European investment firm Waterland and Primeline group have announced a new partnership to support the next phase of the company’s growth strategy.
Primeline Group (Primeline) said it plans to grow revenues to more than €500 million and increase its workforce by 500 people to approximately 2,000 employees over the next five years.
The company, which was founded over 35 years ago currently employs around 1,500 people.
Primeline is Ireland’s largest independent provider of supply chain, logistics, sales, and marketing services.
Headquartered in Ashbourne, County Meath, the company operates a large fleet of trucks delivering goods to thousands of retail outlets across Ireland and the UK and generates annual revenue of €300m.
European investment firm Waterland Private Equity has been in opertion since 1999 and employs more than 200 professionals, operating from 11 offices across 9 countries.
It currently manages more than €20 billion under management.
In today’s announcement Primeline said the investment will support its expansion plans across Ireland and the UK, strategic acquisitions and continued investment in supply chain and route-to-market capabilities.
Laura Dillon, Partner at Waterland Ireland, said that together with Primeline they see significant opportunities to expand both organically and through strategic acquisitions as the business continues to strengthen its position across Ireland and the UK.
Primeline Group CEO Pamela Quinn, together with principal shareholders Danny Geoghegan and Tim Cummins, will continue to lead Primeline alongside the existing management team.
Pamela Quinn, Group CEO of Primeline, said the partnership represents a significant opportunity for the company, its customers and its brand partners.
“We remain focused on delivering operational excellence every day while continuing to invest in innovation, technology and our talented team.
“With Waterland’s support, we are well positioned to strengthen our market-leading capabilities, continue attracting exceptional people and build on the strong relationships that have underpinned Primeline’s success for more than three decades,” she said.
Danny Geoghegan, Founder and Co-Chairman of Primeline Group, added that the partnership gives Primeline the resources and expertise to accelerate their expansion, strengthen our presence in the UK and beyond and pursue strategic acquisition opportunities while remaining true to the values that have underpinned our success.”
The transaction is subject to customary regulatory approvals.
