Navy-Blue-Logotype-1Navy-Blue-Logotype-1Navy-Blue-Logotype-1Navy-Blue-Logotype-1
  • Business Owners
  • Management Partners
  • Team
  • Portfolio
    • Boojum
    • Simtech
    • Rennicks
    • CRS
    • Kappture
    • Allied Imports Group
    • AQF Medical
    • Irish Rollforming
    • Herdwatch
  • Newsletter
    • Podcast
    • Knowledge Centre
      • The Real Deal 2020
      • The Real Deal 2019
      • The Real Deal 2018
  • Careers
  • Contact
Renatus’ Weekly M&A Newsletter – 05/03/2023
March 5, 2023
Renatus’ Weekly M&A Newsletter – 19/03/2023
March 19, 2023
March 12, 2023

We share our thoughts on government bonds, Titan Solutions acquired by BioTouch, Amarenco acquires a stake in Infram Energy and more in our latest newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Private Equity Newsletter 12/03/2023

Dear Reader,

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

THOUGHT FOR THE WEEK

The table below as of this week shows the spread on the Irish 10-Year government bond yield versus UK and Germany.

The markets view our covenant almost the same as Germany and significantly better than the UK. At one stage in the past fortnight some Irish bonds traded less than German.

This is hugely positive and suggests we are a lot less vulnerable than at the time of the global financial crisis when our covenant was trading at a junk covenant compared to UK and Germany.

Coming out of the Covid-19 pandemic, Ireland’s GDP grew by 13.6% in 2021, versus 2.6% and 7.5% in Germany and UK, respectively.

With the macroeconomic and geo-political threats it is no time to be complacent but it is comforting to know we are seen to be more robust now than over a decade ago.

M&A Activity

Titan Solutions acquired by BioTouch

Deal Details: Shannon-based Titan Solutions has been acquired by BioTouch for an undisclosed amount.

Titan Solutions provides supply chain solutions across a broad range of industries. Titan Solutions’ HQ is based in Shannon, but the business has operations globally across The Netherlands, USA, and South Africa. The business was founded in 2011 and is led by Paul Collins. The business does not report turnover or EBITDA information.

BioTouch is a US-based medical supplies and logistics services company. The business was founded in 2018 and is backed by Atlantic Street Capital. The business does not report turnover or EBITDA information.

Advisers:
BioTouch:
Legal: Simmons & Simmons led by David Brangham and supported by Jennifer Watters, Christine Quigley, Geoffrey Curran, Martin Phelan, Ruth Crawley, Derek Lawlor, Jeffrey Horahan and Ciarán Cronin (Dublin). Eitan Tabak and Matthew Klegon (US).

Titan Solutions:
None Mentioned

Renatus Comment: Ireland’s life sciences and digital health sector is robust with over 84,000 employees in over 700 companies as well as 9 of the world’s top 10 MedTech companies. The acquisition of Titan Solutions will enhance BioTouch’s ability to serve European clients and will support new temperature controlled product development and material growth within the clinical trials and pharma industries.

Source: Irish Times

Amarenco acquires 90% stake in Infram Energy

Deal Details: ​​​Amarenco has acquired a reported 90% stake in Infram Energy for an undisclosed amount.

Amarenco Group is a Cork-based power producer in the solar energy sector and operates in more than 14 countries around the world. The Amarenco Group was founded in 2018 from the merger of two companies including Méthode Carré, a French design office and project management company and Amarenco. In FY21, the business reported turnover of c. €81.4m which converted to an EBITDA of c. €13.9m.

Infram Energy is a renewable energy aggregation platform established by Infracapital. Infracapital is a European infrastructure investor. The business was founded in 2001 and has invested in over 60 European companies

Advisers:
Amarenco:
Legal: Holmes led by Stephen Walker and Rachel Jones (Corporate team) and Lisa Killeen and Kevin Harty (Banking & Finance team).

Infram Energy:
None Mentioned.

Renatus Comment: Amarenco originally partnered with M&G Investments’ affiliate, Infracapital, to form Infram Energy in 2017, with the business growing from an initial 19MW portfolio to a 220-site portfolio yielding over 125MW in energy. The deal to acquire Infracapital underlines the scale which Cork-based Amarenco has achieved over the last number of years under the leadership of co-founder and EMEA CEO, John Mullins.

While scaling internationally, Amarenco is playing a crucial role in the Irish government’s aim to achieve 80% of its electricity from renewable energy by 2030, having most recently won contracts for several projects with Eirgrid as part of a wider scheme to supply more than 2,700MW of power to Irish homes.

Source: Infracapital Press Release

COMPANY PERFORMANCE

Fitzpatricks Garage Group Limited is a Kildare-based multi-franchise motor business founded in 1951. The business was founded by Jimmy Fitzpatrick, an uncle of the current Managing Director, Andy Fitzpatrick.

