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Renatus’ Weekly M&A Newsletter – 27/10/2019
October 28, 2019
Renatus’ Weekly M&A Newsletter – 10/11/2019
November 10, 2019
November 3, 2019

Paragon Group acquires RRD's GDS business, OASIS Group expands with two acquisitions, Virtual Access acquired Swedish Group, Irish Life acquires APT, BorrowFox is acquired by ShareGrid and much more in this week's Renatus M&A Newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Private Equity Newsletter 03/11/2019

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.

Deloitte Fast 50 awards

We had the pleasure of attending the Deloitte Fast 50 awards last week. It is a great celebration of fast growing, mainly tech companies. We have no doubt many of these companies are experiencing the usual growing pains of finding labour and capital to meet their growth. It is a great initiative by Deloitte to celebrate these companies on their journey as they will have no shortage of parties once they really make it into the big time.

Congratulations to Electricity Exchange for winning the main prize and to all the other finalists.

M&A ACTIVITY

Paragon Group acquires RRD’s GDS business

Deal Details:  Paragon Group has acquired RRD’s European Global Document Solutions (GDS) business for an undisclosed amount.

Paragon is the leading provider of Customer Communications, Identification and Graphics Services in Europe. It has a total of more than $1.3b (€1.17b) turnover (proforma) and more than 7,500 employees.

R.R. Donnelley & Sons Company (RRD) is a leading global provider of multichannel solutions for marketing and business communications. RRD’s European Global Document Solutions (GDS) business has locations in the UK, France, Spain, Germany, Netherlands, Poland and Italy and employs approximately 1,500 people.
GDS’ net sales were approximately $270m (€243m) in 2018.

Advisers: None mentioned

Renatus Comment: Paragon Group is one of Ireland’s least known international success stories. Patrick Crean started the Paragon journey in 1998 and is currently the principal shareholder and CEO. Patrick held various positions within the Clondalkin group in the 80’s and was also COO of Adare Group. Paragon has grown aggressively and profitably via organic growth and through active acquisition across its three verticals of Customer Communications, Identification and Graphic services. This video gives a flavour of what they do https://go.renatus.ie/e/512701/311289585/37gzmq/338702927?h=iVc5lG3SYwZsxIkPAMJfNe6La_cSFnwWY4BsMbgA6aY.

Source: The Sunday Times

OASIS Group expands with two acquisitions

Deal Details: Dublin-headquartered OASIS Group are specialists in secure document storage and records management. OASIS provide services to over 8,000 companies in 49 locations across 5 countries. In the past week the group has acquired two businesses as it looks to grow its European coverage. The consideration paid for both businesses was undisclosed.
The first acquisition was of Box-It South East Limited, a business focused in the south east region of the UK. OASIS already has a presence in the UK but this acquisition will deepen its local expertise.

The second acquisition was of ArchiDoc in Poland. With this bolt-on, OASIS achieved a stated strategic ambition of expanding into Europe. ArchiDoc provides a similar set of services to clients locally and as such acts as a natural fit as OASIS looks to expand its geographic footprint.

Advisers: None mentioned

Renatus Comment: These acquisitions mark the 45th and 46th acquisitions made by OASIS Group since its inception in 1999. An ambitious expansion strategy that looks to have paid dividends and undoubtedly opened up European business faster than they could have organically.

Source: OASIS Press Release

Virtual Access acquired Swedish Group

Deal Details: Irish telecoms equipment specialist Virtual Access is acquired by Swedish group Beijer for €18m cash.

Dublin-based Virtual Access supplies mobile communications equipment to utilities, electricity grids and other industries around the world.

About 40 people currently work for the company that has offices in Dublin, London, Stockholm and Australia.

Beijer Electronics is a multinational cross-industry innovator that focuses on operator communication, automation solutions, digitalisation, display solutions and support.

Advisers: Jan Fitzell of Deloitte advised the vendors.

