Cardinal Capital Group (Cardinal) has made a significant investment in Luzern eCommerce Ltd. (Luzern), the platform and services provider to global brands. Working with the company’s existing management team, including founder and CEO Ken Doyle, Cardinal plans to support Luzern’s significant growth opportunities.
Cardinal has invested in Luzern through Cardinal Ireland Partners Fund, which recently invested in Mowlam Healthcare, Ireland’s largest nursing-home operator. These new investments, combined with successful exits in 2020 of AA Ireland and Carroll Cuisine, reflect Cardinal’s position as Ireland’s most active private-equity investor.
Having increased annual sales by 60pc over each of the past three years, Luzern is one of Ireland’s fastest-growing technology companies, executing millions of transactions every year for some of the world’s largest brands. Luzern’s growth accelerated in the past 12 months as large numbers of consumers moved online as a result of retail restrictions globally.
Luzern provides a one-stop-shop platform and services for companies that sell online, both through their own -branded direct-to-consumer websites and through online marketplaces such as Amazon. International consumer brands that use Luzern to manage online sales and cross-border transactions include Nestlé, Signify/Philips, Bayer, Jacobs Douwe Egberts, Fossil and Victorinox. Luzern manages and increases sales on both own-brand sites and the Amazon marketplace across the US, Europe and Australia. The company is planning to expand into the Canadian market in the near future.
Ken Doyle, founder and CEO of Luzern, said: “Cardinal’s expertise and investment will allow us to bring Luzern’s market-leading technology platform to new customers and new jurisdictions. Given Cardinal’s track record of helping companies of our size to scale internationally, I expect this deal will be transformative for Luzern.”
John Dolan, managing director of private equity at Cardinal Capital, said: “We are delighted to support Luzern’s management team in its ambitious growth plans at a time when more people than ever before are making their purchases online. With half of all online sales taking place on marketplaces such as Amazon, we expect an increasing number of big brands to avail of Luzern’s technology infrastructure and analytics to optimise sales, inventory and margin.”