Thought of the Week

Scaling in the US

Across our portfolios, we’ve decided many times not to expand into the US; in other cases we’ve experienced mixed outcomes, and in companies like EIDA and Rennicks we’ve seen outsized success. Strategically, it’s a recurring dilemma: do we aim to become one of the Irish PLCs that cracked the US and built a global giant, or follow the Ryanair model and dominate closer to home?

US expansion shouldn’t be a tick-box milestone but a value-creation lever – one that only works when market reality and operating reality align. Founders and investors must ask how central the US truly is to the outcome they want. Plenty of European firms win without deep US roots; others outperform because they commit. The difference, as the Index Ventures playbook Winning in the US argues, is alignment – not just ambition.

10 Key takeaways from Winning in the US:

Europe is a strength, not a constraint.
Europe provides durable advantages in familiarity, talent, cost, and retention that should be protected as the company scales globally.
Archetypes provide a clear decision framework.
Clear alignment between expansion archetype and execution model is critical to avoid structural underperformance.
a. Magnet – The US is the dominant market, requiring leadership relocation and a sales-led model, while engineering largely stays in Europe.
b. Pendulum – Meaningful demand on both sides of the Atlantic creates dual centres of gravity, making this the most complex model to run well.
c. Anchor – Europe remains the core business, with a targeted US go-to-market presence contributing meaningful but secondary revenue.
d. Telescope – US customers are served remotely through a product-led model, with minimal local infrastructure until scale forces change.
e. Transplant – The company is built US-first from inception, with founders relocating early, offering upside but carrying the highest execution risk.
Timing matters more than speed.
Readiness—product–market fit, leadership bandwidth, and capital—matters far more than how quickly the US is entered.
Founder and leadership commitment is decisive.
US success is strongly correlated with sustained founder presence and senior leadership proximity to customers.
The US rewards ambition but demands execution.
Higher willingness to buy and pay comes with higher expectations for service, localisation, and delivery.
Capital strategy must come first.
Meaningful US expansion should follow, not precede, the capital raise required to support it properly.
Organisation design and culture are hidden failure points.
Operating-model complexity and cultural drift are common, underestimated causes of transatlantic failure.
There are practical questions every investor should ask.
Explicit answers to archetype, leadership intent, capital sufficiency, and sequencing reduce execution risk.
Bottom line for investors.
The highest returns come from deliberate archetype choice, full commitment at the right time, and preserving Europe as a long-term edge.
US expansion is a strategy, not a default.
The US should be entered only where it is a genuine value-creation lever, not as a reflexive milestone.

You can access Winning in the US in its entirety for download here.

M&A Activity

Nutritics receives investment from Kester Capital

Deal Details:

Nutritics has received investment from Kester Capital. Deal consideration was not disclosed.

Nutritics is a Dublin-based B2B foodservice tech business that specialises in food data management software. The company was majority owned by Damian and Ciarán O’Kelly and CEO Stephen Nolan. It does not report turnover or EBITDA information.

Kester Capital is a London-based private equity firm focusing on investments in the technology and life sciences sectors.

Nutritics:

M&A Advisory: Deloitte led by Jan Fitzell, James Toomey, Valerie McGrane, Gavin George, Rory Duggan, Ajit Nambiyar and James Glynn.

Legal: Addleshaw Goddard led by John Darmody, George Danczak, Jason De Klerk, Ray Byrne and Lara Jones.

Vendor Assist and Data Analytics: Deloitte led by George Byron and Andy Marks.

Tax: EY led by Rob Henson and Alison McHugh.

CDD: Plural led by Jonathan Dufton.

Kester Capital:

Investment Banking: DC Advisory led by Justin Pursell, Michael Moriarty, Devin Balapatabendi, Adedamola Fashina and Ovie Ototahor.

Legal: Simmons & Simmons led by David Brangam, Tim Hewins, Jennifer Watters and Aoife Ryan.

Renatus Comment:

This acquisition represents another Irish entrepreneurial success story, with CEO Stephan Nolan having won the EY Sustainability Entrepreneur of the Year award in 2022. It also exemplifies how founders are leveraging private equity management and capital to accelerate growth.

