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Renatus’ Weekly M&A Newsletter – 08/01/2023
January 8, 2023
Renatus’ Weekly M&A Newsletter – 22/01/2023
February 1, 2023
January 15, 2023

Renatus welcomes Tom Shiels, we share our thoughts on new dwelling completions across Ireland and multiple M&A deals in our latest weekly newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Private Equity Newsletter 15/01/2023

Dear Reader,

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

WELCOME THOMAS SHIELS

We at Renatus are delighted to welcome Thomas Sheils to the Renatus team as an Associate and announce his appointment in our appointments section below.

Prior to joining Renatus, Thomas spent three years in Lincoln International as a Vice President. Before Lincoln International, Thomas worked in Deloitte’s UK corporate finance department and KPMG Dublin.

We are delighted to be welcoming someone of Thomas’s calibre to our team in Renatus.

THOUGHT OF THE WEEK

We found it interesting to read an article during the week saying there need to be c. 300k houses built in England each year, and they are falling short.

Most things in Ireland/England are 10x by proxy of population, and it is the same narrative here that we should be hitting c. 30k houses a year.

We have analysed below the relative completions. It is fair to say that while we should be completing 30k on a long-run average, we are likely to fall short based on the well-documented supply/demand dynamics. Still, it is hard to see it going below 20k, remembering that we peaked at nearly 90k completions in 2006.

M&A ACTIVITY

Amryt Pharma to be acquired by Chiesi Pharma

Amryt acquires Chiasma

Deal Details: Amryt Pharma has entered into a definitive agreement to be acquired by Chiesi Pharma in a deal worth a reported €1.38bn.

Founded in 2015, Amryt Pharma is an Irish-based pharmaceutical company that focuses on developing and delivering treatments to help improve the lives of patients with rare and orphan diseases. Established by Cathal Friel’s Raglan Capital, Amryt Pharma, is also listed on the London AIM, Dublin Euronext, and NASDAQ exchanges. The business reported revenue of $188.8m for the first three quarters of 2022 and reaffirmed its full-year forecast for revenue of between $260m and $270m.

Chiesi Pharma is an Italian family-controlled global pharmaceutical company based in Parma, Emilia-Romagna. The group reported revenue of c. €2.4bn in FY21.

Advisers:
Chiesi Farmaceutici:
Financial Adviser: Centerview Partners LLC.
Legal Adviser: Dechert LLP.

Amryt Pharma:
Financial Adviser: Moelis & Company LLC.
Legal Advisers: Cooley LLP and Gibson Dunn & Crutcher LLP.

Renatus Comment: Cathal Friel has been a force in Dublin Corporate Finance for many decades, having been a co-founder of Merrion Stockbrokers before setting up his own Raglan. He has had a few shots at big prizes over the years, from Regional newspapers to betting to Oil exploration. He has indeed hit the jackpot with this and his other pharma ventures. While a small firm in terms of employees, Raglan alumni are very influential across Dublin finance. Some notable graduates of the Raglan Acadamy include John Bowe, head of Corporate Finance Mazars; Stephen Casey, Financial Director DCC Energy; Michael Lynch, Investment Director Irelandia and Mark O’Carroll, Accenture, to name a few.

Source: Chiesi Farmaceutici Press Release

Irish Drilling acquired by RSK

Deal Details: Irish Drilling has been acquired by RSK for an undisclosed amount.

Irish Drilling is a Galway-based mineral exploration and ground investigation contractor. The business has been in operation for over 50 years and its clients include Irish Water, SSE Renewables, Bord na Móna, and various public sector organisations. Irish Drilling did not report turnover or EBITDA information. The business was owned by Herbert Stanley, Emily Stanley, Ronan Killeen and Declan Joyce.

UK-based RSK is a sustainable solutions provider with operations in Europe, Africa, and the Middle East. In FY21, the business reported a turnover of c. £350.5m which converted to an EBITDA of c. £32.5m. The business was owned by a wide variety of individuals and investors.

Advisers:
Irish Drilling:
Corporate Finance: DHKN led by Mark Gibbs.

