InsightsNewsletterRenatus’ Weekly M&A Newsletter – 10/04/2022

Renatus’ Weekly M&A Newsletter – 10/04/2022

Dear Reader,

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

Renatus Office Survey Results –
Thought for the Week

We were delighted to see c. 1,400 responses to our recent survey, which we believe gives both a broad and complete perspective on how a return to the office may look moving forward. Thank you to all that participated.

One thing we can be certain of is that hybrid working is here to stay, with this being a recurring theme across the responses.

Key takeaways:

  • 77% of respondents expressed their desire for a hybrid model going forward.
  • In terms of occupancy, presently 44% of respondents are at >50% office occupancy, with 57% expecting to be at >50% occupancy post-Easter. This augurs well for improved city centre activity.
  • Over 53% of respondents are already back at the office in some capacity.
  • Time spent commuting & decreased flexibility are the biggest concerns for returning to the office.
  • Despite the macro headwinds, 68% of respondents believe that 2022 will be either “a little better” or “significantly better” than 2021.
  • A concern expressed by many was that they feared losing staff if they forced them to return to the office full-time.

M&A Activity

Renatus invests in Irish Rollforming

Renatus invests in Irish Rollforming

Deal Details: We are very pleased to announce that Renatus Capital Partners has completed an investment in Irish Rollforming Ltd. We will partner with the existing management team, led by founder Liam O’Sullivan and COO Ruairí Geoghegan, to support the business’ ambitious growth plans.

Irish Rollforming was founded by Liam and Dolores O’Sullivan in 2010. The business is a market leader in the manufacturing and supply of roofing and cladding products and accessories, as well as precision engineering components. Operating from its purpose-built 80,000 sq. ft premises in Bweeng, Co Cork, Irish Rollforming is ideally located to supply and deliver to customers throughout Ireland.  Liam O’Sullivan will continue to lead the business and will be joined on the board by Renatus` Conor Mehigan.

To learn more about Irish Rollforming, please visit its website here.

Advisers: BKK (financial and tax) and RDJ (legals) advised Irish Rollforming. ReganWall (legals) and KPMG (tax) acted for Renatus.

Renatus Comment: This is Renatus’ eight investment and its fifth from its second fund.

Commenting on the deal, Conor Mehigan, Associate Director of Renatus said: “Irish Rollforming’s talented management team has positioned the business as a market leader in its space by being customer-focused, uncompromising on product quality and service. Working closely with ambitious founders is core to Renatus’ investment philosophy and we are looking forward to providing the financial and strategic support to help accelerate management’s growth ambitions.

Renatus is a boutique, impact-driven private equity fund focused on providing supportive equity capital (minority and majority) to ambitious SMEs across Ireland and the UK.

To see more about what we do and the businesses we have partnered with, please visit our website here.

Irish chain of veterinary practices acquired by Mars

villagevets_logo_400

Deal Details: Blackhall Facilities Management, the holding company for  various veterinary clinics throughout Ireland has been acquired by a subsidiary of US food giant, Mars. The deal consideration was not disclosed and is awaiting CCPC approval.

Blackhall was founded by Karl Cosgrave and operates 15 veterinary clinics throughout Meath, Dublin, and Wicklow. The business employed 118 staff throughout FY20. The business is today led by Charles and Julianne Cosgrave, the children of founder Karl Cosgrave.

The Mars subsidiary involved in this transaction is Linnaeus, which is a group of veterinary practices operating across the UK and Ireland. Linneaus has acquired five family-run veterinary practices throughout Dublin and Kildare. This deal will bring the total Irish veterinary clinics under Linnaeus’s control to 20, making it a market leader.

Advisers:
The shareholders of Village Vets:
Corporate Finance: Deloitte (led by Denis Murphy, Anya Cummins and Gavin George).
Legals: Flynn O’Driscoll LLP Solicitors (led by Pat Flynn and Cian O’Leary) and Branigan Cosgrove Finnegan LLP Solicitors (led by Gerard Cosgrove).
Tax: Focus (led by David Brophy and Andrew Kenny).

