Walls Construction bought out by new holding company
19 May 2015
Engineers Ireland CPD Accredited Employer Walls Construction has been acquired by a new holding company, controlled by the existing management team, and a number of private investors.
The buyout was led by managing director Eugene O’Shea, along with directors Willie White, Joe McGillycuddy, John Cahill, Adrian Corcoran and Frank Kelly. The management team was backed by a team of private investors consisting of Gerard O’Shea, John Collins, Gerry Harrington and Peter Boylan.
A key second participant is an investment vehicle, headed by Dr Joe Walls and Aidan Walls, representing members of the Walls family not involved in the previous executive of PJ Walls Holdings. The MBO team and investors were advised by Deloitte, Eversheds and Mason Hayes & Curran.
After confirming the buyout, Eugene O’Shea welcomed the commencement of new flagship projects such as the new Central Bank docklands building, the LinkedIn European headquarters and the DAA office building redevelopment at Dublin airport.
“This is a time of opportunity and the investor-backed MBO puts Walls Construction in a strong position to benefit from the upturn in construction,” O’Shea said.
“With confidence returning to the Irish construction sector, our experienced team of construction professionals, which has remained intact throughout the downturn, is ready to deliver key public and private sector projects.
“With the backing of our investors and the commitment of our management and staff, we are confident that Walls Construction will continue to perform strongly,” he said.
In 2013 Walls Construction wrote off €19.2 million owed by its parent company, which has paved the way for the completion of this MBO. As a result, Walls Construction will operate under a new ownership structure and is now separate from PJ Walls Holdings Group.http://www.engineersjournal.ie/2015/05/19/walls-construction-bought-new-holding-company/http://www.engineersjournal.ie/wp-content/uploads/2015/05/Eugene_O_Shea_Walls-Construction-Managing-Director.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/05/Eugene_O_Shea_Walls-Construction-Managing-Director-300x300.jpgNewsconstruction,CPD,Walls Construction