In its financial year to March 2022, the business generated a turnover of c. €86.7m, an increase of 37% year-on-year. This converted to an EBITDA of c. €4.6m, an increase of 101% year-on-year. Relative EBITDA outperformance can be attributed to increased gross margin and a reduction in operating expenses as a percentage of revenue.

Significant post-EBITDA cash movements include working capital investment of c. €1.8m and redemption of share capital of c. €1.8m. The business finished the year with a cash balance of c. €6.8m, an increase of 4% year-on-year.

The business employed an average of 116 people in FY22 at a total cost of c. €5.4m.

Priority Drilling Limited provides drilling and construction services using state of the art drilling equipment. The business is based in Ballinasloe, Co. Galway and owned by Mary and Michael McCarthy.

Priority Drilling had FY22 turnover of €14.3m, which converted to an EBITDA of €4.3m. This represented year-on-year growth of 33.8% and 61.3% respectively. EBITDA margins increased year-on-year owing largely to an improvement in the business’ gross margin.

The business finished the year with a cash balance of €3.5m, a fall of €1.5m year-on-year. This is largely the result of significant investment in working capital, totalling €5.6m, along with fixed asset purchases of €3.3m.

Priority Drilling employed an average of 88 people over the year at an annual cost of €5.9m.

RECENT FUNDRAISINGS

Who: GenoMe, a Belfast-based cancer diagnosis company.

What: The business has closed a £1.4m funding round by QUBIS, the commercialisation arm of Queen’s University Belfast managed by Clarendon Fund Managers and Deepbridge Capital.

Why: The funding will be used to extend its novel technology to additional cancer types and to hire additional staff.

Source: Business Plus

Who: Blue Pet Co, a Kerry-based eco-friendly pet nutrition company.

What: The business has raised $200,000 in funding after becoming one of the six start-ups selected to join the Leap Venture Studio & Academy in Tennessee, a pet care specific accelerator.

Why: The business will use the funding to expand into the US and Australian markets this year.

Source: Business Plus

Who: Overhaul, an Irish-founded supply chain software company led by Barry Conlon and David Broe.

What: The business has secured $73m in growth capital, including $38m in equity and $35m in non-dilutive debt. The funding was led by Edison Partners with participation from investors eGateway Capital, Stepstone Group and TRM Ventures, while Stifel Bank provided the debt financing.

Why: The funding will be used to transform supply chain visibility and risk management.

Source: Business Plus

Who: Ufurnish, an online home furniture marketplace founded by Irish businesswoman Deirdre McGettrick.

What: The business has raised £3.4m in seed funding following an earlier £1.8m pre-seed round in 2020.

Why: The latest funding will be used to grow brand awareness and to expand retail partnerships.

Source: RTE

Who: Klearcom, a provider of global Voice and IVR testing capabilities to organisations with a dependency on customer communication.

What: The business has raised €1.5m in a pre-series A funding round led by Furthr VC.

Why: The new investment will be used to advance product development from Klearcom’s Waterford base.

Advisers: A Wallace Corporate Counsel team of Alan Ryan, Graham Coyne, Fran Keogh, and Louis Coleman.

Source: Klearcom Press Release

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.

Darragh O’Neill

Source:
(Google Images & LinkedIn)

Jenny Kinmonth

Source:
(Google Images & LinkedIn)

Peter Curtin

Source:
(Google Images & LinkedIn)

Sarah Mahony

Source:
(Google Images & LinkedIn)

Maoiliosa O’Culachain

Source:
(Google Images & LinkedIn)

@RenatusCapital Tweets

5%

The Central Bank of Ireland’s expectation of what Irish inflation will ease to this year. According to @centralbank_ie.

16%

Grocery Price Inflation in the 12 weeks to the middle of February 2023. According to @Kantar.

20%

The Households Saving Rate in Ireland in the fourth quarter of 2022. According to @CSOIreland.

24%

The year-on-year increase in the value of Irish agricultural output. According to @CSOIreland.

SIGN UP TO OUR NEWSLETTER

  • This field is for validation purposes and should be left unchanged.

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.
Management Partners
Business Owners

OUR INVESTMENTS

Kappture Renatus
CRS RENATUS
Renatus Capital makes strategic investment in Tipperary Crystal
AQF
Irish Rollforming Ltd
HERDWATCH

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

Subscribe to our Podcast

The Renatus Podcast, hosted by Renatus advisor and investor Greg Dilger, is a series of conversations with people in business – owners, operators, and investors.

Subscribe to our Podcast

Receive this Newsletter Direct to your Inbox

To receive the Renatus Weekly M&A & Company Performance Newsletter directly to your inbox, click the button below and subscribe.

Subscribe to our Newsletter
Share

Ground Floor,    Harmony Court,
Dublin 2,                          D02 RH68

T: +353 | 1 5549269
E: info@renatus.ie

Business Owners
Management Partners
Team
Portfolio
Newsletter
Podcast
Knowledge Centre
Contact

© 2023 Copyright
Renatus Capital Partners.

All Rights Reserved

Privacy Policy

    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.