InsightsNewsletterRenatus’ Weekly M&A Newsletter – 07/11/2021

Renatus’ Weekly M&A Newsletter – 07/11/2021

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Dear Reader,

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

M&A Activity

Schütz acquires GEM Plastics

gem plastics

Deal Details: Schütz, a manufacturer of transport packaging with a global headquarters in Germany, has reached an agreement to purchase 100% of Irish-based GEM Plastics Limited.

GEM Plastics is based in Cavan and has been manufacturing plastic industrial packaging for over 30 years. Its focus is on the chemical, lubricant, food & beverage, and pharmaceutical industries.

Schütz’ packaging systems have revolutionised the transportation of liquid filling products (jerrycans & drums), providing sustainable solutions in the home technology, light-weight construction and industrial services spaces.

Advisers: GEM Plastics was advised by Ann-Marie Costello and Paddy Dillon of Grant Thornton Corporate Finance,. Also by William Dillon Leetch, Liam Brazil and Niamh Caffrey of Mason Hayes Curran who provided legal advice.

Renatus Comment: GEM was founded by Alec Milligan, who will continue to support GEM as a non-executive director, while Maura Burke will continue as Managing Director of GEM. GEM recorded turnover of c. €22.2m in 2019 which converted to EBITDA of c. €2.8m.

This follows the sale of its neighbouring competitor Boxmore in Ballyconnell which was sold to American Alpha Packaging in May this year.

SourceSchütz Press Release

Nomadic Dairy is acquired


Deal Details: Donegal-based Nomadic Dairy, has been acquired by a BiaVest backed by Development Capital. The upfront consideration is a reported €23m with a further €6m in deferred consideration contingent on FY22 performance. BiaVest will take a a 54 per cent stake, while Development Capital will take the remaining 46 per cent in the business.

Nomadic Dairy is based in Killygordan in Co. Donegal and employs 80 people. The business manufacturers and markets a range of premium yoghurt products across the UK and Ireland. It has been reported that the brand has experienced significant year-on-year growth since the company was established in 1998, doubling unit sales every five years since 2010.

BiaVest is a food-focused investment firm founded by Hilliard Lombard and David McKernan. Development Capital is an SME investor established by Andrew Bourg and Sinead Heaney.

Advisers: Bay Advisory (Brian McDonald, Rory Butler) provided corporate finance, due diligence and debt advisory services to Biavest and Development Capital, KPMG (Andrew Gallagher) provided tax advice, Flynn O’Driscoll (John Troute) provided legal advice.

Anglesea Corporate Finance, led by Nicholas O’Gorman, provided corporate finance advice and raised equity for Biavest at holding company level.

Professional advisors to Donegal Investment Group included Eversheds Sutherland and KPMG.

Bank of Ireland provided funding as part of this transaction and were advised by McCann Fitzgerald LLP.

Renatus Comment: Prior to the transaction, Nomadic was primarily owned by Donegal Investment Group Plc alongside Nir Sapir.

While the specific financial performance of Nomadic is not disclosed, Donegal Investment Group Plc’s financial report to August 2021 noted that Nomadic continued to deliver double-digit revenue growth during the year. Also, that Nomadic has now consolidated its position as the number one yogurt brand in GB Convenience and Impulse channel, which has been a key strategic ambition over the last 5 years.

SourceIrish Times

Hillsborough Private Clinic acquired by Affidea


Deal Details: Affidea Group has announced the acquisition of Hillsborough Private Clinic in Northern Ireland. Financial details of the deal were not disclosed.

Hillsborough Private Clinic, established in 2002 and based just outside Belfast, provides a range of day-case surgical procedures using modern technology.

Affidea is the largest European provider of diagnostic imaging, outpatient, and cancer care services. The Irish arm of the firm was established in 2007, with over 300 employees and 10 diagnostic centres  providing high quality medical services to over 200,000 people in Ireland annually.

Advisers: Beltrae Partners (Ian Kerr) acted as lead Corporate Finance adviser for Hillsborough Private Clinic.  Peter Stafford, Shane Swaile  and Laura Barron from A&L Goodbody provided legal advice to the vendors.