Linnaeus:
Legals: Matheson Solicitors (led by Brian McCloskey and Rob Barrett).
Tax: Grant Thornton (led by Sinead McKeaney).

Renatus Comment: Village Vets’ journey began in 1980 when it was founded by Karl Cosgrave in Dunshaughlin, with an initial focus on large animals. Over time, and under the leadership of Charles and Julianne Cosgrave, the business expanded to 15 locations and is today focused on small animals.

Village Vets is one of the largest organically grown small animal vet chains in Ireland. They have achieved this by expanding in clever urban locations and by being best-in-class in HR, marketing and their general offering.

The veterinary industry has experienced a high degree of M&A activity recently with the market consolidating as a result. There are European players such as CVS and IVC Evidensia alongside local players such as Highfield Veterinary Group, among others, that are establishing themselves as market leaders.

​​​​​Source: The Currency

CWSI acquires Blaud

cwsi

Deal Details: CWSI, the Irish mobile and cloud services security provider, has acquired Dutch security specialist Blaud for an undisclosed sum.

Founded in 2010, CWSI is a leading provider of IT security and compliance solutions. From offices in Dublin and Reading, it provides consulting, professional services, and managed services. The business is led by CEO Ronan Murphy. CWSI forecasts 2022 revenues of c. €20m. It does not report historical financials. CWSI was founded in Ireland in December 2010 by Conor Headon, Philip Harrison and Ronan Murphy.

CWSI also recently secured a reported €21m in equity and debt funding raise. The equity investment was provided by Castlegate Investments. Castlegate is the investment vehicle of eShopWorld founder Tommy Kelly which is led by Roy Barrett who was formerly Managing Director of Goodbody Stockbrokers.

BLAUD was established in 2007 and is headquartered in Utrecht, Netherlands. The business provides professional services, technical consulting, and support services. This targeted M&A strategy aims to grow CWSI’s presence in the UK and Europe, with these markets expected to contribute 75% of the company’s revenues moving forward.

Advisers:
CWSI:
Corporate Finance: A KPMG team including Niall Flood and David Healy.
Tax: Laura Lynch & Emer Joyce of Laura Lynch Associates.

Renatus Comment: The deal is CWSI’s second acquisition in the last twelve months, following the acquisition of UK-based cyber and cloud security solutions provider, AVR International, for a reported €5.2m.

Cloud services is another sector which has been extremely active. Notable acquisitive players in the space include Viatel, Ekco, Welltel, and Nostra, among others.

CWSI’s niche in this sector is its focus on enterprise mobile solutions which have become an increasing part of many business’ activities since the onset of Covid and remote working.

​​Source: CWSI Press Release

Digital 9 acquires Host Ireland

Hostireland

Deal Details: Digital 9 Infrastructure plc has acquired enterprise broadband provider Leeson Telecom Limited which trades as Host Ireland. The deal consideration is reported to be c. €60m.

Host Ireland provides broadband to enterprise customers, including multinational corporates, government bodies, and technology companies in the greater Dublin area. Host Ireland owns and operates its own network. Prior to this transaction, the business was majority-owned by Benjamin Kitchin, Eamonn Moran and David Moran. The business is led by its CEO David Russell and CTO Conor Magee.

Digital 9 Infrastructure plc is an investment trust overseen by Triple Point Investment Management. The trust is listed on the London Stock Exchange with the ticker DGI9. The share price closed at £111.20 on Friday, down 1.24% over the week.

Advisers:
Leeson Telecom Limited:
Deal Advisory: Goodbody Corporate Finance, led by Sarah Bogossian & Don Harrington.

Legal: Maples led by Morgan Pierse & Colm Rafferty.