This investment, originating from Kester Capital’s Fund IV will support Nutritic’s expansion, drive product development, facilitate M&A activity and accelerate its entry into the US market. Growth prospects in the US have been significantly strengthened by the updated edition of the Dietary Guidelines for Americans, released in Jan’26 by Health Secretary Robert F. Kennedy Jr. These guidelines emphasise nutrient-dense foods and deliver strong messaging on prioritising “real food” over processed alternatives on labels.

Source: Nutritics Press Release

Ethos Engineering acquires 3DEC

Deal Details:

Ethos Engineering has acquired 3DEC. Deal consideration was not disclosed.

Ethos Engineering, established in 2005, is a Dublin-based company that specialises in Mechanical Electrical consultancy and sustainable data centre building design. It is backed by UK-based private equity group Exponent. In FY Dec’24 the company reported turnover of c. €39.4m which converted to c. €6.4m in EBITDA.

3DEC is a UK-based technology design consultancy that specialises in ICT, Audiovisual, BIM-led design, and Project Management services. It was owned by Dylan and Emma Lewis. It does not report turnover or EBITDA information.

Advisors:

None mentioned.

Renatus Comment:

This acquisition marks Ethos Engineering’s second deal since Exponent’s backing in Mar’24. It significantly strengthens the company’s technology design consultancy capabilities, particularly across the data centre, commercial workplace, and education sectors.

3DEC specialises in ICT design services, which are mission-critical within data centre environments. The Irish data centre market recently received a boost following Enterprise Minister Peter Burke’s announcement that the four-year ban on data centre construction in Dublin is set to be lifted.

Source: Business Post

Sweepr Technologies acquired by Plume Design

Deal Details:

Sweepr Technologies has been acquired by Plume. Deal consideration was not disclosed.

Sweepr Technologies is a Dublin-based provider of digital customer care platforms. The company was co-founded by Alan Coleman and Jim Hannon in 2018. It does not report turnover or EBITDA information.

Plume Design is a California-based company delivering intelligence services for internet services providers. It is run by CEO Dan Herscovici and has received investment from big investors such as SoftBank and Insight Partners.

Advisors:

Sweepr Technologies:

Corproate Finance: CKS Finance led by Conor Sheahan, Becky Gordon and Cillian Daly.

Legal: William Fry LLP led by Máire O’Neill, James Cotter, Aaron Kelly, Carol Eager, Luke Kavenagh and Joseph Walshe.

Tax: KPMG led by Cillein Barry, Brian Roche and Neil Stokes.

Plume:

Legal: A&L Goodbody LLP led by Darran Nangle and Alexander Kenny.

Financial: PwC.

Legal: Wilson Sonsini Goodricj & Rosati.

Renatus Comment:

This deal marks another great Irish entrepreneur success story. Both Alan Coleman and Jim Hannon, co-founders of Sweepr Technologies, are repeat entrepreneurs. The pair sold previous start-up Brite:Bill, a billing software company, to Amdocs in 2016 for a reported c. €80m. This transaction is another significant sale for the entrepreneur duo who will stay on as Chief Product Officer (Alan Coleman) and Chief Architect (Jim Hannon).

Sweepr Technologies has fundraised over c. €16m to-date from investors such as Telus Ventures, Molten Ventures, Frontline Ventures and Enterprise Ireland. Sweepr Technologies’ AI-native customer-care orchestration platform, which processed over one million customer interactions in 2025, will be integrated with Plume Design’s network intelligence to help Internet Services Providers (ISP) resolve customer issues faster and more efficiently across support channels.

Source: Plume Press Release

Vivasure Medical acquired by Haemonetics

Deal Details:

Vivasure Medical has been acquired by Haemonetics. Deal consideration was reported to be c. €185m, with c. €100m in upfront payment and c. €85m contingent on performance.

Vivasure is a Galway-based medtech company specialising in arterial closure devices. It was founded in 2009 by Chris Martin and Gerard Brett and backed by Enterprise Ireland and the Western Development Commission among others. The company does not report turnover or EBITDA information.

Haemonetics is a Boston-based medical devices group. The company is listed on the NYSE and currently trades at c. $73.73 per share as of 16/01/2026. The company currently has a market cap of c. $3.56bn.

