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Renatus’ Weekly M&A Newsletter – 25/10/2020
October 25, 2020
Renatus’ Weekly M&A Newsletter – 08/11/2020
November 9, 2020
November 1, 2020

Renatus announces graduate associate career opportunity, CRH sells Brazilian cement business, Unity Technologies acquires IT Force, Highfield Veterinary Group acquires UK-based Lilac Technologies, and much more in this week's newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Newsletter 01/11/2020

Dear Reader,

You are receiving this mail every week as we see you as a key partner and we look forward to continuing to enjoy our journey with you over the decades ahead.

Please find below this week’s newsletter covering the latest M&A, company performance, fundraisings and executive moves.

RAISING CAPITAL SUMMIT

Raising Capital Summit 2-for-1 ticket offer

Renatus Capital is delighted to offer you a 2-for-1 ticket deal to The Business Post’s Raising Capital Summit on Nov 4th. This virtual event will explore the impact of the Covid-19 pandemic on funding options for viable businesses with growth potential. You’ll make connections on the virtual conference platform where you can discuss funding options and future growth pathways with a great line-up of speakers from capital sources, CEOs, CFOs and entrepreneurs, advisors and deal makers. Check out the great speaker line-up and agenda at https://go.renatus.ie/e/512701/agenda-/3nf8sv/513185915?h=lqgehAFYNi1kvykioTFuU6vfFpGZmC43BkOfcHT_CJkTo book your tickets just input the offer code RENATUS when you book online. Or, you can contact Jackie Bryan on jackie.bryan@sbpevents.ie  or call 087 0557913

RENATUS GRADUATE RECRUITMENT

We are excited to announce that we are hiring a graduate to join our team as an Associate.

Check out this video about the role: https://go.renatus.ie/e/512701/46VX4KTCuCQ/3nf8sz/513185915?h=lqgehAFYNi1kvykioTFuU6vfFpGZmC43BkOfcHT_CJk

Our small, tight-knit team means that Associates play an integral role in our activities and receive a high-degree of exposure and responsibility from day one. We’re looking for individuals with ambition, tenacity and a love of entrepreneurs and SMEs to help us build exceptional businesses across the UK&I.

This role is open to final year and graduate students available to start full-time in September 2021, or earlier if applicable.

If you, or someone you know, is interested in applying, please visit Renatus.ie/careers

M&A ACTIVITY

CRH sells Brazilian cement business

Deal Details: Irish building materials giant CRH has agreed to sell its Brazilian business to Companhia Nacional de Cimento (CNC), a joint venture between Italy-based Buzzi Unicem and Grupo Ricardo Brennand, for $218m (€184.4m).

CRH Brazil owned three full-cycle cement plants and two grinding centres in the southeast of the country. The unit, which CRH inherited in 2015 as part of its purchase of €6.5bn of assets from European rivals Lafarge and Holcim as they completed their own merger, sold about 2.5 million tonnes of cement last year.

This divestment is a part of the group retrench plan to reduce its footprint in emerging markets to free up cash flow to give them enough financial capacity entering 2021. Last year, CRH sold its 50% stake in its Indian business, My Home Industries. In September of this year, they reportedly sold a building material company in La Reunion and were reported to be preparing the sale of its Philippines cement unit last year.

Advisers: None Mentioned

Renatus Comment: CRH is one of the most active Irish players in the global M&A market. The company spent €727m last year on just over 60 acquisitions and investments. This divesture comes at a time when emerging markets are struggling and dependency on a liquidity constrained environment could adversely impact the consolidated group performance. By focusing on the developed market regions, CRH can channel its resources into its core manufacturing plants and realise a higher payback potential for its investors.

Source: Irish Times

Asavie acquired by Akamai

Deal Details: Irish tech company Asavie has been acquired by Nasdaq-listed Akamai. Reports suggest the deal was completed in a cash transaction for €121m.

Dublin-based IoT solutions provider Asavie, founded in 2004 by Ralph Shaw and Tom Maher (each owned about 20% of the business), automates and manages private networks for businesses at scale, and its solutions are sold by top global mobile network operators including IBM, Vodafone and AT&T. Asavie recorded revenues of €23.6m and pre-tax profits of €1.9m last year.