Renatus Comment: Virtual Access had revenues of c. €11.9m and EBITDA of c. €1.8m for FY March 2019. A reported acquisition price of €18m suggests a handsome multiple for the Vendors. The acquisition also reportedly includes future performance-based consideration payments, a transaction structure known as an earnout. An earnout gives downside protection for the acquirer and incentivises former or residual shareholders who are still involved in the business to outperform targets with the potential to increase the total consideration they receive. It’s a mechanism that aligns interests’ post-transaction and one that can work very well for both parties.

Source: Irish Times

Irish Life acquires APT

Deal Details: APT Wealth Management has reached an agreement to be acquired by Irish Life. The financial details of the deal have not been disclosed.

Founded in 1999 by ex-AON employees, APT employs 40 people in Dublin. After the big 4 of Irish Life, Mercer, Aon and Willis, APT are the biggest player in the administration and management of pension schemes. It has separate wealth management and workplace pension units with more than 1,500 clients on investments and retirement planning and 45,000 members with APT Workplace Pensions funds.

Irish Life is owned by Canada’s Great-West Lifeco.

Advisers: APT was advised by Jonathan Dalton, head of Corporate Finance at Key Capital

Renatus Comment: Irish Life is a serial acquirer in Pensions and Wealth Management Sectors, having recently acquired Acument & Trust and is also reported to be one of the final three bidders for Goodbody Stockbrokers. The government-planned auto-enrolment scheme, which is currently mooted for 2022, will have big implications for the pension space by dramatically increasing the number of contributing individuals and consequently the value of Irish pension assets.

Source: Irish Independent

Spirit AeroSystems to acquire select business assets of Bombardier Aerostructures business

Deal Details: Aerospace manufacturer Bombardier has announced an agreement to sell its Northern Ireland operations to Spirit AeroSystems Holding, Inc. (Spirit) as part of a deal worth around $1.1bn (€987m).

With this transaction, Spirit will acquire 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. for a cash consideration of $500m (€450m) and the assumption of liabilities with a total carrying value in excess of $700m (€630m), including government refundable advances and pension obligations.
2019 revenues for these activities are expected to be approximately $1.0b (€900m), while generating adjusted EBITDA margin of approximately 12%. On this basis, the transaction implies an enterprise value to EBITDA multiple of approximately 10x.

Montreal-headquartered Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains.
It employs over 68,000 employees and has engineering sites in 28 countries.

Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2018, Bombardier posted revenues of $16.2bn US.

Kansas-based Spirit AeroSystems is worth an estimated $7bn and employs around 15,000 workers worldwide.

It supplies Boeing and Airbus plane manufacturers. The wings for the Airbus A 220 are made at Bombardier’s Belfast plant.

Advisers: Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as financial advisors to Spirit.

Renatus Comment: Similar to the  Wright Bus deal last week, this seems a good news story for Northern Ireland.  Reading the Belfast Telegraph during the week it seems that the new owners will look to preserve and grow operations in Belfast.

Source: Bombardier

BorrowFox acquired by ShareGrid

Deal Details: BorrowFox, the Irish-founded camera and film equipment sharing platform, has been acquired by US company ShareGrid for an undisclosed sum.

Peer-to-peer sharing platform BorrowFox was founded by Arthur Pierse, Alastair Woods and Ciaran Burke in 2015.
In 2018 it raised €250,000 in funding from Enterprise Ireland and private investors to expand in the UK.

ShareGrid is a similar business based in the US which is geared towards allowing filmmakers to access high level equipment at lower fees and earn income on their own gear.

ShareGrid will now host more than 100,000 customers and have more than $1 billion worth of equipment available for rental on its site.

Advisers: None mentioned

Renatus Comment: BorrowFox taps into just one part of the wider Rental/Sharing ecosystem with people now renting clothes, furniture, homes (Airbnb), equipment, etc. It’s an interesting space that looks to be a beneficiary from a wider demographic shift and millennials’ retail spending patterns. A recent survey in the US showed that 64% of the customers who avail of these rental services are those aged between 18 and 38. Interestingly, the number one reason cited by consumers who rented goods was to test the goods before purchasing, which is suggestive that the rise of these rental services do not preclude the end of ownership but rather a new commercial proposition that allows for consumers to try before they buy.