Renatus Comment: Mineral exploration is the process of investigating the subsurface to discover if there are economic quantities of minerals present. The island of Ireland has a diverse geology and a range of rich mineral deposits. Irish Drilling has a team of 40 and has recently completed a drilling programme for Parys Mountain (Anglesey Mining plc). This marks RSK’s 23rd acquisition as it anticipates furthering Irish Drilling’s capability in support of existing and new clients.

Source: Business Plus

Snigel acquired by CBPE

Deal Details: Snigel has been acquired by CBPE for an undisclosed amount.

Snigel is a Dublin-based global advertising technology business. In FY21, the business reported a turnover of c. €33.4m which converted to an EBITDA of c. €5.2m. The business was owned by Christopher Krischnig, Ida Krischnig and Peter Gallagher.

UK-based CBPE invests in businesses in the UK mid-market with an Enterprise Value of up to £150m.

Advisers:
Snigel:
Legal: Philip Lee led by George Kennedy.
M&A: Deloitte.

Rolling Shareholders / Management:
Legal: Philip Lee led by Andreas McConnell.
M&A: Deloitte.

CBPE:
M&A and Debt: JEGI Clarity.
Legal: Proskauer Rose and William Fry.
Financial & Tax: BDO.
Commercial: PwC.
IT: Intechnica.
Insurance: Howdens.

Renatus Comment: Snigel was founded in 2012 by former Google executives and has been featured in Deloitte’s fast 50 lists as one of Ireland’s fastest-growing tech companies for three times. It is an excellent example of the halo effect of Google spawning SMEs like this, which we wrote about before Christmas. We look forward to seeing more tech SMEs originate from the many global tech forces in Ireland.

CBPE’s investment will enable Snigel to grow in its core markets of Europe and the US whilst expanding its market offerings. Post-transaction, the founders will reportedly remain the most significant private shareholders.

Source: Snigel Press Release

Delta-P Monitoring Technology acquired by Trescal

Deal Details: Delta-P Monitoring Technology has been acquired by Trescal. The deal consideration was not disclosed.

Delta-P Monitoring Technology specialsies in cleanroom validation, HVAC commissioning, HVAC/refrigeration maintenance and environmental monitoring. It was established in 2001 and was owned by Brian & Laura Waldron. It does not report turnover or EBITDA information.

Trescal is a global provider of calibration services established in 2004 and based in France. In FY Dec 20, it reported a turnover of c. €75.6m, which converted to an EBITDA of c. €11.5m. It is owned by Canadian private equity firm OMERS who announced in November 2022 that they have entered into exclusive negotiations to sell a majority stake in the business to EQT infrastructure.

Advisers:
Trescal:
FDD: Mazars led by Mark Mulcahy, Michael Smollen and Antoine Brunner.

Delta-P:
None mentioned.

Renatus Comment: This deal was one of five announced by Trescal across Europe, Asia and Australia this week. It follows the company’s acquisition of another Irish-based calibration services firm, Classic Technology, in January 2022. This deal brings Trescal’s turnover to c. €7m in Ireland. Like Classic Technology, Delta-P also specialises in the life sciences sector. It makes sense that a large international player like Trescal would target this space in Ireland, given the large number of pharma and MedTech MNCs that operate here in Ireland.

Source: Trescal Press Release

McGivern Insurance Brokers acquired by PIB Group

Deal Details: McGivern Insurance Brokers has been acquired by PIB Group through its Irish subsidiary Campion Insurance.

McGivern Insurance Brokers is a Dublin-based insurance brokerage founded by Hugh McGivern in 1982. It specialises in niche insurance products in the legal, financial, aviation, technology, retail and construction sectors. In FY Dec 21, it reported a turnover of c. €1.9m, which converted to EBITDA of c. €0.4m.

PIB Group Limited is a group of insurance advisory businesses providing advisory, analytics, claims management, premium funding, and risk management solutions. The business was founded in 2015 by Brendan McManus and is backed by private equity firms Apax Funds and The Carlyle Group. It is headquartered in London. In FY21, it recorded a turnover of c. £230.9m, which converted to an EBITDA of c. £44.5m.