Akamai Technologies, Inc. is one of the world’s largest content delivery networks, responsible for serving between 15% and 30% of all web traffic. It generated revenues of $2.9bn last year.

Following the acquisition, Asavie’s solution will be integrated to Akamai’s security and personalisation service product line which is sold to carrier partners.

Advisers: Maples advised Asavie

Renatus Comment: The impact of Covid-19 will no doubt have a long-term impact on how employees work and how businesses think and operate. Many companies such as Facebook, Google, Microsoft and Salesforce are transitioning to a secure ‘office anywhere’ environment that will benefit from a rapidly installable, scalable and cloud-managed solution that Asavie are known for.

Source: Akamai Press Release, The Business Post

Unity Technologies acquire IT Force

Deal details: Unity Technologies I.T Ltd (“Unity”) has announced the acquisition of IT Force Ltd for an undisclsed sum.

Unity, founded in 2010 and led by David Hargaden, is a leading provider of IT Cloud Managed Services, with offices in Dublin and Cork. The business has established a reputation as one of Ireland’s leading cloud services businesses. Customers include the Residential Tenancies Board and Musgrave Retail Partners.

Founded in 1999, Dublin-based IT Force delivers IT Cloud Support, Managed IT Services and Managed IT Security Services to clients. The company has been awarded Deloitte Best Managed company and is ISO27001 certified. Its customers include Pigsback.com, RSM and Insomnia.

Advisors: Unity was advised by Louis O’Neill & Martin Treacy of EY (Corporate Finance). Due Diligence was provided by Marcus Purcell (EY) and Tax Due Diligence was provided by Ciaran Medlar (BDO). David Ryan & Declan Cunningham of Flynn O’Driscoll Solicitors acted as legal advisors.

ITF was advised by Julian Caplin (Hornblower Business) and Stephen Walker of Holmes O’Malley Sexton (Legals).

Pat Walsh & Aidan Lynch of Dunport Capital Management, Unity’s existing banking partner, part-funded the transaction.

Source: Unity Technologies Press Release

Highfield Veterinary Group acquires UK-bsaed Lilac Technologies

Deal Details: Highfield Veterinary Group has acquired UK based Lilac Technology Ltd. Lilac are a leading provider of software to the UK veterinary industry.

Founded in 2018, Highfield are Ireland’s largest indigenous Veterinary Corporate, operating across the entire sector. This acquisition represents Highfield’s second in tech and will allow them to expand their Irish software platform into the UK.

Advisers: Highfield was advised by Patrick O’Shea and Sean Hiney of Wallace Corporate Counsel (legal), Tomás Plunkett of Woods and Partners (financials). Lilac was advised by David Preece – FBC Manby Bowdler (legal) and Simpkins Edwards LLP (financials).

Renatus Comment: As the Covid 19 pandemic continues, health care, including that which relates to animals continues to perform strongly. With the advancement of tech being fuelled by the pandemic it makes sense for aggregators to look at companies straddling both sectors. We expect accelerated consolidation in the veterinary sector in the coming years.

Source: Highfield Press Release

Clear Treasury management complete MBO

Deal Details: The management team of Clear Treasury, Jordan Tilley (joint CEO), Peter O’Flanagan (joint CEO) and Paul Reilly (CCO), have acquired the business from its founder Barry O’Neill.

Clear Treasury, with offices in Dublin and London, is a boutique treasury company replicating the treasury division in a bank from an independent perspective. The company executes deals in FX, commodities, money markets and invoice discounting deals on behalf of corporate customers.

Advisers: The company was advised by James Bullock & Claire Williams of Brachers LLP, Alex Bari from Barnes Roffe LLP, Mike Fletcher and Mark Ibbotson of MICA Accounts.