Digital 9:
Legal: Arthur Cox provided legal advice with a team that was led by partner Connor Manning and senior associate Ruth Donnellan in the firm’s corporate and M&A team. They were supported by Ailbhe Ní Bhriain and Sarah O’Reilly in corporate and M&A, Aaron Boyle and Olivia Abell in infrastructure, construction, and utilities, Fintan Clancy and Cristina Susanu in tax, Cian Beecher and Eamonn Butler in employment, Rob Corbet and Ciara Anderson in IP and Daniel Watters in pensions.

Renatus Comment: The broadband network space has been quite active in recent times with a trend of investment firms investing in and acquiring Irish-based operators. In May of 2020, Infracapital acquired Fibrus networks in Northern Ireland, which had built a network aimed at improving connectivity in suburban and semi-rural towns. In December of 2020, Speed Fibre Group acquired Magnet Networks who were operating one of Ireland’s largest connectivity networks. In addition, SIRO, the JV between ESB and Vodafone raised €125m from Macquire Asset Management in late 2021.

Source: London Stock Exchange Press Release

EPS Group acquires IPP Ireland

EPS

Deal Details: Dublin-based IPP Ireland has been acquired by Cork-based EPS Group. Deal details were not disclosed.

EPS Group is an international water infrastructure specialist operating across the Republic of Ireland, the UK, and Northern Europe. The business was established in 1968 by Gerard Buckley and John Joe Sheehan. The business’ main shareholders are Jeremiah, Patrick, and Timothy Buckley. It had FY21 turnover of c. €118m, which converted to an EBITDA of c. €9m.

IPP Ireland is a Dublin-based supplier of pumping and associated plant to the building services and industrial sectors. The business is owned by John Nugent. It does not report turnover or EBITDA information.

Advisers: None mentioned.

Renatus Comment: This is EPS Group’s second acquisition in the last twelve months, following its acquisition of Ferrier Pumps in February 2021, which saw the business expand its operations across Scotland, having already established itself in England.

The acquisition of IPP is more about the complementary nature of their offerings rather than solely territorial expansion, given that both IPP and EPS serve a number of data centre customers, with IPP focused on the plant room and EPS excelling in the areas of water cooling and treatment. The combined operation will offer customers a true end-to-end service offering in the space.

EPS is a great story of where the next generation is really driving on the business through acquisitions and organic growth

Source: EPS Press Release

Momentum Support acquired by ABM

Momentum Support

Deal Details: Dublin-based facility services provider Momentum Support has been acquired by publicly traded, New York-based, ABM. The deal consideration was not disclosed.

Momentum Support was established in 1982 by managing director Colin Maybin and provides integrated facility services and solutions. The business employs over 2,300 people from locations in Dublin, Cork, Galway, and Belfast. Momentum reportedly generated revenue of c. €47m in 2021. The business was owned by the founding Maybin family.

Founded in 1909, ABM is a Fortune 500 company with annual revenue exceeding $6bn and more than 100,000 team members in 350+ offices throughout the United States, United Kingdom, and other international locations. The business is a provider of integrated facility services.

Advisers:
Momentum:
Corporate Finance: A KPMG Corporate Finance team led by David O’Kelly advised the shareholders of Momentum Support.
Legals: Mason Hayes & Curran

ABM:
Legals: DLA Piper Ireland

Renatus Comment: Looking back on Momentum’s (Maybin Support Services (Ireland) Limited) financial performance over the past numbers of years, it shows consistent, continued growth. In its financial year to December 2008, the first year that accounts are available, the business reported revenue of c. €25.4m which converted to an EBITDA of c. €1.7m. By December 2020, its most recently filed accounts, this had grown to €46.8m of revenue and €4.4m of EBITDA.

While the deal consideration was not disclosed, this was likely a great exit for the Maybin family who has grown an outstanding Irish success story from scratch.

Source: Momentum Support Press Release

Quote devil acquired by Three Rock Group

qoute devil logo

Deal Details: Dublin-based Three Rock, which is backed by UK private equity company Livingbridge, has announced the acquisition of Irish insurance broker, Quote Devil. The deal consideration was not disclosed.