Advisors:

Vivasure Medical:

Legal: Eversheds Sutherland led by Jonathan Ennis.

Haemonetics:

None mentioned.

Renatus Comment:

Vivasure Medical is the creator of PerQseal, a device designed to seal blood vessels internally, restoring the artery or vein to its natural state without leaving any residual material. This deal adds to the long list of Galway-based medtech and medical device success stories. Previous notable transactions include Aran Biomedical’s acquisition by Integer and CR Bard’s acquisition of Galway spin-out Embo Medical.

Co-founder Gerard Brett, previously worked at global medtech company Boston Scientific. He then went on to establish Vivasure Medical alongside Chris Martin, highlighting the depth of entrepreneurial talent in Ireland’s medical devices sector, particularly in the west.

Source: Irish Times

Kingspan acquires Duggan Profiles

Deal Details:

Kingspan acquires Duggan Profiles. Deal consideration was not disclosed.

Kingspan is headquartered in Kingscourt, Co. Cavan and is a global leader in high-performance insulation and building materials solutions. The company primarily trades on the Euronext Dublin and has a market cap of c. €13.1bn. In FY Dec’24 Kingspan Group reported turnover of c. €8.6bn which converted to EBITDA of c. €1.1bn.

Duggan Profiles is a Kilkenny-based manufacturer of single-skin construction sheets, purlins, rails, flashings and gutters. It was a part of the Duggan Steel Group which was owned by Yvonne Dore and the Duggan family. In FY Dec’24 the company reported turnover of c. €61.8m which converted to EBITDA of c. €1.1m.

Advisors:

None mentioned.

Renatus Comment:

The Duggan Profiles acquisition stands out as a “close-to-home” Irish bolt-on for Kingspan. While the group is Irish-headquartered, much of its recent M&A has been overseas, with a particular focus on the US. The deal also aligns well with Kingspan’s acquisition-led growth strategy. Recent additions such as Nordic Waterproofing, IB Roof Systems and the Stonewool insulation business show the group continuing to broaden and deepen its building envelope offering. In FY’24, Kingspan completed 19 acquisitions and noted in its annual report that c. 8% of sales growth for the year was driven by acquisitions.

Source: Kingspan Press Release

DreamTec Systems acquired by FleetGo Group

Deal Details:

DreamTec Systems has been acquired by FleetGo Group. Deal consideration was not disclosed.

DreamTec Systems is a software company specialising in advanced fleet management technology products. It was owned by Paul Foley, Sean Finnerty and Patrick Treacy. The company does not report turnover or EBITDA information.

FleetGo Group is European provider of logistics and telematics solutions. The company is back by Dutch private equity group Main Capital Partners.

Advisors:

Dreamtec:

Corporate Finance: FOCUS Capital led by Barry Madden, Cormac Shankey and Adam Ryan.

Tax: FOCUS Capital Partners Tax led by Andrew Kenny & Nick Laver.

Legal: Taylor Wessing led by Adam Griffiths & Jack Ryan.

FleetGo/Main Capital:

Legal: Philip Lee LLP led by Eoghan Doyle, Patrick Egan, Deirdre Brannigan, Alan Connell, Kevin Keenan and Harry O’Malley.

Renatus Comment:

This acquisition by Main Capital-backed FleetGo forms part of its strategic growth ambitions to expand its presence in the European logistics and telematics solutions market, with a particular focus on Ireland and the UK, complementing its existing footprint across the DACH and Benelux regions.

Telematics software solutions are increasingly adopted by fleet-heavy distributors, as in-cab digitisation has proven to be one of the most effective levers for improving profitability. The solutions eliminate paper processes, reducing manual data entry, and minimising disputes. According to Yahoo Finance, citing Berg Insight, the number of active fleet management systems in Europe is projected to grow from c. 18.1 million in 2024 to c. 30.5 million by 2029, underlining the significant growth potential of the market.

Source: FleetGo Group Press Release

Kerr's Tyres receives investment from Chiltern Capital

Deal Details:

Kerr’s Tyres has received investment from Chiltern Capital. Deal consideration was not disclosed.

Kerr’s Tyres Group is an Antrim-based tyre service provider offering 24hr service from a network of depots anda fleet of mobile tyre fitters. The company was founded in 2002 by Norman Kerr. The company does not report turnover or EBITDA information.