Source: Fora.ie

MML invests into DMS

Deal Details:  MML Capital Partners has acquired a reported 50% stake in DMS Governance for an undisclosed sum.

DMS Governance is a specialist in fund governance, risk and compliance administration. The business has been in operation since 2000 and now has 8 offices globally and services some of the world’s foremost funds. As part of the deal, it is reported that Irish executive Derek Delany will acquire a 9% stake in the business while the two founding shareholders will exit. This deal comes on the back of DMS announcing 50 new jobs at its Irish base in Cashel, Tipperary.

Advisers: None mentioned

Source: The Sunday Times

The Business Post acquires Tatler magazine

Deal Details: The Business Post has announced the acquisition of a number of titles including the Tatler magazine.

The Business Post will take over Irish Tatler, Food & Wine magazine and Auto Ireland from current publisher Irish Studio. It is reported that Irish Studio will receive an equity stake in the Business Post media group.

These acquisitions build on the Business Post’s ambition of building a broad based media group.

Advisers: The Business Post was advised on legals by David Ryan and Cian Mannion of Flynn O’Driscoll while Ross Little of DWF advised Irish Studio.

Source: Irish Independent 

Aryzta disposes of Delice de France

Deal Details: The Swiss-Irish food giant Aryzta has reportedly sold its British-based bakery business, Delice de France, to management for an undisclosed sum.

The MBO of Delice de France marks another step in Aryzta’s strategy of disposing non-core assets. The Delice de France acquisition was reportedly led by the company’s CEO, Thierry Cacaly, with other senior executives taking part. The London-based manufacturer is one of the leading bakeries to the foodservice industry in the UK.

Advisers: None mentioned

Source: Sunday Independent

Deals in the Making

NeoSurgical Nearing a Sale

Deal Details: Galway-based NeoSurgical’s directors have stated in recently filed accounts that a sale is the best route for the company going forward. NeoSurgical is a medtech company which have created a device, NeoClose, which is used by surgeons to close incisions made during surgey, technically known as laparoscopic port site incisions. NeoSurgical has reportedly signed a letter of intent with an undisclosed buyer.

Source: The Sunday Times

Kerry Group Eyeing US Acquisition

Deal Details: Dupont, the US chemicals conglomerate, is reportedly looking to spin out its food ingredients business. Kerry Group have been touted as a potential acquirer for the business. The acquisition would be a significant leap for Kerry as Dupont’s food ingredients business has a reported market value of c. €17.6bn while Kerry’s own market value is just above €20bn.

Source: The Sunday Times

Key Waste Exploring a Sale

Deal details: It has been reported that Key Waste will be coming to market with a valuation in the region of €50m. The business is one of the largest commercial waste management operators in Ireland and will likely attract significant attention. Key Waste has experienced significant growth since its inception in 2005 and offers services across commercial waste, skip hire and hazardous waste management. Key Waste is owned by Neville O’Boyle and Mark Butler.

Source: The Sunday Times

Deal Updates

Brewin Dolphin completes acquisition of Investec’s wealth management business

Wealth manager Brewin Dolphin announced the completion of the acquisition of Investec’s wealth management business in Ireland.
The €44 million acquisition substantially increases Brewin Dolphin’s presence in one of Europe’s fastest growing economies, making it the third largest discretionary wealth manager in the Republic of Ireland.

With offices in Dublin and Cork, the Irish business will be the third largest Brewin Dolphin office by assets and is well positioned for future growth.

Source: Brewin Dolphin Press Release

EXECUTIVE & 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 details of key recent executive and board level appointments

New board appointee at Bank of Ireland
Michele Greene has been appointed to the board of Bank of Ireland, effective from December 5. Ms Greene was nominated to join the board by the Minister for Finance.  A fellow of the Institute of Chartered Accountants Ireland, Ms Greene has over 25 years’ experience in the financial services and retail banking sector. She held the role of managing director of Virgin Money’s Digital Bank until July 2018, prior to which she was director of strategic development. Before joining Virgin Money, Ms Greene was chief financial officer of MBNA Europe, where she held executive positions on the boards of MBNA Europe and Premium Credit Finance.