Quote Devil was started in 2006 by CEO John McGuire. The company has a strong brand in the personal insurance market, offering home, car, van and travel insurance. John McGuire is staying with the business along with 60 staff.. The business reported FY June 2021 revenue of c. €6.8m and EBITDA of c. €1.1m.

Three Rock Group is an investment fund backed by Livingbridge. Livingbridge is based in London with offices in Melbourne, Australia, and Boston, USA. Livingbridge has made over 100 investments and managed over £2.9bn in funds.

Advisers:
Quote Devil:
Quote Devil was advised by Jimmy Maher of PwC Corporate Finance and by Beauchamps Solicitors on legals.

Three Rock Group:
Three Rock Group was advised by Flynn O’Driscoll LLP, PwC and Twomey Moran.

Renatus Comment: There seems to be no end to the spree of M&A activity in the insurance broker space in Ireland.

This acquisition marks Livingbridge’s further expansion into the Irish insurance space. The group already owns Chill Insurance, Ireland’s largest personal insurance broker, after buying a majority stake from previous owners Seamus and Padraig Lynch in 2020, as well as Ivernia, an Irish motor insurance agency. Livingbridge also has a stake in UK insurance brokers Jensten and Kingsbridge.

Source: Irish Times

Greencoat Renewables invests in two wind farms

greencoat

Deal Details: Greencoat Renewables, the Irish wind energy firm, has acquired two wind farms this week.

Greencoat Renewables PLC invests in, acquires, operates, and manages wind farms in Ireland and Europe. The business has approximately €8.4bn under management. Greencoat Renewables is led by Bertrand Gautier and Paul O’Donnell.

Greencoat has acquired a 50% stake in German offshore wind farm, Borkum Riffgrund 1, for a reported €350m. The sellers of Borkum Riffgrund 1 are US-based Kirkbi which owned 31.5%, and William Demant Invest, which owned 18.5%. The remaining partner is Danish state-owned renewables provider, Orsted, which remains a 50% shareholder in the project.

Greencoat has also acquired a 100% stake in the 21MW Soliedra wind farm in Spain from Saudi Arabian firm, Alfanar Global Development.

Greencoat Renewables’ shares rose 1.3% on announcement of the deal.

Advisers:
Greencoat Renewables:
Financial Advisory: J&E Davy, led by Barry Murphy and Ronan Veale acted as financial advisors to Greencoat Renewables PLC.

Kirkbi/ William Demant: None mentioned.

Alfanar Global Development: None mentioned.

Renatus Comment: Greencoat Renewables have been very active in recent times.

From an acquisitions point of view, it acquired five wind farms in 2021 with four in Ireland and one in Finland. Already in 2022, this deal is its second after previously acquiring Tullahennel wind farm in Kerry in February.

At the same, the business has been raising finance. Earlier in April, it raised €281.5m in a share placement, which it said was oversubscribed. This was part of an original €400m issuance programme launched last October, when it raised an initial €165m.

Source: Capital IQ

Galway’s Aran Biomedical acquired by Integer

aran biomedical

Deal Details: US-based Integer Holdings Corporation has announced the acquisition of Galway-based Connemara Biomedical Holdings Teoranta, which consists of Aran Biomedical (trading name) and Proxy Biomedical. The deal consideration was a reported €120m with an additional €10m contingent on revenue targets.

Integer Holdings Corporation (NYSE: ITGR) was founded in 1970 and is one of the largest medical device outsourced manufacturers in the world. The business is based in Texas and reported FY21 revenue of c. €1.22bn.

Aran Biomedical was founded in 2017 and offers expert design, development, and manufacturing solutions for medical device OEMs globally. In FY21, the business reported a turnover of c. €7.7m which converted to an EBITDA of c. €1.3m. It employed an average of 82 staff over the year.