Renatus Comment: Management buyouts are a real option for owners to exit and can be a way to reward management for their loyalty and ensure continuity in legacy, culture and operations. Management don’t always need to have all the money themselves to fund the purchase of the business and can bring in partners like Renatus to support them in acquiring the business. Check out Mike Flanagan and Dolores Cantwell’s  story here (https://go.renatus.ie/e/512701/portfolio-rennicks-mbo-/3nf8t4/513185915?h=lqgehAFYNi1kvykioTFuU6vfFpGZmC43BkOfcHT_CJk), whom we backed to buy the business. Mike had been an employee of for 35 years.

Source: clear treasury LinkedIn

DEAL UPDATES

Bombardier announces closing of the sale of its NI operations

Bombardier has announced the closing of its aerostructure business transaction between Bombardier Inc. and Spirit AeroSystems Holding, Inc.

Spirit acquired Bombardier’s aerostructures activities and aftermarket services operations in Belfast, U.K.; Casablanca, Morocco; and its aerostructures maintenance, repair and overhaul (MRO) facility in Dallas, U.S. in exchange for the total transaction value of approximately $1.2bn.

Source: Bombardier Press Release

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.

Founded in 1867, Edward Dillon & Co Limited  is a leading distributor of premium spirit and wine brands in the Republic of Ireland.

In its latest fiscal year,  Edward Dillon & Co saw revenue decrease by a marginal 0.5% to c. €59.8m. EBITDA also decreased by c. 2.4% to c. €1.1m. There was little movement in profit margins YoY. Gross margins remained at a low c.10.5% due to the high cost of sales recorded.

The company had a net cash decrease of c.€1.3m in FY19, leaving an ending cash balance of c.€1.5m. The most significant movements in cash were a c.€640k dividend and a c.€1.3m negative working capital movement.  The company also invested c.€43k in Computer & other equipment.

The company employed an average of 39 employees in FY19 at a total cost of c.€3.2m.  The Company is owned by Moet Hennessy international S.A.S(40%), Bacardi – Martini B.V(40%) and Longnorth Limited (20%).

Based in Roscommon, Arran Chemical  is a chemical company specialising in the manufacture of products for pharmaceutical and health care, flavour/fragrance, personal care, and other specialised chemical and industrial applications.

In its latest fiscal year, the company saw revenue increase by 22.4% to c. €23.5m while EBITDA increased by 8.3% to c.€4.6m. Administration costs increased by €950k during the period.

The company had a net cash increase of c.€707k in FY19, leaving an ending cash balance of c.€1.1m. The most significant movement in cash was the c.€2.1m in Fixed Asset Purchases, almost all of which went into Plant & Equipment.

The company hired an extra 15 people in FY19  bringing  the total headcount to 95 people at a total cost of c.€4.7m. Arran Chemical Company Limited’s ultimate parent is the McClay Foundation, a Northern Ireland charitable trust.

RECENT FUNDRAISINGS

Who: Drone delivery start-up Manna raised further funding.

What: The investment quantum was not disclosed. Greenman Investments join the existing investors including Dynamo Ventures, Elkstone and Frontline Ventures in this round. It is Greenman’s first investment in the tech sector.

Why: As part of the deal, Greenman is to partner with Manna to put together a pilot programme offering delivery services in mainland Europe.

Source: Irish Times

Who: Galway-based medtech start-up Venari Medical has raised seed equity funding. The Company was founded in 2008 by Stephen Cox, Sean Cummins and Nigel Phelan and is a NUIG spin-out through the BioInnovate Ireland programme.

What: €4.5m investment round was led by Nipro Corporation, a leading Japanese medical product manufacturer. The Western Development Commission and Enterprise Ireland also contributed to the investment, in addition to international medical device experts and vascular surgeons.

Why: The funds will be used to accelerate the development of its ground-breaking BioVena™ device for the treatment of chronic venous disease.

Source: Venari Medical Press Release

Who:  Thriftify, an Irish charity ecommerce platform, has raised funding. Founded in 2008 by Rónán Ó Dálaigh, Rahil Nazir, Timur Negru and Emily Beere, Thriftify already works with more than 90% of Irish charity retailers.

What: €500k funding round was led by Elkstone Partners and Enterprise Ireland.

Why: The funding will be used to accelerate the rollout of its platform internationally.