Advisers:
PIB Group:
FDD: Mazars led by Mark Mulcahy, Anthony Shiel and Kevin Hogan.
Tax: Mazars led by Gerry Vahey and Nicole Hanlon.
Legal: DLA Piper led by Matt Cole and Blayre Mcbride.

McGivern:
Legal: Gore & Grimes led by Brian O’Neill.

Renatus Comment: 2023 has picked up where 2022 left off with regard to the consolidation trend in the Irish insurance industry. Last year, PIB Group acquired 6 insurance businesses in Ireland, most recently Dublin-based BHP Insurance and Wicklow-based Sheridan-Colohan. It announcd that it intends to continue to actively pursue acquisitions this year. This deal to acquire McGivern Insurance rounds out Campion’s product offering with McGivern specialising in niche products like indemnity insurance and portfolio protection for mortgage lenders.

Source: Business Plus

LWA acquires majority stake in Bloom

Deal Details: A majority stake in Bloom is reported to have been acquired by LWA Group. Deal consideration was not disclosed.

Bloom is a Dublin-based creative agency. It was established in 2000 by David Quinn and Damian Penco. It does not report turnover or EBITDA information. The business was owned by founders David Quinn and Damian Penco.

LWA Group is a group of marketing communications companies based in Dublin. Its brands include Pluto, TapCreative, Zest Product Solutions and VAAS. It is owned by Colin & Fiona Culliton. In FY Oct21, it reported a turnover of c. €6.8m.

Advisers:
LWA Group:
Legal: Crowley Millar Solicitors LLP led by Bryan Sweeney.

Bloom Advertising Limited:
Legal: Fitzgerald & Co.

Renatus Comment: This is the second sale of a Dublin-based creative marketing business since the beginning of 2023, following the acquisition of Verve Marketing by The Opus Group last week. This might be a trend to watch as larger groups acquire specialists in each marketing niche to sit under a single entity. All of LWA’s subsidiaries operate under their own brand but benefit from shared resources, tools and synergies.

Source: Adworld

Hume Brophy acquired by Penta

Deal Details: Hume Brophy has been acquired by Penta. Deal consideration was not disclosed.

Hume Brophy is an Irish-based integrated communications and government relations firm with offices in London, Brussels, Dublin, Frankfurt, Paris, Hong Kong, and Singapore. It was owned by John Hume and Eoin Brophy, who established the business in 2005. In FY Dec 20, the business reported a turnover of c. €10.5m which converted to an EBITDA of c. €2.4m.

Penta was established in September 2022 following the merger of market-leading firms Ballast Research, Hamilton Place Strategies, Flag Media Analytics, Alva, Gotham Research Group, and Decode_M. It is owned by US private equity firm Falfurrias Capital Partners. The business did not report turnover or EBITDA information.

Advisers: None mentioned.

Renatus Comment: Hume Brophy has expanded its sector focus to agri food, energy and transport in recent years having initially concentrated its efforts on financial services. This deal is an interesting add-on to the newly formed Penta Group which aims to become the world’s ‘first comprehensive stakeholder solutions firm’ by bringing a focus on analytics and research to integrated communications. With operations around the world and experienced principals who will remain active in the business, Hume Brophy looks to be an ideal company to integrate into this strategy.

There is a shift whereby services companies, which historically struggled to separate the goodwill from the principal fee earners, are beginning to get paid for their global goodwill and creating equity for founders and leaders of professional services firms.

Source: Penta Press Release

Swrve acquired by MessageGears

Deal Details: Swrve has been acquired by MessageGears. Deal consideration was not disclosed.

Swrve is a mobile marketing platform based in San Francisco with offices in Dublin and London. It was established in 2010 by Hugh Reynolds and Steve Collins. It delivers mobile experiences that drive customer engagement for clients like Emirates and Ryanair. The business previously raised $76m in funding from investors, including Atlantic Bridge, Act Venture Capital, Summit Bridge Capital, Spectre, Enterprise Ireland and the Ireland Strategic Investment Fund. The business reported FY21 revenue of c. €7.5m.

MessageGears is a marketing platform based in Atlanta, Georgia, that allows users to use data to engage with customers across email, SMS and mobile apps. The company recently announced a $62m growth funding round led by US-based growth investor Long Ridge Equity. The business does not report turnover or EBITDA information.