Advisers:
Aran: None mentioned.

Integer:
Financial/Tax: Deloitte acted as buyside FDD and tax DD & tax structuring. The team consisted of Marc Rogers, George Byron & Mark Riley financial advisory, and Dave Shanahan, and Karen Clarke in tax.

Renatus Comment: Aran Biomedical is another company in a long list of indigenous success stories that has grown out of the medical device cluster in the West of Ireland.

Ireland is home to 14 of the world’s top 15 medical technology companies. In all, there are 300+ companies, employing over 40.000 people in the space, many of them in the West of Ireland.

This must be considered one of the greatest achievements of the IDA, not just for attracting some of the world’s biggest companies to Ireland, but also for the number of great Irish companies that have flourished in this ecosystem and the entrepreneurship it has promoted.

Source: Integer Press Release

GMIB acquired by AssuredPartners

gmib

Deal Details: Kerry-based Gallivan Murphy Insurance Brokers Limited (GMIB) has been acquired by US-headquartered AssuredPartners. The deal is reportedly worth over €100m.

GMIB is based in Killarney and operates a digital platform offering personal and commercial insurance across the island of Ireland. GMIB is led by managing directors Simon Gallivan and Denis Murphy, who own the business along with Tadhg Gallivan. The business had FY20 revenues of c. €9.0m, which converted to an EBITDA of c. €5.2m.

AssuredPartners, Inc. provides property and casualty insurance, and employee benefits brokerage services in the United States. The company was founded in 2011 and is based in Florida. The business is owned by Chicago-based PE firm, GTCR.

Advisers:
GMIB:
M&A: A Deloitte team, led by Anya Cummins, and supported by Denis Murphy, Richard Dineen, and Patrick McInerney.
Legal: An Arthur Cox team, led by Michael Coyle, and supported by Ruth Donnellan and Ellen Gaffney.

AssuredPartners: None mentioned.

Renatus Comment: While this deal represents a continuation of the strong trend of M&A activity in the insurance space in Ireland, it marks a change from the consolidation plays by local aggregators. The move by US-based AssuredPartners into the Irish market highlights the attractiveness of the space in Ireland, with the fee-based revenue streams of the insurance sector as a whole proving resilient during economic downturns.

Source: Irish Independent

FutureRange merges with Garry IT

future range

Deal Details: Dublin-based FutureRange has merged with Garry IT, based in Limerick. Deal details were not disclosed.

FutureRange is a leading IT services provider based in Dublin. The company’s main focus areas are managed services, digital transformation, and cyber security. The business is majority owned by Michael Rooney, with the remainder held by a number of investment vehicles. The company does not report turnover or EBITDA information.

Garry IT operates in the same space as FutureRange but is based in Co. Limerick. The business is owned by Dan Garry. It does not report turnover or EBITDA information.

Advisers: Cillian Balfe, Corporate Law Partner Whitney Moore acted for FutureRange.

Renatus Comment: The merger is the first strategic move by FutureRange following the recent MBO of the business, which was led by MD Michael Rooney, who had previously served as Director of IT Services with the business. FutureRange’s offering will now include cyber security, an increasingly prevalent vertical which is likely to be taken under serious consideration by all businesses in the near term.

Source: FutureRange Press Release

Walsh & Partners Solicitors to merge with Deborah O’Connell Solicitors

Walsh & Partners

Deal Details: Two Cork-based firms, Walsh & Partners Solicitors LLP and Deborah O’Connell Solicitors have announced that they are to merge under the title of Walsh & Partners Solicitors LLP.

Walsh and Partners Solicitors LLP are a law practice specialising in agricultural law, conveyancing, negligence, and family law. The business was founded by partner, Karen Walsh, in 2016.

Deborah O’Connell Solicitors, based in Midleton, Co. Cork, offers a wide range of services including litigation and family law but specialises in conveyancing and probate law. The business was founded seven years ago by Deborah O’Connell.