New Senior Partner appointed at Philip Lee Law
Elan’s former General Counsel and founding chairman of Malin Corporation, John Given, has joined Philip Lee as a senior partner in its M&A team.  Mr Given trained as a solicitor at A&L Goodbody where he spent over 20 years ultimately becoming a partner and Head of M&A at the firm.  More recently, Mr Given has served as chairman at Sublimity Therapeutics.

Crowe Ireland appoints new Audit Partner
Crowe Ireland has announced the appointment of Shaw McClung as its newest Audit Partner.  Mr McClung joins the practice from, Barr Pomeroy, where he had previously been a partner for 11 years. A fellow of Chartered Accountants Ireland and an AITI Chartered Tax Advisor, he also has a Diploma in Forensic Accounting and a Certificate in Personal Insolvency.

Focus Capital Partners appoints new Associate Director
Former PKF executive, Patrick Dooley, has been appointed Associate Director at Focus Capital Partners.  Mr Dooley who worked at PKF for almost 3 years in its Corporate Finance practice qualified as a Chartered Accountant whilst at Crowe Ireland.  He subsequently worked at EY on its Transactions Advisory team.

Tour America appoints new CEO
Tour America, one of Ireland’s largest travel companies, has appointed Deirdre Maher as CEO.  Ms Maher joined the business as Finance Manager 14 years ago. The Cork based business was founded by Mary McKenna in 1995.

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.

Dublin-based Sigma Wireless Communications Limited, which trades as Sigma Wireless, is a radio-based telecommunication solutions company providing critical communications systems to the Emergency Services, Transportation, Private Enterprise, Maritime, Air Traffic Management and Utility sectors. The company was formed in 1991 after a management buyout of the Motorola Ireland business. The company had a positive year in FY18 which saw revenue increase by 14.1% to c. €9.1m while EBITDA also increased by 20.1% to c. €700k. During the year the company employed an average of 47 people at a cost of c. €2.7m (excluding directors). Cash decreased by c. €96k after the company invested c. €160k on the purchase of fixed assets (largely attributable to motor vehicles c. €145k) as well as made a c. €390k payment of Inter-Group borrowings. At year end, cash on the balance sheet stood at c. €175k against a debt balance of c. €150k. The company is 99.92% owned by the Sigma Communications Group Limited, which shareholders includes James Anthony Boyle (60%), Michael James McGinley (20%), Michael S. McGinley (10%) and Paul McGinley (10%).

Dublin-based Burnside Eurocyl is a hydraulic cylinder manufacturer which has been supplying products to OEMs worldwide for over 50 years. During FY18, the business saw revenue grow by 20.2% to c. €37.9m while EBITDA fell by c. €140k versus FY17 to stand at c. €2.8m. Marginal revenue didn’t flow through to EBITDA due to gross margin compression which moved from 16.6% in FY17 to 14.1% this year. The business was not able to convert EBITDA to cash as there was a net cash decrease of c. €2.3m, leaving c. €2.0m on the balance sheet at year end. CapEx of c. €1.3m, a c. €390k share redemption and significant working capital movements were the primary draws on cash in FY18. Burnside Eurocyl is equally owned by Thomas and Anthony Byrne.