Source:  Irish Times

Who: Aquiala Bioscience, founded in 2012 at the National University of Ireland, Galway, by Lokesh Joshi, Stokes Professor of Glycoscience. The business has developed a chemical wipe that can neutralise pathogens, or disease-causing organisms that is easy on human skin.

What: €1.9m in funding received from the European Innovation Council.

Why: Continued R&D into the product and to support the commercialisation of the product.

Source: The Business Post

Who: Steripak, founded in 1992 by Gary Moore and based in Mullingar, Co. Westmeath, is a contract manufacturer for the medical device and pharmaceutical industries. The business also has offies in the US, Malaysia and Poland.

What: Steripak’s US operations has received $828k in funding from the Bill and Melinda Gates Foundation.

Why: Funding received is to support the development of a packaging system for nasal swabs. The company began developing sterile nasal swabs to meet demand from healthcare agencies when COVID began to spread.

Source: The Business Post

Who: Head Diagnostics, a medtech startup developing a rapid assessment device for brain injuries and sports concussions.

What:The business has raised €500k in seed funding from private sources, the National Digital Research Agency and Enterprise Ireland.

Why: Funding will be used to develop a handheld iTremor device ahead of plans to begin clinical trials next year.

Source: The Business Post

EXECUTIVE AND BOARD APPOINTMENTS

We in Renatus believe that more important than the deals are the people and we have teamed up with leaders in this field Korn Ferry to provide you with details of key recent executive and board level appointments.

Brice Evin

Source:
(Google Images & LinkedIn)

Jason McGuinness

Source:
(Google Images & LinkedIn)

Amanda Ward

Source:
(Google Images & LinkedIn)


Andrew Moran

Source:
(Google Images & LinkedIn)

Michael Nolan

Source:
(Google Images & LinkedIn)

THOUGHT FOR THE WEEK

Regarding the US election. It is still a 66% probability of Biden and 33% of Trump according to the Paddy Power odds.

Closer to home, Camilla Cavendish wrote an excellent article in yesterday’s FT. Her paragraph on not being able to quantify the effect of closing down etc was excellent and went as follows:

“The prime minister can only feel his way through the complex trade-offs between lives, livelihoods and hospital capacity. He is constantly shown every jump in the “R” number of infections. But there is no “R” number for jobs, no equivalent stream showing when a business owner will lose their life’s savings and life’s work. There is no Downing Street unit scrutinising worst case health scenarios and modelling families queueing at food banks, corporations planning mass redundancies, people contemplating suicide.”

The article is here and well worth reading or getting the FT Weekend to read

https://go.renatus.ie/e/512701/d1-b994-42f5-85a1-a55ae6183625/3nf8tj/513185915?h=lqgehAFYNi1kvykioTFuU6vfFpGZmC43BkOfcHT_CJk

@RenatusCapital Tweets

86.4% & 87.3%

The year-on-year reduction in the overseas arrivals and departures to/from Ireland for September 2020 amounting to 254,400 passenger arrivals and 236,700 departures, according to @CSOIreland

9.7% & 7.2%

The year-on-year increase in the Irish retail sales volume and value indices, respectively, for September 2020 with the most notable volume changes in Motor Trades (+5.7%) and Bars (-49.3%), according to @CSOIreland

€207.1m

The total value of agricultural land sold nationally in 2019 with the average price per acre at €6,534, according to @CSOIreland

48.5

The Irish consumer sentiment index for October 2020, a 4.3 point drop on last month and 21.4 points lower year-on-year, according to Bank of Ireland’s Economic Pulse. @IndoBusiness

30.3% & 27%

The year-on-year reduction in the volume and value of Irish home mortgages drawn down for Q3 2020 amounting to 8,220 loans to the value of €1.96bn, according to BPFI. @IrishTimesBiz

ABOUT RENATUS

Renatus was established in 2014 by Mark Flood and Brendan Traynor to provide growth funding to growing Irish SMEs and to partner with ambitious management teams to help companies reach their full potential.
Renatus targets companies with sustainable earnings of €1m+ and valuations of €5m and above. Our typical solutions include:
  • Succession Planning
  • Management Buyouts / Buy-Ins
  • Funding for organic growth
  • Acquisition Funding; and
  • Share Sales
Management Partners
Business Owners

OUR INVESTMENTS

LEARN MORE…

Renatus’ Knowledge Centre

Our Knowledge Centre is filled with insights from some of Ireland’s top business leaders on Succession Planning, Management Buyouts / Buy-Ins, Growth Financing and much more.