Chiltern Capital is a London-based private equity firm.

Advisors:

None mentioned.

Kerrs Tyres:

Deal Advisory: Beltrae Partners led by Matt McCullough.

Legal: MKB Law led by Gordon McElroy.

Chiltern Capital:

Legal: Capital Law.

Financial: RSM.

Corporate Finance: FRP Corporate Finance.

Renatus Comment:

This deal is a strategic investment by Chiltern Capital in a highly fragmented retail and commercial tyre market underpinned by resilient, regulation-driven demand. Figures from the last 12 months show that c. 182,160 motorists (c. 10.5%) failed their NCT due to tyre condition, highlighting the ongoing need for tyre replacement and maintenance across the national vehicle fleet. Kerr’s Tyres operates c. 29 locations across Northern Ireland and the Greater Dublin region, positioning it well to capture this recurring demand.

There has been considerable M&A activity in the tyre sector due to its fragmented nature, with Kerr’s Tyres recently acquiring GM Tyres and the Ballymoney Tyre Centre. Other notable players in the industry include Modern Tyres, National Tyres and Atlas Autoservice. This investment will bolster Kerr’s Tyres’ expanding position in the market and support its buy-and-build strategy and geographic expansion.

Source: Irish News

KAON Automation acquired by Automated Industrial Robotics

Deal Details:

KAON Automation has been acquired by Automated Industrial Robotics. Deal consideration was not disclosed.

KAON Automation is a Sligo-based manufacturer of automated machines for medical devices, automotive, electronic and consumer goods manufacturing companies. The company was majority owned by Fergus Hynes and Garreth Finlay. It does not report turnover or EBITDA information.

Automated Industrial Robotics (AIR) is a US-based industrial automations investment vehicle focused on acquiring and growing industrial automation companies. The company was launched in Jan’24 by alternative asset manager Ares Management. It does not report turnover or EBITDA information.

Advisors:

KAON Automation:

Corporate Finance: Grant Thornton led by David Kealy and Jack Edwards.

Legal: Fieldfisher led by Peter O’Neill and Conor Folan.

Tax: Porter & Co led by Trina Phillips.

Automated Industrial Robotics:

None mentioned.

Renatus Comment:

This acquisition marks AIR’s third Irish-based acquisition in two years after acquiring Mullingar-based Robotics & Drives and Shannon-based Modular Automation in 2024. KAON Automation’s precision assembly and liquid filling technologies will further add to AIR’s existing suite of solutions across the life sciences, food & beverage, cosmetics and automotive sectors.

PWC’s US deals outlook for 2026 noted a significant acceleration in industrial manufacturing deal activity in 2025, with automation and robotic platforms rising to the top of M&A priorities. Deal value rose from c. $90.6bn in 2024 to c. $126.6bn in 2025, underscoring this trend.

Source: Automated Industrial Robotics Press Release

Tech Refridgeration and Air Conditioning acquired by bluu unit

Deal Details:

Tech Refrigeration and Air Conditioning acquired by bluu unit. Deal consideration was not disclosed.

Tech Refrigeration and Air Conditioning is a Dublin based specialist in refrigeration and air conditioning with a nationwide service network and expertise in the application of natural refrigerants. The company was majority owned by Vincent Weldon and James Weldon. The company does not report turnover or EBITDA information.

Bluu unit is a German based alliance of specialist companies that designs, installs and maintains sustainable refrigeration, air conditioning, ventilation and heat pump systems. The company is backed by London-based private equity firm Triton. The company does not disclose turnover or EBITDA information.

Advisors:

Tech Refridgeration and Air Conditioning:

Corporate Finance: Key Capital led by Katie O’Connell, Colin Morgan, Alex Reid and Hannah Joy.

Legal: Power Law led by Andrew Power, Cathal Hester, Noelle Whelan and Chelsea Heaney.

Tax: O’Hara Dolan led by Gary O’Mahony.

bluu unit:

Corporate Finance: CMD Global led by Conor Barry.

Legal: RDJ led by Bryan McCarthy, Sarah Slevin, Aisling Barry and Jack Bergin.

