafinco’s growth strategy, developing its offering across the Netherlands and abroad. The partnership builds on Freshstream’s expertise in the pharmacy sector following its investment in Avicenna, now one of the top 10 pharmacy groups in the UK. It is the 4th investment by Freshstream since its spin out from Bregal Investments in 2020.

Dirk Jan van Baars, CEO of Nafinco, commented:

“Our partnership with Freshstream will help us to grow further and faster, and to serve our affiliated pharmacists even better. With Freshstream we now have a strong partner who brings knowledge and expertise.”

Lodewijk de Graauw, Partner at Freshstream, said:

“Nafinco is a fantastic company with a strong purpose in supporting independent pharmacists mitigate structural imbalances in drug procurement. We are delighted to have partnered with them and look forward to working with Dirk Jan and the team.”

Freshstream today announces that it has made an investment in Big Motoring World, the UK’s leading omni-channel tech-enabled second-hand car platform.

Founded in 1986 by Peter Waddell from his home in Teynham, Big Motoring World is now a top ten UK car dealer, operating from five sites with over 650 employees, selling an average of 22,000 cars a year. Big Motoring World has demonstrated a strong growth trajectory, maintaining strong revenue growth and acquiring two sites in Peterborough in 2021 despite the disruption from Covid.

Big Motoring World prides itself on providing a wide range of choice of quality second-hand cars combined with a customer service centric focus. It has consistently achieved best-in-class margins through its unique combination of advanced technology and a strong relationship-driven sourcing network. In addition to direct sales of second-hand cars, it provides a broad range of services and products, including financing commission, warranties and insurance.

Freshstream’s investment in Big Motoring World will enable the business to accelerate its growth strategy, developing its services to meet the needs of customers across new geographies. It is the third investment by Freshstream since it spun out of Bregal Investments in 2020.

Peter Waddell, CEO of Big Motoring World, commented:

“We are delighted to be partnering with Freshstream and look forward to working with them as we continue to scale and grow Big Motoring World. Their investment and expertise will allow us to further accelerate our ambitious growth strategy.”

Reza Fardad, Partner, at Freshstream, said:

“We are thrilled to be supporting the Big Motoring World team on the next chapter of their development. They have built a well-regarded platform and are well-positioned to capitalise on the sector trends in the coming years.”

For further information

Andrew Jaques / Pete Lambie / Pauline Guenot     MHP Communications     +4420 3128 8570

 

Notes to Editors

Freshstream Investment Partners is a midmarket private equity firm focused on the UK/Benelux regions. Founded in 2015 with offices in London and Amsterdam, Freshstream seeks to partner with entrepreneurs and management teams of rapidly growing businesses to provide insight, expertise and capital in order to build excellent, future-proof businesses that create value for its shareholders. Freshstream is a signatory of UN Principles for Responsible Investment, iCi, and has been carbon neutral since 2018.

We’re proud to have opened the Freshstream Amsterdam office on 1st October. The address is Muiderstraat 1, 1011 PZ Amsterdam, Netherlands and we look forward to welcoming you there soon!

 

Today we have released our Environmental, Social and Governance (ESG) review for 2020. At Freshstream, we strongly believe that focusing on ESG criteria is more than a box-ticking exercise. As responsible investors, we naturally ensure our portfolio companies comply with the law and regulation but this is only the beginning. We actively work with our portfolio companies to find additional ways to make a positive contribution to society.

This report summarises our ESG Highlights from 2020, reports on progress across portfolio-wide ESG priorities and includes case studies from Avicenna, Radley, Taziker, and Verwater.

Download our report

Freshstream announced today that CVC Capital Partners Fund VIII has reached an agreement to acquire a majority stake in leading British holiday park operator Away Resorts.

Founded in 2008 by leisure entrepreneur Carl Castledine, Away Resorts operates nine parks in prime UK holiday destinations, including Tattershall Lakes in Lincolnshire and Sandy Balls in the New Forest, welcoming almost 200,000 holiday-makers each year. The business recently expanded through the acquisition of popular Cornwall holiday park St Ives Bay, and over the past few years has invested heavily into its existing estate, to expand parks and add state-of-the-art facilities and entertainment complexes.

Freshstream invested in Away Resorts in August 2019, acquiring a controlling majority shareholding, with LDC retaining a significant minority stake. Together they have supported Carl and the team to become a leading operator with a broad portfolio of well-invested, market-leading UK holiday parks. Over this period, the business has enjoyed strong organic growth alongside a successful buy-and-build strategy. The outlook for Away Resorts continues to be strong, with record demand set for H2 2021.

Carl Castledine, CEO of Away Resorts, commented:

“We’re really excited to be partnering with CVC to drive the next phase of Away Resorts’ growth. Their experience in helping companies scale and expand their operational and digital footprint will be invaluable as we take our growth to the next level. Freshstream has been the perfect partner for us over the past two years, providing capital to expand and operational and strategic advice to help us scale the business. We are very grateful to have had Freshstream on board and have appreciated all the support they’ve given us.”

David Wells, Managing Director at CVC Capital Partners, commented:

“We have been hugely impressed by the success of Away Resorts’ differentiated, family-oriented holiday park proposition. The business is well positioned in a fragmented and growing market that benefits from strong consumer tailwinds. We are excited to be partnering with Carl and the Away Resorts team to support the development of the platform they have built and accelerate their ambitious expansion plans, through investing in existing parks and by significantly growing the estate over the years to come.”

Commenting on its second exit, Gilles Gradassi, Principal at Freshstream, said:

“We’ve been delighted to support the Away Resorts team in their journey. Since founding the business in 2008, Away Resorts has developed into a highly regarded and innovative holiday operator, well positioned to capitalise on the strong momentum they have generated. We’ve really enjoyed working with Carl and the rest of the team to accelerate the growth of the business. We look forward to watching its continued success.”

The sale is Freshstream’s second full exit and fourth significant liquidity event in Fund 1 since making its first investment in 2016.
Rothschild & Co advised Freshstream on the sale of Away Resorts. The acquisition is expected to complete later this year, subject to regulatory approvals.