Affidea Group were advised by Cian O’Leary, John Kelly, Aonghas Keane, Ciaran Ferry and Pat Flynn (Corporate) and Caoimhe Heery (Employment) in Flynn O’Driscoll. KPMG (Daniel McCrea) acted as financial advisors to the Affidea Group.

Renatus Comment: This acquisition sees Affidea expand its presence on the island of Ireland, following its acquisition of Orthoderm, a leading provider of clinical and medical services across a wide range of medical and surgical specialities, in March 2021, along with its 2015 acquisition of MRI. Given the esteemed reputation of the Hillsborough Private Clinic, the deal should help accelerate Affidea’s growth plans in Northern Ireland, along with Affidea’s existing presence south of the border.

SourceAffidea Press Release

Equipet acquired by Maxi Zoo


Deal Details:  Louth-based Equipet has been acquired by pet superstore chain Maxi Zoo Ireland. The deal consideration was not disclosed.

Equipet is a pet, equestrian and outdoor clothing retailer. The business was established in 2006 and now operates 8 stores throughout Ireland. The business is equally owned by Malachy Byrne, Ian Mccaffrey, and Martin Kennedy.

Maxi Zoo is Ireland’s largest pet retailer and is a subsidiary of the Fressnapf Group, a German entity that has over 1,700 pet food and pet supply stores across Europe. The group ended 2020 with a total annual turnover of €2.65bn, of which around €30m came from Maxi Zoo Ireland.

Advisers: None mentioned

Renatus Comment: Covid has proved a tailwind for businesses serving the pet industry. The Pet Food Manufacturers’ Association estimate that, in the UK, 3.2 million households have acquired a pet since the start of the pandemic, bringing the total to 17 million households with pets (an increase of c. 19%). This is undoubtedly a tailwind for all businesses serving this market, including Maxi Zoo.

Source: Maxi Zoo Press Release

Pharmapod acquired by Think Research


Deal Details: Pharmapod Ltd has been acquired by Think Research through a receivership process. The deal details were not disclosed.

Pharmapod has created a cloud-based incident management software platform for healthcare professionals community pharmacies, long term care, and hospitals. It counted the Irish Pharmacy Union and the WHO as customers. The business served more than 9,000 pharmacies in Canada, the UK and Ireland.

Think Research, which is listed on the Toronto stock exchange, provides software solutions for medical practitioners which support the clinical decision making process, standardize care, and improve patient outcomes.

Advisers: LK Shields corporate provided legal advice to Think Research as part of the deal. The team was led by Ruairi Mulrean with the assistance of Daniel Faulkner and Daniel Keegan.

Renatus Comment: In July of 2020, we reported on Pharmapod raising capital of €3.5m which would have brought its total capital raised to a reported €7m. It is notable to see it fall into receivership so soon after a capital raise. The business is owned by parties including Leonara O’Brien, Patrick Digan, Enterprise Ireland, and the National Digital Research Centre, among others.

SourceIrish Times

Flogas acquires Naturgy


Deal Details: Flogas Ireland has agreed to acquire Naturgy Ireland. Deal details were not disclosed.

Flogas, a subsidiary of DCC, sells electricity, natural gas and LPG across the island of Ireland and supplies over 175,000 residential and mainly SME business customers.

Naturgy Ireland supplies renewable electricity, natural gas, biogas and energy services to large energy users in Ireland, Northern Ireland and the UK. Naturgy, which was originally called Vayu, was acquired by Spanish utilities giant Gas Natural Fenosa (GNF) in 2016 and subsequently changed its name to Naturgy in 2018. In its financial year to December 2020, Naturgy Limited reported revenue of €110m and EBITDA of €7.9m.

Advisers: Naturgy Energy Group SA received legal advice from a Flynn O’Driscoll LLP team lead by Alan O’Driscoll, Diann Cannon, Ciaran Ferry and John Darby.  Jan Fitzell and Paul O’Neill in Deloitte provided corporate finance advice.  Aileen Stephens and Dan Morrissey of Deloitte Tax gave tax advice.

Flogas were advised by a William Fry team lead by Mark Talbot, Maire O’Neill, Henry Bridge, Trish McGrath, Sonya Manzor (Tax) and Cormac Little (Competition).