Bryan McCarthy, Jack Bergin, Sarah Slevin, Leanne Connell, Ciara Hurley, Brian Quinn , Treasa Seoighe, Aisling Barry, Finola McCarthy, Jennifer Cashman, Isabelle Manix, Mark Ludlow and Alan Cronin.

Financial: EY led by Marcus Purcell, Denis Pietruschka, Robert Cook, Michael Mills and Gareth Carr.

Tax: EY led by Dave Barry, Rachael Harvey, Cormac Daly and Thomas Power.

Renatus Comment:

This acquisition allows bluu unit to expand its presence in the EU market and gain a foothold in Ireland, a key growth market. Both companies have a strong focus on natural refrigerants which are set to replace Hyrdofluorocarbons (HFCs) by 2050 according to the European Commission. The F-gas Regulation already caps production of HFCs to c. 60% of annual production from 2011-2013 with this rate set to decline to c. 15% by 2036. This makes for an attractive steadily growing market going forward.

Source: Triton Partners Press Release

Fairstone Ireland partners with All Financials

Deal Details:

Fairstone Ireland has announced a strategic partnership with All Financials. Deal consideration was not disclosed.

Fairstone Ireland is a wealth management advisory firm and part of the Fairstone Group. In 2021, UK private equity firm Synova sold a majority stake in the business to TA Associates and re-invested as a minority shareholder. In Q4’23, the group reported £154m of Pro-Forma fee income.

All Financials is a Dublin-based financial advisory firm. The company was owned by Fran and Greg Cooke. In FY Dec’24 the company reported turnover of c. €.8m.

Advisors:

Fairstone Ireland:

Legal: Eversheds Sutherland led by Enda Cullivan and Ellen Foley.

Financial: Grant Thornton led by Stuart Mellon, Michael Neary, and Luke Smullen.

Tax: Grant Thornton led by Brian Murphy, Jennifer Lalor, Eimear Mulcahy, Megan Lynn and Rob Byrne.

Compliance Advisory: The Compliance Consultant led by Paula Downey.

All Financials:

Legal: Taylor Wessing Ireland led by Paddy Quinlan and Jack Ryan.

Renatus Comment:

This marks yet another acquisition by Fairstone Ireland in the Irish market, bringing their total number of transactions since inception to c. 14. The company continues to consolidate small Irish insurance and financial advisory firms, leveraging the increasing household wealth trends in the country, as highlighted by Davy’s Wealth in Ireland report which forecasted Irish household wealth to double to c. €2.6trn.

Source: Fairstone Ireland Press Release

ORS acquires TWM and Pat McGovern Surveyors

Deal Details:

ORS has acquired TWM and Pat McCann Surveyors. Deal consideration was not disclosed.

ORS is a multidisciplinary engineering consultancy business offering a range of services including design, project management, surveying and fire safety. The company is backed by private equity firm Erisbeg. In FY Dec’24 the company reported turnover of c. €16.3m which converted to EBITDA of c. €3.4m.

TWM is a Dublin-based commerical property agency. The company has been led by managing director Willie Norse since 2024. The company does not report turnover or EBITDA information.

Pat McGovern Surveyors is a Dublin-based building surveyor compnay. It was owned by Patrick McGovern and Carmel Reilly. The company does not report turnover or EBITDA information.

Advisors:

ORS/Erisbeg (TWM Deal):

Financial: Mazars led by Mark Mulcahy, Antoine Bruner and Peter Harte and EY led by John Kennelly and Robert Clarke.

Legal: Byrne Wallace Shields LLP led by Emmet Scully, Lester Sosa-Villatoro and Elizabeth Mahon.

TWM:

Deals Advisory: PwC led by Mark McEnroe.

Legal: Addleshaw Goddard led by Deborah Kelly, Paul Martin and Patrick Conlon.

ORS/Erisbeg (Pat McGovern Surveyors Deal):

Financial: Crowe Ireland, Aiden Murphy, Joy Olisa and Rory Cotter.

Tax: EY, John Kennelly, Robert Clarke and David Gillen.

Legal: Byrne Wallace Shields LLP, Lester Sosa-Villatoro and Elizabeth Mahon.