Visit the Knowledge Centre

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    Adrian Stackpoole, Digital Marketing Associate

    • Adrian joined Renatus in 2018, initially as a Marketing Executive before moving into the role of Digital Marketing Associate. As part of his role, Adrian manages all the digital marketing aspects of Renatus as well as conducting digital research for portfolio companies.
    • Adrian holds with a BBS degree in Marketing and Entrepreneurship from the University of Limerick, as well as a Postgraduate degree from The Digital Marketing Institute.
    • Prior to joining Renatus, Adrian worked in New York with a start-up hospitality group, specalising in marketing and operations.
    TIERNAN O’HAGAN

    Tiernan O’Hagan, Associate

    • Tiernan recently joined Renatus Capital Partners as a Private Equity Associate. As part of his role, he researches and analyses the potential of new investments and acquisitions
    • Tiernan graduated with a B.Sc in business and law from DIT Aungier street & an MSc. in Entrepreneurship from Trinity College Dublin.
    • Previously worked with Capnua Corporate Finance for three months during a summer internship.
    • Tiernan is also in the process of sitting ACCA exams.
    Bronagh Kearns Renatus

    Bronagh Kearns, Associate

      • Bronagh recently joined Renatus as a Private Equity Associate. As part of her role, she will be researching and executing investment opportunities.
      • Bronagh holds a MSc in Quantitative Finance from UCD Michael Smurfit Business School and a BSc in Finance from University College Cork. Currently, Bronagh is in the process of obtaining the ACCA qualification.
      • Prior to joining Renatus, Bronagh worked as an Investment Banking Analyst in Rubicon Capital Advisors where she worked on M&A transactions on the execution side and financial modelling in the infrastructure sector. She also worked as an Investment Associate in River and Mercantile Solutions in London quantitatively screening different investment opportunities across all asset classes.
    Alan Manning Renatus

    Alan Manning, Associate

    • Alan joined Renatus Capital Partners in September 2021 as a Private Equity Associate. As part of his role, Alan researches and analyses potential investments and acquisitions.
    • Alan holds a B.Sc Finance from University College Cork.
    • Previously working in KPMG’s Consulting division, with the Financial Management Consulting team. During his time there he was engaged on a Finance Function Review for a European Travel Technology firm, and a review of the cash management strategy of an Irish Commercial Bank.
    • In the process of sitting ACCA exams.

    Conor Hall, Associate

    • Conor joined Renatus Capital Partners in June 2018 as a Private Equity Associate. As part of his role, Conor researches and analyses potential investments and acquisitions.
    • Conor holds an M.Sc. in Quantitative Finance from UCD Michael Smurfit Graduate Business School and a B.Sc. in Economics & Finance from UCD. He is currently working towards attaining the ACCA and CFA qualifications.
    • Prior to joining Renatus, Conor worked as an Analytics Analyst with Accenture, specialising in predictive modelling for fraud.

    Kyle Barry, Associate

    • Kyle joined Renatus Capital Partners in June 2016 as a Private Equity Associate. As part of Kyle’s role, he researches and analyses the potential of new investments and acquisitions.
    • Since joining, Kyle has worked on numerous transactions, including Simtech and Rennicks, and has worked with Renatus’ investee companies on a number of strategic projects.
    • Kyle holds an MSc. in Quantitative Finance (University College Dublin) and a BA Finance (Maynooth University). Currently, Kyle is in the process of completing the ACCA qualification.
    • Prior to joining Renatus, Kyle spent 15 months in Intel’s Finance department where he worked across the financial reporting, tax and capital financing teams.