Renatus Comment: In the Commission for Regulation of Utilities bi-annual energy monitoring report for H1 2020, they estimate that Flogas had a 4.0% share of the domestic gas market. Bord Gais Energy are the dominant player with a 43.6% share, with other players including Electric Ireland (21.4%), SEE Airtricity (11.7%), Energia (8.8%), PrePay Power (7.6%) and Panda Power (1.8%).

Flogas have been attempting to increase the size of its domestic business through acquisitions. Flogas acquired Budget Energy in May 2020 and Just Energy previous to that.

SourceRTE, Irish Times

Irish Flexible Packaging and Fispak acquired by US firm


Deal Details: IFP Investments Limited (IFPIL) has reached a deal with Cincinnati-based ProAmpac to sell its packaging businesses Irish Flexible Packaging and Fispak. The deal consideration was not disclosed.

Irish Flexible Packaging, founded in 1992, is a market leader in the manufacturing of sustainable food packaging in Ireland including certified compostable and recyclable wax paper to the bakery sector and recyclable aluminum foil to the dairy sector.

Fispak was founded in 1990 and supplies many world leading food companies with recyclable food packaging across the meat, fish and cheese sectors.

The IFPIL group was formed in 2019 with a mandate for supplying socially responsible and environmentally friendly packaging. Its two sole subsidiaries are IFP and Fispak. In its most recently filed financial year to December 2020, the group reported revenue of €18.5m and EBITDA of €1.6m.

IFP Investments Limited is owned by a number of individuals and backed by Williams Caribbean Capital Ltd, among others.  Williams Caribbean Capital Ltd is an impact investment company that is focused on sustainability including renewable energy, food packaging solutions and impact high potential start-ups. It is led by Barry O’Brien, Ciaran Burke and Tony Cooney.

ProAmpac is a leading global flexible packaging company with a comprehensive product offering. Owned by Pritzker Private Capital, ProAmpac has nearly 50 sites globally, with close to 5,800 employees supplying over 5,000 customers in 90 countries.

Advisers: None mentioned

Renatus Comment: This is ProAmpac’s third Irish acquisition this year with the group now having a significant presence in Ireland. In January of 2021, it acquired R.A. Pacáistí Teo (Rapid Action Packaging – RAP), a Donegal-based packaging company. In August, it acquired Donegal-based Euroflex TEO, a protein packaging business.

SourceProAmpac Press Release

CRH subsidiary acquires Pebble Technology


Deal Details: Oldcastle APG, a CRH Company, has acquired Pebble Technology International. Deal details were not disclosed.

Pebble Technology International, an industry leader in branded outdoor living products and the category-defining brand in aggregate swimming pool finishes. Headquartered in Scottsdale, Arizona, PebbleTec operates from five locations across the United States

Oldcastle APG, a CRH Company, is a leading provider of outdoor living and building materials, with industry-leading positions in hardscapes, concrete masonry, bagged dry mixes, lawn and garden, and composite decking.

CRH is the leading building materials business in the world, operating in 29 countries. It is the largest building materials business in North America and Europe and also has regional positions in Asia. CRH manufactures and supplies a range of integrated building materials, products and innovative solutions.

Advisers: None mentioned

Renatus Comment: CRH is no stranger to acquisitions. During the 2000s, CRH acquired a staggering 52 businesses per year, or one per week.

More recently, CRH has made some significant divestments which include: In November of 2020, it sold its Brazilian cement business for a reported $218m. In July 2019, it sold its European distribution business to Blackstone for €1.64bn.

Public markets seem to have responded favourably to recent activity with CRH’s share price (LSE: CRH) up 2.91% over the past week and 26.2% over the past 12 months.

SourcePR Newswire

Deal Updates & Other News

eir evo is unveiled

Deal Details: eir evo, Ireland’s newest telecommunications and ICT solutions provider was announced this week following the merger of eir Business and Evros Technology Group in January 2021.

eir evo is the first of its kind in Ireland, the only provider who will offer a true end-to-end service delivery and technical innovation to the highest-level, across all of Ireland.

eir evo will provide business customers with an expanded portfolio of services, including voice and collaboration, cyber security, networking and cloud technologies, managed services and more.