Advisers:
Long Ridge:
Corporate Finance: Clearwater led by John Curtin and Jonathan McDonnell.

Swrve:
None mentioned.

Renatus Comment: Swrve founders, Hugh Reynolds and Steve Collins, previously set up software developer Havok back in 1998. This business was subsequently sold to Intel in 2007 for $110m. Reynolds and Collins have once again exited to a significant US player. This deal will increase MessageGears’ global presence as well as expand the digital channels through which it can grow the brand reach of its clients.

Source: Clearwater International Press Release

Skibbereen Residential Care acquired by Care Property Invest

Deal Details: Skibbereen Residential Care has been acquired by Care Property Invest. The deal consideration was not disclosed.

Skibbereen Residential Care is a Cork-based Residential Care Centre & Retirement Village. The business is owned by Colette Moyles and Norbert Eames, and it did not report Turnover or EBITDA information. The project will accommodate 51 residents and has a reported total conventional value of approximately c. €7.5m.

Care Property Invest is a Belgian-based public care home REIT with a market capitalisation of c. €423m. It has a portfolio of 142 healthcare projects spread across Belgium, The Netherlands, Spain and Ireland. In FY21, the business reported revenue of c. €43.7m, which converted to EBITDA of c. €38.0m.

Advisers: None mentioned.

Renatus Comment: Anyone in this space who sold in the last two years is likely to have achieved a peak price. This is due to margin compression, top-line revenue remaining static, costs from staff to energy and food increasing, and the fact that money-chasing deals such as the above was primarily institutional packaged money getting low yields on the property element of the homes when interest rates were negative.

Source: Care Property Invest Press Release

Jeffrey Leo agrees to acquire Altada Technology Solutions

Deal Details: A receiver appointed to artificial intelligence company Altada Technology Solutions has agreed to sell the business for an undisclosed amount. The receiver has expressed a preference for a sale of Altada Technology Solutions to Jeffrey Leo who fronted the Datech bid.

Altada Technology Solutions is a Cork-based provider of clients’ data supply chains using ingestion, indexing, data remediations, and inference. The business was founded in 2017 by Allan Beechinor and Niamh Parker. It raised €8.75m in October 2021 from investors in a funding round led by Elkstone, which invested €4.3m in the round along with Rocktop.

BayWa r.e. is a leading global renewable energy developer, service provider, distributor and energy solutions provider based in Germany. Two of the solar projects in this deal are located in Castilla la Mancha and the third in Andalusia. Collectively they produce 115 MWp and will commence operation later this year.

Advisers: None mentioned.

Renatus Comment: Jeffrey Leo, a founding investor in Altada has agreed to acquire the business. Jeffrey Leo is working alongside Rocktop Partners to acquire Altada from receivership.

Source: Business Post

Graphic & Paper Merchants Ireland acquired by Premier Paper Group

Deal Details: Graphic & Paper Merchants Ireland (GPMI) has been acquired by Premier Paper Group for an undisclosed sum.

GPMI is a Dublin-based independent supplier to the commercial print and signage trade in Ireland. GPMI is owned by Michael Brophy and Dermot Smurfit. During FY22, the business reported a turnover of c. €27.5m.

Premier Paper Group is a UK-based independent paper merchant. The business reported a turnover of c. £187m which converted to an EBITDA of c. £7.2m.

Advisers:
Premier Paper:
Deal Advisory: BDO led by Rory O’Keeffe, Anthony O’Boyle.
Tax: BDO led by Angela Fleming.

GPMI:
None mentioned.

Renatus Comment: GPMI has a strong position in the Irish market, supplying the Irish commercial print and sign and display sectors. It follows Premier Paper’s acquisitions of retail display company WBC and packaging and lamination films supplier Zulu Packaging last year. Post-transaction, GPMI will gain additional resources, logistics support and expertise provided by Premier Paper.

Source: Insider Media

Neylons Facility Management acquires Accent Facilities Solutions

Deal Details: Galway-based Neylons facilities management has reportedly acquired the entire issued share capital of Accent Facilities Solutions Limited. Deal consideration was not disclosed.

