The deal sees MML Ireland invest in the business alongside existing family shareholders including Managing Director, Ray Cole.
Ray Cole, Managing Director of Virginia, comments:
“We are delighted to have agreed this investment and to partner with MML Ireland through the next phase of Virginia’s journey. Given international delivery trends, the logistics sector continues to expand in terms of expertise and capacity, which creates market opportunities for well positioned and invested businesses. I look forward to working with MML Ireland on our expansion plans. We are all ambitious for the company and intend to grow both organically and by acquisition. With its experience of working with dynamic scaling businesses, MML Ireland is the perfect partner for the next stage of our journey.”
Stephen Minogue, Investment Director at MML Ireland, explains:
“We are very happy to be partnering with Ray and the wider Virginia team. The business has developed a strong reputation in an evolving and growing market and we are very excited about the plans to scale the business into the future.”
Virginia was established in Cavan in 1982 as a local transport business and Sean, James, Eamon and Ray Cole have led the expansion of the business over the past 40 years to now focus on international logistics across Ireland, the UK and Europe. The business is headquartered in Virginia, County Cavan and employs c. 200 people. It expects revenues of c. €40 million in the year to 31 December 2022. The business services the food & beverage, industrial, manufacturing and pharmaceutical markets. Virginia operates a fleet of over 130 trucks, 400 trailers in conjunction with a 50,000 square foot facility in Kells, County Meath offering storage of chilled and dry goods, cross docking and “pick and pack”. It has additional transport hub facilities in Ballycoolin, Dublin and Tamworth, UK. It also offers customs clearance, freight forwarding, track, trace and live temperature monitoring services.
The MML Ireland investment team included Rory Quirke, Partner and Co-Head of Investments, Stephen Minogue, Investment Director and Kevin Nyhan, Investment Analyst.
Key Capital provided corporate finance advice to the shareholders of Virginia. Dillon Eustace acted as legal adviser to MML Ireland, while Wallace Corporate Counsel acted for Virginia. Mazars provided financial and tax due diligence.
The investment is subject to approval from the Competition and Consumer Protection Commission (CCPC).