Renatus Comment:

These acquisitions reinforce ORS’s aggressive growth strategy following previous deals to acquire John Spain Associates in September 2023 and Coffey Consulting Engineering in April 2025.

The commercial property sector experienced renewed activity in 2025, in contrast to the previous year when transactions were scarce. Knight Frank’s H1 2025 report highlighted that c. €927.5m was invested in the Irish commercial property market during the first half of the year, a c. 39% year-on-year increase. European investors, particularly French SCPIs such as Corum and Arkea REIM, have been active, attracted by mid- to high-single-digit yields available in Ireland. This resurgence in activity is driving demand for consultancy services offered by firms like ORS.

Source: Business Post

Cedar Auto Group acquired by Salvador Caetano Group

Deal Details:

Cedar Auto Group acquired by Salvador Caetano Group. Sources close to the deal estimate its consideration to be around c. €100m.

Cedar Auto Group is a Dublin based independent motor distributor and retailer and was one of Ireland’s largest independent motor groups. The company was owned by the Kuwaiti-based Al Babtain family. In FY Dec’24 it reported a turnover of c. €659.7m.

Salvador Caetano Group is a Portuguese based global leader in the automotive industry. The company is owned by the Caetano family. In FY 24 it reported turnover of c. €4.3B which converted into EBITDA of c. €318.4m.

Advisors:

Cedar Auto Group:

Corporate Finance: Clearwater Corporate Finance led by John Sheridan, Michael Quinlivan and Chris Finnegan.

Salvador Caetano Group:

None mentioned.

Renatus Comment:

This deal reflects continued consolidation in the Irish automotive retail market, as smaller operators are squeezed by intensifying price competition from imports. Cedar Group distributes and retails new and used passenger cars, EVs, and light commercial vehicles, leaving it exposed to downward pricing pressure. Cedar comprises Nissan Ireland, distributors of Nissan cars; Cedar Motors, distributors of Renault, Dacia, and Alpine cars; and the Windsor Motor Group, one of the largest automotive retail groups in Ireland, representing the Nissan, Renault, Dacia, Alpine, Peugeot, Opel, Mazda, Citroen, and Suzuki franchises.

Imported cars rose by c.16.6% in 2025 (SIMI), with US and Chinese manufacturers lowering base vehicle costs and effectively setting a price ceiling for local retailers. Chinese competition has accelerated this trend, with BYD capturing c. 2.3% market share in Ireland within a year of entering the market.

Source: Clearwater Corporate Finance Press Release

Uniphar acquires TouchStore

Deal Details:

Uniphar has acquired TouchStore. Deal consideration was not disclosed.

Uniphar is a Dublin based healthcare services group and a trusted global partner to pharma and medtech manufacturers. The company is listed on the London Stock Exchange and has a market cap of c. €939.5m. In FY Dec’24 it reported turnover of c. €2.8bn which converted to EBITDA of €123.5m.

Touchstore is a Limerick based provider of dispensing and retail management software to pharmacy teams across Ireland. The company was majority owned by the Cassidy family. It does not report turnover or EBITDA information.

Advisors:

TouchStore:

Legal: Sweeney McGann Solicitors led by Gearoid McGann, Shane O’Neill and Danielle Costello.

Uniphar:

None mentioned.

Renatus Comment:

Uniphar’s acquisition of TouchStore follows its investment in a new Dublin distribution facility that will double its wholesale capacity. TouchStore’s dispensing‑workflow and retail‑management software reduces administrative work, improves stock visibility, and automates re‑ordering, helping cut hidden operational costs. Combined with the expanded facility, this strengthens Uniphar’s efficiency and scale in Dublin.

The acquisition focuses on the community pharmacy sector, which is shifting from retail and administrative tasks towards clinical services. Ireland’s Community Pharmacy Agreement 2025 outlines this move, including expanded roles in immunisation and bowel screening. As pharmacies take on more clinical work, the need for technology that streamlines workflows and reduces admin, such as TouchStore’s, becomes increasingly important.

Source: Uniphar Press Release

Philip Lee LLP merges with BHK Solicitors LLP

Deal Details:

Philip Lee LLP has merged with BHK Solicitors LLP. Deal consideration was not disclosed.

Philip Lee is a Dublin based commercial and corporate law firm with offices in London and New York. The firm is led by Managing Director Jonathan Kelly. The company does not report turnover or EBITDA information.