Neylons Facility Management provides a full range of Facilities Management services to its clients across various sectors, including Healthcare, Residential/Nursing Homes, Corporate, Pharmaceutical and Education. The business reported an FY21 turnover of c. €29.9m which converted to an EBITDA of c. €2.0m. The business is majority owned by Sylvester and Maureen Neylon.

Accent Solutions is a specialist Facilities, Asset Management and Energy Management business, providing services to investor, institutional and corporate clients. The business did not report turnover or EBITDA information and was already partly owned by Neylon Facilities Management. The business listed Martin McMahon and Ann Treacy as the sole owners in 2021.

Advisers:
Accent Solutions:
Legal: LK Shields led by Emmet Scully, Lester Sosa-Villatoro and Daniel Keegan.

Renatus Comment: With the introduction of Covid and resulting higher cleaning standards in offices coupled with a large influx of people returning to the office, the facilities management sector has seen a significant increase in revenue over the past months. This industry is highly fragmented, with a recent report released by the British Cleaning Council (BCC) estimating that over 69k companies are operating in the sector in the UK and a level of fragmentation in the Irish market is likely.

Neylons may join the likes of Bidvest Noonan as a consolidator in the space over the coming months if they continue this M&A strategy.

Source: LK Shields Press Release

DEAL UPDATES & OTHER NEWS

Ireland raises €3.5bn from sale of 20-year Green Bond

Deal Details: The National Treasury Management Agency (NTMA) raised €3.5 billion through the syndicated sale of a new 20-year Irish Sovereign Green Bond (ISGB) maturing in October 2043.

The funds were raised at a yield of 3.106%.This is the country’s second sovereign green bond, following the first issuance in October 2018. The NTMA said there was strong demand for the offering with an order book of over €35bn split across 300 accounts of varying geographies and investor type.

Advisors: 
NTMA:
Legal: Arthur Cox led by Cormac Kissane and Sinead Williams.

Source: NTMA Press Release

Kerry Group agrees to sell sweet ingredients division to Advent International

Deal Details: Kerry Group has entered exclusive negotiations with IRCA to sell its sweet ingredients division for c. €500m.

The division employs c. 1,100 staff across 10 manufacturing plants, six in Europe and four in the US. It makes a range of ingredients, from sweet particulates and chocolate confections to baked inclusions and fruit purées. The division’s expected attributable financial results for FY22 include revenue of c. €405m and EBITDA of c. €41m. Kerry Group has said that if the sale to Advent’s IRCA portfolio company proceeds, it will use the money raised for “general corporate purposes” and the development of its taste and nutrition (T&N) business.

Source: Irish Examiner

Poolbeg Pharma to list on Nasdaq in €1bn sale

Deal Details: Infectious disease specialist Poolbeg Pharma is aiming to list on the New York Nasdaq exchange. It has been reported that the company is aiming for an IPO before the end of the year. This is a move from the same playbook that saw Amryt Pharma sold to Chiesi this week. Dublin-based firm Raglan Capital backs both companies.

Source: The Independent

COMPANY PERFORMANCE

Rossmore Civils Limited is a building and civil engineering company, based in Cork, with a second office in Dublin. The business is owned by Martin Fagan and John Curtin.

In its financial year to March 2022, the business generated a turnover of c. €24.5m, an increase of 7.7% year-on-year. This converted to an EBITDA of c. €1.6m, an increase of 14.5% year-on-year. The rise in EBITDA is primarily attributable to the increased revenue figure, with administrative expenses (excluding depreciation charges) remaining flat year-on-year.

Significant post-EBITDA cash movements include payments to acquire tangible assets of c. €0.8m and a c. €0.2m investment in working capital. The business finished the year with a cash balance of c. €2.5m.

The business employed an average of 134 people in FY22 at a total cost of c. €7.3m.

Great Northern Distillery Limited is a whiskey distillery in Dundalk, Co. Louth. It was opened in 2015 at the site of the old Great Northern Brewery which dates back to 1896. The business is owned by Jack, Stephen & John Teeling, James Finn and David Hynes.