Advisers: None mentioned.

Renatus Comment: The deal appears to make a lot of sense with two regional Irish firms looking to achieve greater scale, enhance their combined offering and reduce the dependency on each of the founding partners.

Source: Irish Legal News

Kingspan sells its Russian business

kingspan

Deal Details: Kingspan Group plc has announced the divestment of its Russian operations to local management. Deal details were not disclosed.

Cavan-based provider of insulation materials, Kingspan, was founded in 1966 and currently employs over 15,000 staff. The business recently released its preliminary FY Dec-21 results, reporting turnover of c. €6.5bn and EBITDA of €893m, both representing an increase of 42% year-on-year.

​​​​​​The business’ stock has been falling recently and closed at €86.45 on Friday. This is after the business closed 2021 with an all-time high price of €107.00.

Advisers: None mentioned.

Renatus Comment: Kingspan has come under significant media criticism recently after what many saw as a slow exit from Russia following the invasion of Ukraine. Interestingly, Kingspan noted in its press release that the decision to exit was made in early March but that it had taken several weeks to ensure that it could be completed in an orderly fashion. A consideration likely facing many businesses with exposure to Russia at this time.

A New York Times article this week compiled a list of multinational companies’ stances on Russia. It found that 253 companies were leaving Russia, 248 were suspending activity with 162 yet to announce any decision.

Source: Irish Times

Cordovan acquires Powdertech

powdertech

Deal Details: Belfast-based private equity firm, Cordovan Capital Management, has acquired English-based Powdertech for an undisclosed sum.

The Powdertech Group comprises two business units: (1) Powdertech Surface Science, which specialises in powder coating and bonding processes for the automotive, aerospace and medical sectors; and (2) Powdertech Corby, which is a leader in metal finishing technology for architectural and interior design customers. The business is owned by Martyn Green. It does not report turnover or EBITDA information.

Advisers:
Cordovan:
Corporate Finance: A HNH team of Rodney McCaughey and Mark Hood.
Legals: Scott Kenedy of Millar McCall Wylie

Powdertech:
Corporate Finance: Hazlewoods
Legals: Wilkes

Renatus Comment: Cordovan noted that they are backing a great management team in Powdertech to continue developing its innovative product suite. This is something that we can certainly relate to here in Renatus. We’re always eager to back ambitious management teams and entrepreneurs with big dreams across Ireland and the UK.

Source: LinkedIn

NFP acquires ReSure

nfp

Deal Details: US-based NFP a leading insurance broker and consultant providing property and casualty (P&C), general insurance, corporate benefits, retirement, and individual solutions, today announced it has acquired Irish-owned ReSure Corporate Brokers, a specialist commercial insurance broker.

Established just over two years ago, Dublin-based ReSure currently employs 14 people and is among the fastest growing corporate insurance brokers in the Irish market, generating gross written premiums valued at more than €24m in 2021. To date, the business has focused on enhancing its specialist capabilities by supporting complex risk placements in Restructuring, Recycling, Real Estate, Construction, Domiciliary Homecare and Financial Lines, among others.

Advisers: A Grant Thornton Corporate Finance team led by Gareth Cosgrove and David Cole advised the shareholders of ReSure.

Leman Solicitors provided legal advice to the shareholders of ReSure.

Renatus Comment: This marks NFP’s third acquisition in Ireland within the past two years, having acquired local brokers HMP Insurance and Pension Advisors and Aiken Insurance Limited.

Source: NFP Press Release

Aedifica acquires three Irish nursing homes

Aedifica

Deal Details: Belgian investor, Aedifica, has announced that it has invested in three Irish-based nursing homes for €57m.

Aedifica is a listed company that specialises in investments in European healthcare real estate, in particular housing for seniors with care needs.

The recently-opened nursing homes are based in Duleek, Riverstick and Dundalk. The three care homes were completed during the first quarter of 2022. The care homes accommodate up to 346 residents.