    Philip Gardiner, Associate Director

    • Philip is an Associate Director with Renatus Capital Partners, having first joined the firm as its first employee in 2014.
    • Philip has responsibility for screening, assessment and structuring of new acquisitions.
    • He has worked on a number of transactions at Renatus including Boojum Mexican Restaurants and Simtech Aviation. Philip works actively with the boards of Boojum and Simtech Aviation.
    • Prior to joining Renatus, Philip spent four years in AIB’s corporate banking team where he worked on a mix of real estate and cash flow lending deals.
    • Philip is a member of the ACCA and holds an MSc. in Financial Services and a Bachelor in Business Studies, both from the University of Limerick.

    Jane Martin, Marketing and Administration Manager

    • Jane joined Renatus Capital Partners in June 2019 as a Marketing and Administration Manager. As part of Jane’s role, she writes the weekly newsletter, works on the CRM and looks after the admin and ad hoc tasks
    • Prior to joining Renatus, Jane worked as a Senior Account Manager in Mace Promotions where she worked closely with many SMEs as well as large corporations on their marketing projects

    Mark Flood, Director

    • Mark co-founded Renatus with Brendan Traynor in 2014. Prior to establishing Renatus, Mark spent seven years on the senior management team of the Racing Post in various operational and commercial roles. Before founding Renatus, Mark was Managing Director of the Racing Post’s Irish operation.
    • Prior to his career in the Racing Post, Mark was the first employee of FL Partners, an Irish based international private equity firm, where he was actively involved in over €300m worth of transactions.
    • Mark combines his financial, operational and commercial experience to bring value and energy to all partner companies.
    • Mark is a Chartered Accountant and holds a Bachelor of Commerce and Masters in Accounting from NUI Galway.

    Brendan Traynor, Director

    • Brendan is a co-founder of Renatus. Prior to establishing Renatus, he was a Director in BDO Corporate Finance specialising in M&A, MBO’s/MBI’s, debt and private equity fundraising across a diverse range of sectors and clients.
    • His career focus and passion is the Irish SME sector and his deal expertise covers sectors such as retail, manufacturing, FMCG, healthcare, avaiation, media, medical devices, food and agriculture, construction, and hotels and leisure.
    • Brendan is a Chartered Accountant and holds a Bachelor of Commerce from University College Dublin

    Conor Mehigan, Associate Director

    • Conor joined Renatus Capital Partners in 2021 as an Associate Director. Conor has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Prior to joining Renatus, Conor spent five years in IBI Corporate Finance specialising in M&A, debt and private equity fundraising for private and public companies across a range of sectors. Prior to his career in IBI Corporate Finance, Conor spent four years in Deloitte’s Corporate Finance Division, specialising in Transaction Services
    • Conor is a Chartered Accountant and holds a BSc in Finance from University College Cork

    Greg Dilger, Strategic Advisor

    • Greg Dilger is a former Executive Director of NCB Stockbrokers and Investec Wealth & Investment.
    • He is an investor and advisor to Renatus and brings years of relevant experience to our team.
    • Greg is also currently a Non-Executive Director of Brewin Dolphin Ireland.
    Patrick Dooley Renatus

    Patrick Dooley, Associate Director

    • Patrick joined Renatus in November 2022 as an Associate Director. Patrick has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Patrick previously held leading positions in Focus Capital Partners, PKF O’​Connor, Leddy & Holmes & EY.
    • Patrick is a charted accountant and holds a Bachelor of Accounting and Finance degree from DCU, along with a Masters degree in Accounting from TUD.

    John Dwyer, Chairman

    • John joined Renatus in 2018 as a Chairman. Prior to Renatus, John spent 30 years at PwC in the UK, 20 years as a Partner, John led the UK and Global Deals business at PwC and was an executive board member of the UK firm.
    • Prior to that, John led the UK and Global Private Equity business at PwC and worked with firms including 3i Group, Apax Partners, CVC Capital Partners and Cinven.
    • John is married to Natasha and they have three children. John works between Dublin and London and his charity work includes chairmanship of Irish Youth Foundation UK.
    • He is an advisor and Board member of Irish digital marketing firm Pigsback and media firm Racing Post.
    • John is a Chartered Accountant and holds a Bachelor of Commerce from UCD.