In its financial year to April 2022 the business generated turnover of c. €44.5m, an increase of 34.1% year-on-year. This converted to c. €24.3m EBITDA, an increase of 29.0%. The increase in EBITDA was driven by revenue growth, with gross margin falling slightly year-on-year.

The business finished the year with a cash balance of c. €1.3m, a c. €0.2m decrease on FY21. The primary cash outflows were associated with debt repayments and the acquistion of tangible assets.

The business employed a total of 49 people during the period at a total cost of c. €3.3m.

RECENT FUNDRAISINGS

Who: HR Duo, a human resources technology company based in Dunshaughlin.

What: The company raised €4.5 million in a Series A funding round led by UK-based Puma Private Equity.

Why: The funding will be used to help drive revenue growth and international expansion.

Advisors:
HR Duo:
Corporate Finance: Hugh O’Neill of Hogan & Associates.

Source: Irish Times

Who: HRLocker, a Clare-based firm that provides HR software to SMEs.

What: The company raised €2 million in a funding round led by Limerick-based Macx3 Investments.

Why: The funding will be used to deliver further innovation and to expand into international markets.

Advisors:
HRLocker:
Corporate Finance/CFOaaS: Eden Capital led by Sam Hunt.
Legal: Sean Wallace and Nessa Kilgallen of Wallace Corporate Council.

MacX3 Investments:
Legal: Holmes O’Malley Sexton LLP led by Caroline Connolly.

Source: Independent

Who: Zeus Scooters, an Irish-owned and operated electric scooter-sharing provider. Founded in 2019 by Damian Young, Zeus operates in 42 cities in six countries.

What: The business reportedly raised €650,000 in equity funding. This was reportedly made up of EIIS investors accounting for €480,000 as well as Brendan Foley buying shares for €100,000.

Why: The funding will go toward fuelling the business’s growth, which to date has included both organic expansion and acquisition.

Source: Business Plus

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.

Thomas Sheils

Source:
(Google Images & LinkedIn)

Sam Nolan

Source:
(Google Images & LinkedIn)

Keith Butler

Source:
(Google Images & LinkedIn)

Niall Gaughan

Source:
(Google Images & LinkedIn)

Zoë Sheehan

Source:
(Google Images & LinkedIn)

Kenny Jacobs

Source:
(Google Images & LinkedIn)


Peter MacDonald

Source:
(Google Images & LinkedIn)


Kevin Quinn

Source:
(Google Images & LinkedIn)


Darragh O’Dea

Source:
(Google Images & LinkedIn)


Ray Byrne

Source:
(Google Images & LinkedIn)


Nicola Hodson

Source:
(Google Images & LinkedIn)


Richard Dennehy

Source:
(Google Images & LinkedIn)


Jacinta Conway

Source:
(Google Images & LinkedIn)


Martin Carroll

Source:
(Google Images & LinkedIn)

@RenatusCapital Tweets

€59bn

The total amount spent by the Irish state on social protection in 2021. The most significant areas of expenditure within social protection were sickness and healthcare (€23.6 billion) and old age (€15.9 billion). According to @CSOIreland.

40.6%

The increase in Irish manufacturing output for September, October and November 2022 in comparison to the same period in 2021. pharmaceutical, computer, electronic and medical instrumentation were among the main drivers. According to @CSOIreland.

€119m

The additional spending of Irish consumers on groceries during the Christmas period compared to the previous year. Irish grocery sales in Ireland hit a record €1.3bn in the run-up to Christmas. According to @Kantar_UKI.

20,000

The increase in people employed by Enterprise Ireland-backed firms from 2021 to 2022. Firms backed by Enterprise Ireland employed a total of 218,178 people in 2022. According to @Entirl.

99.4%

The occupancy level of the Irish Residential Properties Reit’s various sites as of December 31st 2022. This figure increased from 99.1% in 2021. According to @iresreit.

€16.7bn

The total value of food, drink and horticulture products exported from the Republic of Ireland in 2022. This figure is up 22% (€3bn) on the previous year. According to @Bordbia

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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
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  • Growth financing – both organic and acquisition growth financing
  • Full and partial share sale.
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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.