Advisers: None mentioned

Renatus Comment: This transaction will strengthen Aedifica’s position in the Irish market with its portfolio in Ireland valued at nearly €270 million upon completion of all development projects.

In 2021, Aedifica made two significant acquisitions of nursing homes in Ireland. Firstly, it acquired Bridhaven care home in Cork. Subsequently, it acquired a group of four care homes in Waterford, New Ross, Bunclody and Killerig.

Source: Aedifica Press Release

Deal Updates & Other News

Ørsted enters JV with Simply Blue Group

Deal Details: Danish multinational power company Ørsted has entered into a JV with Simply Blue Group and Subsea 7 to develop a 100MW floating offshore windfarm on the Scottish coast. The deal consideration was not disclosed but Ørsted will reportedly own an 80% stake in the project with Subsea 7 acting as a minority JV partner.

Ørsted ranks as the world’s most sustainable energy company in Corporate Knights’ 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader in climate action. Nasdaq Copenhagen-listed Ørsted employs 6,179 people. In 2020, the group’s revenue was DKK 77.7 billion (€10.45bn).

Simply Blue Group is an Irish developer of floating offshore energy projects. The business has head offices in Cork with other offices in Wales, England, Scotland, and Oregon, USA.

Advisers:
Simply Blue Group/Subsea 7:
Legal (IRE): Fieldfisher advised Simply Blue Group. The Fieldfisher team was led by Feilim O’Caoimh, and supported by Elaine Traynor (Corporate and Renewables Partner) and Jamie Woodcock (Corporate and Renewables Associate) in Dublin, with further support from Gurkirat Rehal (Corporate Associate) and Robert Fett (Data Protection Associate) in London.
Legal (UK): Burges Salmon advised on aspects of Scottish law.
Financial Advisory: Green Giraffe acted as financial advisors to Simply Blue Group and Subsea 7 on the transaction.

Source: Fieldfisher Press Release

Company Performance

McElvaney Motors Ltd

Established in 1979, McElvaney Motors Ltd is primarily a Scania Dealer for Dublin and the North East of Ireland. The business is wholly owned by Adrian McElvaney.

McElvaney Motors reported a turnover of c. €53.4m in FY21, an increase of 2.2%. This converted to an EBITDA of c. €3.1m, an increase of 85.5%, as gross margin improved to 8.25% from 7.59% and administrative expenses decreased by c. €0.9m. Significant post EBITDA cash movements included a working capital investment of c. €1.2m and the purchase of tangible fixed assets amounting to c. €949k. The business closed the year with a cash balance of c. €5.8m, an increase of c. €504k from the previous year.

The business employed an average of 88 staff throughout FY21 at a cost of c. €4.1m. The majority (64) of the staff employed were garage staff.

MCE FIGS
FIELDS

J.J.F. Ltd, trading as Field’s of Skibbereen, operates a SuperValu supermarket and bakery in Skibbereen, Co. Cork. The business has been in operation since 1935. It is owned by the Field family, with Ruth, Catherine, and John Field listed as shareholders.

In its financial year to May 2021, the business reported turnover of c. €30.2m, which converted to an EBITDA of c. €1.4m, an increase of 8.8% and 33.6% respectively.

The business finished the year with a cash balance of c. €4.0m, an increase of c. €1.1m year-on-year. The business employed  an average of 232 people over the year, at an annual cost of €5.3m.

FIELDS FIGURES

Fundraisings

WhoWayleadr, the Irish-founded, last-mile automation solutions provider, has raised funding. The business is led by Garret Flower.

What: The business has raised $4m (€3.7m) in a funding round led by Third Prime ventures.

Why: The funding will be used to develop new technology to remove the guesswork in the last mile of any journey.

Source: Irish Times

WhoTrustap, a Cork-based digital transaction platform. The business was founded in 2016 by Conor Lyndon and has offices in Ireland, Croatia, the UK and the US where it employs c. 33 staff.

