Thermodial in €1.25m MBO deal as it eyes raising turnover 40% to €10m
22 March 2016
The management team of Thermodial, the Irish commercial heating, ventilation and air-conditioning (HVAC) maintenance company, led by Turlough Kinane, has undertaken a management buyout of the company with the goal of increasing turnover by 40 per cent to €10 million by 2020. Based in Dublin with a national reach, the 29-year-old company has, among its clients, the OPW, St Vincent’s Private Hospital, Eir, Easons, Kildare County Council and Dublin City Council.
The new structure sees Kinane become managing director, Alan Keegan will be the operations director and Mark Carrick has been appointed as projects director. The management team have acquired 55 per cent of the company for €1.25 million financed by an Ulster Bank loan.
Co-founder Willie Kearney retains a 45 per cent shareholding and will remain in an executive capacity as sales director and chairman of the board of Thermodial Ltd. The company’s growth plans will see employee numbers grow by 20 people over the period, bringing the company’s complement to 60.
Chairman and sales director Willie Kearney said: “Thermodial has a strong 29-year track record through the thick and thin of Irish economic cycles. This MBO blends the deep experience of our founders with the drive of the new directors each of whom are proven in the company.”
MD Kinane said: “With the strengthening economic climate taking hold, we have ambitious targets to acquire additional customers in the segments we already have considerable expertise in including retail chains, public sector and the hospitals sector. We will also be targeting growth areas in the economy including the hospitality sector (hotels), data centres and private health facilities.”http://www.engineersjournal.ie/2016/03/22/thermodial-in-e1-25m-mbo-deal-as-it-eyes-raising-turnover-40-to-e10m/http://www.engineersjournal.ie/wp-content/uploads/2016/03/aaabther.jpghttp://www.engineersjournal.ie/wp-content/uploads/2016/03/aaabther-300x300.jpgNewsDublin,management