Vertis buys minority stake in Ireland’s DunPort
UK-based Vertis Capital Partners has bought a stake in Ireland’s DunPort Capital Management as part of a “strategic long-term partnership” between the two private credit firms.
Vertis’ initial minority stake in DunPort is expected to increase in the future based on various milestones. Financial terms of the deal were not disclosed.
DunPort’s executive directors Pat Walsh and Ross Morrow will continue to lead the business.
Read more: British Business Bank increases DunPort funding to £90m
The Dublin-headquartered firm will work closely with Vertis and its affiliate, Henry Costa Partners, a specialist merchant bank, to increase its institutional fundraising and lending.
“This partnership marks an exciting new chapter for DunPort,” said Walsh. “The combination of Vertis’ institutional relationships and Henry Costa’s structuring expertise will be invaluable as we continue to scale our platform and expand our geographical reach in a targeted way. The addition of Dermot and Henrik to our Board further strengthens our governance as we enter this next phase of growth.”
Read more: British Business Investments and DunPort partner on private credit vehicle
DunPort Capital Management focuses on providing flexible financing solutions to lower mid-market companies across Europe. Since inception in 2017, DunPort has deployed over €1.3bn to 68 borrowers across its core markets.
It is currently fundraising for Willow Corporate Credit DAC, its fourth private credit fund, which aims to raise up to €1bn. It announced a €200m cornerstone commitment from existing investors for the fund in December 2024.
“Through our partnership with Vertis and Henry Costa, we are well-positioned to accelerate DunPort’s growth across key European markets, including the Benelux, DACH and Nordic regions, while continuing to serve Ireland and the UK,” said Morrow. “Their combined expertise complements our proven credit and origination strengths, enabling us to target larger, more complex transactions in the lower mid-market while maintaining the disciplined investment approach that has been central to our success.”
DunPort also announced several board appointments as part of the strategic partnership.
Dermot Browne, former chief executive of Aviva Ireland and a former senior executive at Zurich Insurance, joins DunPort’s board as an independent non-executive director (NED).
Ralf Ackermann, co-founder of Vertis, will join DunPort’s investment committee.
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And Henrik Matsen, founder of Henry Costa Partners, joins DunPort’s board of directors, serving alongside its chairman David O’Flanagan and the existing NEDs Iain Burnett and Eugenee Mulhern.
Vertis Capital Partners is a London-based alternative investment firm specialising in private credit and asset-backed finance across the UK and Europe, led by former Apollo and Searchlight executives.
“DunPort has built an outstanding franchise with rigorous and disciplined credit selection focusing on downside protection,” said Vertis’ Ackermann.
“Our investment reflects Vertis’ strategy to back high-quality platforms across Europe and help scale them through enhanced institutional connectivity and structuring expertise.”
Ashcombe Advisers and McCann FitzGerald acted as financial and legal advisers to DunPort. William Fry acted as legal counsel to Vertis.