What: The business has raised €3.1m in a seed funding round led by MiddleGame Ventures. Other participants included Act and Atlantic Bridge. The raise was advised by BKK & Endeavour.

Why: The funding is set to go toward fueling growth which means hiring new developers and sales staff as well as enhancing marketing campaigns.

SourceIrish Times

WhoMelior Equity Partners, an Irish private equity fund, has this week announced the final close of its debut fund. Melior is led by its founders Peter Garvey and Jonathan Cosgrave.

What: Melior has in total raised €160m of commitments from investors.

Why: The fund will be used to invest in businesses valued between €20m and €100m.

SourceThe Sunday Times

WhoElkstone, an Irish venture capital investor based in Dublin. Some of Elkstone’s previous investments include LetsGetChecked, Thirty Madison, Flipdish, and Manna.

What: Elkstone has announced a new €100m fund. Participants included Enterprise Ireland, who contributed c. €20m, Elkstone management who contributed c. €3m as well as a wide range of private investors and institutional investors.

Why: The fund will make investments of €1-2m into early-stage Irish start-ups.

Advisors: Trevor Dolan, Emmet Scully and David Naughton, with associates, Katrina Smyth, Mina Dawood and Eric Brouwer of LK Shields, advised Elkstone.

SourceIrish Times

Executive and Board Appointments

We in Renatus believe that more important than the deals are the people and we are pleased to provide you with details of key recent executive and board-level appointments.

Frank Dunne

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Source:
(Google Images & LinkedIn)

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Michael Frawley

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Source:
(Google Images & LinkedIn)

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Breige McCartney

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Source:
(Google Images & LinkedIn)

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Graham Healy

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Source:
(Google Images & LinkedIn)

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Renatus Podcast

The Renatus Podcast is a collection of interviews with business leaders, including owners, operators, and investors. We hope to educate and enlighten our community through thought leadership by bringing in best-in-class business executives to speak about their different entrepreneurial paths.

Listen to our most recent episodes and be sure to subscribe through your preferred platform here.

@RenatusCapital Tweets

7%

The year-on-year rise of global power sector CO2 emissions during 2021, reflecting 778 million tonnes of CO2. That’s the largest absolute rise ever and the largest percentage rise since 2010. According to the Global Electricity Review 2022 @EmberClimate

38% & 62%

The respective sums of the world’s electricity generated from clean energy sources and fossil fuels in 2021. According to the Global Electricity Review 2022 @EmberClimate

10.3%

The sum of global electricity generated from wind and solar in 2021, up from 9.3% in 2020. According to the Global Electricity Review 2022 @EmberClimate

33%

The percentage of Ireland’s electricity that was generated by wind energy during March 2022. According to @WindEnergyIRL

€28m

The sum of money Enterprise Ireland invested across 125 start-up companies during 2021. @Entirl @IndoBusiness

9%

The year-on-year decline in new car sales in Northern Ireland during March 2022. This reflects 4,186 new cars registered, which was down from 4,618 in the same month in 2021. According to @SMMT @BelTel_Business

6.4%

The year-on-year rise in the cost of a fry in Northern Ireland, its highest level since March 2014. According to the Ulster Bank Ulster Fry Index. @BelTel_Business

77%

The percentage of SMEs across the EU that have a website while in Ireland almost half of Irish SMEs do not have a website. According to research from Google and Amárach. @RTEbusiness

6.7%

The rate of Irish inflation for March 2022, up from 5.6% in February 2022. In Europe, inflation was 7.5%, up from 5.9% in the same timeframe. According to @CSOIreland and @EU_Eurostat.

22%

The estimated percentage of Irish workers that did not take any annual leave in 2021. According to a @CSOIreland survey of 3,060 people.

c. 18%

The sum of people in Ireland who currently own or have previously owned Cryptocurrency. According to @Gemini. @RTEbusiness

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

Current Portfolio:

Flew the Nest:


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