Hannon Transport Limited, headquartered in Armagh, is a provider of temeperature-controlled transportation of fresh and frozed produce to and from Ireland, Great Britain and the the Benelux countries. The company also has a coach services arm providing services for tour operators and private hire as well as a commercial vehicle and trailer fleet sales business. FY19 was a very strong year for the business with turnover rising by 27.3% to c. £42.2m and EBITDA rising by 41.0% to c. £4.8m. The EBITDA uplift was helped by a three percentage point increase in gross margins during the period to 15%. Due to the asset-intensive nature of the business (currently £19.2m of fixed assets) the majority of the cash generated went into maintaining/upgrading the asset base with a c. £4.1m being spent on the capital element of hire purchase contracts. There is currently c. £500k of cash on the balance sheet against c. £19.6m of debt obligations made up of loans (c. £6.2m) as well as finance leases and hire purchase contracts (c. £13.4m). The business is is owned equally by Teresa Hannon and Aodh Hannon who shared a £500k dividend payment for the period.

RECENT FUNDRAISINGS

Who: Coroflo, an Irish medtech start-up led by Rosanne Longmore, has raised funding.

What: €1m investment comes from private investors in addition to €2.1m that was recently awarded by the European Commission under its Horizon 2020 programme.

Why: The funding will be used to invest in production capability and to double staff numbers to 10 people ahead of the commercial launch of the Coro solution in the third quarter of next year.

Source: Irish Times

Who: Peer-to-peer lending company Flender, founded by Kristjan Koik in 2014,  has secured a new funding line.

What: €75m funding line comes from a large unnamed European asset manager. Backers also include former EY Entrepreneur of the Year award winner Mark Roden and ex-Irish rugby international Jamie Heaslip.

Why: The funding is to provide loans to Irish businesses.

Source: Irish Times

Who: Ag.supply, a German-based supplier of agricultural products.

What: The business has raised an undisclosed amount from Aidan Connolly’s AgriTech Capital. Mr. Connolly is an experienced actor in the agri-tech space. He is formerly of Alltech and runs Cainthus, a software business that uses AI to identify and track key factors which effect the health of dairy farm animals.

Why: The proposed use of the funds was not disclosed.

Source: Sunday Business Post

Who: Clinch Talent has raised funding. The business is an online recruitment software specialist which helps businesses recruit with automated content management systems, marketing and candidate relationship management. Clinch Talent is run by Patrick Doyle and Damien Glancy.

What: The business has reportedly received funding from Kevin Fitzduff of Stream Bio Energy. Mr. Fitzduff will hold a stake in the business going forward.

Why: The proposed use of the funds was not disclosed.

Source: Sunday Times

Who: FanzFirst, a software business which helps influencers design websites and app solutions used to reward fans with their own online shopping from brands around the world. Niall Quinn, the former Ireland international is involved in the e-commerce ventures and Robbie Keane is one of their notable clients.

What: Voxpro’s Dan and Linda Kiely reportedly converted a loan note into equity recently as they solidified their involvement in the venture.  Focus Capital were advisors to FanzFirst as part of this fundraise.

Why: The proposed use of the funds was not disclosed.

Source: Sunday Times

Brexit movement in the Week

Instead of ‘Thought for the Week’, we are bringing you a weekly tracker using odds from oddschecker and taking off bookmakers margin to come up with deemed percentage probability of outcomes.

The current markets read as follows after an intersting week:

Some sort of Brexit:
By December ’19 5% (32% last week)
H1 2020 63% (47% last week)
H2 2020/2021 13% (from 5%)
Not before 2022 19% (from 16% last week )
——————————————————————————————.

If you are not in agreement with any of above you can get the odds here and back your opinion: Oddschecker – Brexit

@RenatusCapital Tweets

6%

The year-on-year growth in UK consumer credit for September 2019, the lowest since 2014, according to the figures from the Bank of England’s latest Money and Credit report. @irishexaminer

2.35%

The year on year decline in the Irish household debt for Q1 2019 reducing from €140.2b to €136.9b in total or from €28,869 to €28,186 per person, according to the Central Bank’s Household Credit Market @centralbank.ie

4.2% & 2.8%

The year-on-year increase in retail sales volume and value, respectively, for September 2019, according to @CSOIreland

7.5%

The year on year decrease in tonnage of goods handled by the 7 main Irish ports for Q2 2019, amounting to 12.3m tonnes, according to @CSOIreland

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.