BHK is a Cork based corporate law firm with a focus on real estate, corporate transactions and litigation. The company was owned by Patricia O’Brien, Gavin Hinchy and David O’Keeffe. The company does not report turnover or EBITDA information.

Advisors:

None mentioned.

Renatus Comment:

This deal marks a significant growth play for Philip Lee LLP in Ireland, increasing its partner group to more than 50 and expanding its offering in Ireland outside the Dublin region. The expansion into Ireland’s second largest city is strategic as the county is home to c. 90% of multinationals in the southwest giving the firm a large target market.

Source: Business Post

BlueBuild Energy acquires RoyCon Mechanical Services

Deal Details:

BlueBuild Energy has acquired RoyCon Mechanical Services. Deal consideration was not disclosed.

BlueBuild Energy is a Dublin-based insulation and solar PV installation provider . The company is backed by Northern Irish-based private equity firm Cordovan Capital. The company does not report turnover or EBITDA information.

RoyCon Mechanical Services is a Meath-based businesses specialising in heat-pump installation and commissioning. The company was owned by Stephan Roycroft. The company does not report turnover or EBITDA information.

Advisors:

None mentioned.

Renatus Comment:

This acquisiton marks an entry for BlueBuild Energy into the Irish heat pump market. This market has experienced significant recent growth, driven by the shift away from fossil fuel-based products such as gas boilers. According to the CSO, c. 86% of dwellings built between 2020 and Q2’25 contained heat pumps. The market is supported by Nearly Zero Energy Building (NZEB) regulations and government grants up to c. €6,500, which can reduce the cost of a heat pump by c. 50%.

Source: Business Post

FP McCann acquires Easy-Trim

Deal Details:

FP McCann has acquired Easy-Trim. Deal consideration was not disclosed.

FP McCann is a Dublin-based precast concrete and roofing tile manufacturer. The company is owned by the McCann family. Then company does not report turnover or EBITDA information.

Easy-Trim is a UK-based manufacturer of high quality roofing accessories. The company was majority owned by Simon Thorpe. In FY Dec’23 the company reported turnover of c. £18.1m which converted to EBITDA of c. £1.1m.

Advisors:

FP McCann:

Corproate Finance: Deloitte led by Jan Fitzell, Barry John Kelly, Stephen Craig and Sharne Reeves.

Easy-Trim:

None mentioned.

Renatus Comment:

This acquisition strengthens FP McCann’s roofing portfolio by combining Easy‑Trim’s roofing accessories with the company’s existing range of primary roofing materials, offering customers a more streamlined purchasing experience. The business is well positioned to benefit from improving housing and construction‑sector trends, supported by government initiatives such as Ireland’s revised National Development Plan (NDP), which allocates c. €275.4bn in public capital investment between 2025 and 2035, and the UK Government’s commitment to deliver c. 1.5mn new homes between 2025 and 2030.

Source: FP McCann Press Release

SYS Financial acquires GTL Life and Pensions

Deal Details:

SYS Financial acquires GTL Life and Pensions. Deal consideration was not disclosed.

SYS Financial is a Tipperary based financial service provider. The company is majority owned by Tony Delaney and Michael Perrick. In FY Dec’24 the company reported a turnover of c. €5.8m.

GTL Life and Pensions is a Laois based firm that provided financial reviews and recommendations across all areas of an individual’s finances. The company was owned by Emma and Eileen Lawlor. In FY Apr’25 the company reported a turnover of c. €0.2m

Advisors:

None mentioned.

Renatus Comment:

This acquisition will increase SYS Financial’s AUM to c. €680m and deepen its footprint in regional as well as client focused financial planning. In line with its goals to be a leader in its industry SYS Financial has further deals in the pipeline and is projecting to double its AUM to c. €1.3bn by the start of Q2’26. The opportunity and demand for wealth management services in Ireland is continually increasing as shown with the share of household wealth in non-deposit financial assets up c. 7% from 2013-2020, according to the CSO.

Source: SYS Financial Press Release

CSG Accountants & Advisory merges with ORM Accountants

Deal Details:

CSG Accountants & Advisory has merged with ORM Accountants. Deal consideration was not disclosed.