Sourceeir evo

AerCap completes GECAS deal

Deal Details: AerCap Holdings N.V., the global leader in aircraft leasing, announced today that it has completed its acquisition of the GE Capital Aviation Services business from General Electric. As part of the transaction, General Electric received 111.5m newly issued AerCap shares, $23bn of cash and $1bn of AerCap notes.

Advisors: Citi and Morgan Stanley acted as financial advisors and Cravath, Swaine & Moore LLP, NautaDutilh N.V. and McCann Fitzgerald LLP acted as legal advisors to AerCap.

SourceAerCap 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.


Boran-Mopack Ltd is the Northern Irish arm of the Boran Group, a manufacturer of flexible packaging with operations in the Republic and North of Ireland. The group was founded in 1972 by Martin Boran and in 2003, Mopack Systems Limited, a Tyrone-based packaging manufacturer became part of the Boran Group. The Northern Irish arm of the group was named Boran-Mopack and continues to operate out of Tyrone. The Boran family have an Irish-based business named Boran Packaging which is distinct from this entity.

In the financial year ending December 2020 the business reported turnover of c. £17.2m which converted to an EBITDA of c. £3.1m. These figures represent an increase of around 5.3% and 4.9% respectively on the previous year. The businesses largest post EBITDA cash flow movement was the purchase of tangible fixed assets for c. £755.7k. The business closed the year with a closing net cash and cash equivalents balance of c. £5.3m, an increase of around £1.2m YoY.

Boran-Mopack employed an average of 77 staff during FY 2020 at a cost of c. £2.2m. The business is owned by Martin Boran, Cathal Blee, and Sarah Boran.


Colton Motors are the main Ford, SEAT and Mazda dealers for the Midlands region. Its main operations are in the buying and selling, service and repair, rent and lease of motor vehicles and parts. The company was established in 1982, and is wholly owned by Keith Colton.

In its financial year to December 2020, the business reported revenues of €12.3m which converted to EBITDA of €675k. EBITDA increased by 14.2% YoY.  Gross margins remained flat at c. 15% YoY while administration expenses decreased by c. €453k which enabled the EBITDA growth.

The business ended the year with a cash balance of c. €249k, up €187k from the prior year.

In 2020, the business employed an average of 29 people at a cost of c. €841k.



WhoVaultree, a Cork-based cybersecurity company specializing in encryption. The business was co-founded in 2020 by a group of 13 individuals, most of whom are software engineers.

What: The business has raised £3.3m in funding. This seed funding round was led by US Ten Eleven Ventures and included other participants such as Enterprise Ireland, Unpopular Ventures, and HBAN. Former Cisco CSO John Stewart also participated in this investment.

Why: This investment will be used to further develop Vaultree’s technology, bring their offering to the market, and recruit new talent to their team.

SourceIrish Times

WhoTalivest, an employee analytics company headquartered in Cork

What: The company has raised $1m (€870k) in a funding round which was led by Voxpro founders Dan and Linda Kiely.

Why: The funding will be used to launch its new employee energy tool. The tool helps to monitor employees’ wellbeing and can be used to predict their engagement levels and burnout risks.

SourceIrish Times

WhoSelazar, a Belfast-based e-commerce company that specializes in logistics. The business was founded in 2018 and has offices in Belfast, London, and Birmingham.

What: The business has raised £20m (€23.5m) in funding from an unnamed global investment group. This global investment group will buy out the ownership of many existing shareholders allowing them to realize a reported 5x return on their money. These shareholders include Invest NI, Foresight Group and Clarendon Fund Managers.

Why: This investment will be put toward opening new warehouse facilities in Ireland, Mexico, Columbia, the USA, and the Netherlands, giving the brand a global presence. As well as this Selazar plan to improve operations in the UK and increase staff numbers.

SourceIrish Times

WhoKitman Labs, an Irish sports-tech company founded by Stephen Smith in 2012, has raised funds.

What: $52m (€45m) was raised in Series C round led by Guggenheim Investments, bringing the total fundraising to date to $82m. Other backers of Kitman include QVIDTVM, Blue Run Ventures, Sony and a number of well-known Irish angels.

Why: The financing is to be used to accelerate development of the company’s ‘core performance intelligence’ platform, and introduce new products that address among other things Covid-19 safety concerns.

Source: Irish Times

WhoEthyca, an Irish-founded privacy start-up based in New York, has raised funds.

What: The $7.5m (€6.5m) round is being led by existing investors Lee Fixel, IA Ventures, Lachy Groom’s LGF and Table Management (Bill Ackman). This round brings the total funding in business to $27.5m.

Why: The funding will be used for product development.


WhoThe Naked Collective, an Irish-founded health drinks company, has closed a funding round.

What: €6.2m was raised from three undisclosed investors – an Irish backer with links to retailing, alongside Canadian and US individuals. We reported in December 2020 that The Naked Collective had raised a €6m round. At that time, it was reported that the business planned to raise further funds in FY21 which appears to be realised here.

Advisers: A DLA Piper team including Michael Mulvey advised The Naked Collective. Richard Duffy of BDO advised the lead investor in the round.

Why: The funding will be used to support its global sales and marketing expansion plans, with a particular focus on the United States.

SourceIrish Times

WhoDeepVerge (formerly Integumen), a Cambridge-headquartered scientific research group founded by Irishman Gerard Brandon, has been awarded a grant.

What: A €750k contribution comes from Enterprise Ireland as part of a €2.8m project.

Why: The grant will part-fund the design and mass production of infectious disease and pathogen detection instruments capable of monitoring wastewater for particles of Covid-19.

SourceIrish Times

WhoNurtriband, a US-based medical technology company which was founded by Dubliner Gareth Sheridan and whose executive chairman is former presidential candidate Sean Gallagher. Nutriband is developing transdermal pharmaceutical products including those intended to manage chronic pain that requires constant opioid treatment.

What: The company raised gross proceeds of over $6.6m from its public offering on the Nasdaq stock exchange. In addition, it raised €2.06m from the exercise of warrants issued as part of the offering.

Why: It was reported that the funds would be used to invest in its product development.

SourceSunday Independent

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.

Ciara Ruane


(Google Images & LinkedIn)


Neil Keenan


(Google Images & LinkedIn)


Gerry Beausang


(Google Images & LinkedIn)


Frank McGing


(Google Images & LinkedIn)


Paul Ryan


(Google Images & LinkedIn)


Sean Hogan


(Google Images & LinkedIn)

sean bio

Thought for the Week

If we were told last year that Covid cases this year would be running at 8x last year’s rate, and inflation would be kicking on, one would have had a big bet on different outcomes.

With rates of infection running at 4K cases of Covid per day here, nearly 8x last year’s rate, thankfully the correlation to ICU cases, deaths and lockdowns has diverged.

Inflation is gathering momentum yet the European base interest rate is still negative.

Both prove predicting what will happen in 2022 is very hard.

@RenatusCapital Tweets


The Irish households’ savings for 2020, bringing their financial net worth to an all-time high of €312.8bn.


The YoY decrease in the new Irish residential property completions for Q3 2021 amounting to 4,656 new dwellings. @CSOIreland


The Covid-adjusted Irish unemployment rate for October 2021, which includes all PUP claimants.


The YoY decrease in NI car sales for October 2021 amounting to 2,581 new cars sold, according to SMMT. @BelTel


The YoY increase in the Irish start-ups for the first 9 months of 2021 @, according to CRIF Vision Net.


The AIB IHS Markit PMI for October 2021, increase from September reading of 60.3. @RTEbusiness


The YoY increase in the average second-hand car prices in Ireland for November 2021, according to a survey of 5,000 cars by and CarsIreland. @RTEbusiness


The YoY increase in the value of Irish services output for September. The most notable increases were in the Accommodation and Food Service activities (+16.4%). @CSOIreland

About Renatus

Renatus was established in 2014 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 typically in the range of €5m – €20m. Our typical solutions include:

  • Succession planning
  • Management buyouts
  • Management buy-ins
  • Growth financing – both organic and acquisition growth financing
  • Full and partial share sale

Our Family of Investments

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