CSG Accountants & Advisory is a Tralee-based accountancy and advisory firm. The company is majority owned by Chris Murray and James Kelleher. The company does not report turnover or EBITDA information.

ORM Accountants is a Killarney-based accountancy firm. The company was owned by John Paul Mannix and Michael Brouder. The company does not report turnover or EBITDA information.

Advisors:

None mentioned.

Renatus Comment:

This acquisition expands CSG Accountants & Advisory’s geographical footprint across Kerry and the wider Munster region, increasing its client base to c. 2,250 and establishing a presence in the county’s two largest towns. The acquisition is another in the accountancy sector which has already seen c. 4 deals in 2026, per the Renatus Newsletter, continuing its strong momentum from the previous year.

Source: Business Post

Company Performance

EBITDA is an accounting term and is often the best indicator of profitability in non-capital intensive businesses before financing and tax are considered. In capital-intensive businesses EBIT or EBITDA less average Capital Expenditure are often better measures. YoY is an acronym for the year-on-year movement in turnover, EBITDA, etc.

The Blarney Woollen Mills Group Limited, is a Cork-based family-owned Irish retail and tourist destination in Blarney, best known for selling Irish-made knitwear, clothing and heritage gifts. It also operates as a hotel and tourism experience built around the restored historic mill. The company is majority owned by Freda Hayes, Pat Helleher, Ronana Quinlan and Frank Kelleher.

In its financial year to January 2025, the company reported a turnover of c. €55.1m, a year-on-year decrease of c. 1%. Although the company’s turnover decreased year-on-year, operational leverage was experienced with EBITDA increasing by c. 8.2% to c. €5.9m. This improvement in EBITDA margin was driven by a decrease in cost of goods sold as a percentage of revenue by c. 1.2 percentage points.

The business finished the year with a cash balance of c. €8.5m, an increase of c. 27.2% on FY Jan’24. Significant post-EBITDA cash movements included a working capital inflow of c. €0.8m, taxes paid of c. €0.9m, acquisitions of tangible fixed assets of c. €2.2m and a repayment of bank loans totalling c. €1.5m.

The business employed an average of 507 people over the period at a cost of c. €15.1m.

Recent Fundraisings

Who: Shorla Oncology, a Tipperary-based healthcare start-up that develops pharmaceutical therapies to help cancer patient.

What: Shorla Oncology has raised c. €18m as part of a new funding round.

Why: The investment will be used to advance commercialisation, accelerate growth by capitalising on market opportunities, and expand the company’s portfolio of innovative oncology treatments.

Source: Business Post

Who: Equal1, a Dublin-based quantum-computing company developing silicon-based quantum processors designed to run on standard semiconductor manufacturing processes.

What: Equal1 has raised c. €60 million in a funding round backed by the Irish State alongside international investors.

Why: The funding will be used to accelerate the development and commercialisation of Equal1’s quantum-computing technology, scale its engineering and manufacturing capabilities, and support Ireland’s ambition to become a leader in quantum computing.

Source: Business Plus

Who: Irish Glass Bottle (IGB) development, a major Dublin residential and mixed-use redevelopment led by property developer Johnny Ronan.

What: Deutsche Bank has committed c. €415 million in funding to the Johnny Ronan-led Irish Glass Bottle development.

Why: The financing will support the construction and delivery of the large-scale Poolbeg redevelopment, including thousands of new homes and associated commercial and community infrastructure, helping to address Dublin’s housing shortage.

Source: Business Post

Who: AI Certified, an Irish startup providing certification and assurance services to help organisations deploy AI systems in line with emerging regulation and governance standards.

What: AI Certified has raised c. €1 million in funding.

Why: The funding will be used to expand the company’s certification platform, grow its team, and support rising demand from businesses seeking compliance with AI regulation such as the EU AI Act.

Source: Business Plus

Who: Spryt, an Irish medtech startup developing AI-driven administrative automation tools for healthcare providers.

What: Spryt has been valued at c. €12.5 million following its latest funding round.

Why: The investment supports Spryt’s growth as it scales its platform, expands deployments with healthcare providers, and continues product development aimed at reducing administrative burden in clinical settings.

Source: Business Post