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Renatus’ Weekly M&A Newsletter – 14/05/2023
May 14, 2023
Renatus’ Weekly M&A Newsletter – 28/05/2023
May 28, 2023
May 21, 2023

DCC plc acquires Alternative Energy Ireland, MCR Group receives investment, Solartricity receives investment from David Moffitt and more in our latest newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Private Equity Newsletter 21/05/2023

Dear Reader,

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

THOUGHT FOR THE WEEK

Michael Dwyer who successfully exited Pigsback.com and is a good friend of Renatus, has recently published a book titled ‘from the arena’ drawing from Theodore Roosevelt’s famous speech about those who ‘dare greatly’ and ‘strive valiantly’.

Michael gave a very insightful interview about the book and his rollercoaster journey yesterday on Richard Curran’s show.
https://www.rte.ie/radio/radio1/clips/22253192/
It is a great listen and it gives some very good insights into the mental health challenges surrounding entrepreneurs and why a life partner who understands the entrepreneurial journey, like Michael has in his wife Karen, is crucial. It is a very honest entrepreneurial story and well worth a read/listen.
The book can be bought here:

Kindle and paperback

Audiobook (Google Play)

M&A Activity

DCC plc acquires Alternative Energy Ireland

DCC to acquire Azenn

Deal Details: DCC plc has acquired Alternative Energy Ireland. Deal consideration was not disclosed.

DCC plc is an international sales, marketing, and support services group, based in Dublin. It operates through three divisions: Energy, Healthcare and Technology. DCC was founded by Jim Flavin in 1976 and was listed on the Dublin and London stock exchange in 1994. The group is led by CEO Donal Murphy. In FY Mar 23 the business reported turnover of c. £22.2bn, which converted to EBITDA of c. £800.1m.

Alternative Energy Ireland (‘AEI’) is a Dublin-based renewable energy specialist. The company’s services range from single technology installations to full energy audits and bespoke multi-solution installation. AEI was founded in 2007 by Steven Bray and currently employs c. 20 people. The business does not report turnover or EBITDA information.

Advisers:
Alternative Energy Ireland
Financial Advisor: PKF led by David Lucas and Conor O’Rourke.
Tax: PKF led by Kevin Quinn.
Legal: Philip Lee led by Inez Cullen and Eoghan Doyle.

DCC
Financial Advisor & Tax DD: PWC led by Orla Fisher.
Legal: Eversheds Sutherland, led by Gavin O’Flaherty and Alex Kirwan.

Renatus Comment: As part of its green energy services plan announced last year, DCC is aiming towards a net-zero carbon future and as part of this, the business is employing a clean energy acquisition play. It completed a series of bolt-on acquisitions in 2022, including that of PVO International, a Netherlands-based distributor of solar panels. In its financial results for year-end March 2023, released this week, it announced that the ‘Services and Renewables’ part of its energy division, now accounts for 28% of EBITDA (up from 22%). It will be hoping that by shifting the focus of the business away from oil and gas, it will improve the sub-8x EBITDA mutliple that it currently trades at, which lags most of its peers.

Source: PKF Press Release

MCR Group receives investment from Freshstream

Deal Details: MCR Group has received investment from Freshstream. Deal consideration was not disclosed.

MCR Group is a Dublin-based outsourced services provider. It was founded in 1996 by Douglas Taylor. The two other principal shareholders are Kealan Turley and Donall Barrett. In FY Dec 21 it reported turnover of c. €112.1m which converted to EBITDA of c. €15.2m

Freshstream is a UK-based mid-market investment firm established in September 2015.

Advisers:
MCR Group:
Corporate Finance: Clearwater International led by John Sheridan, Michael Quinlivan, John Devine and Conor Kilgallen.
Due Diligence: KPMG led by Mark Collins (FDD), Alan Bromell (Tax), Gavin Hillery, Darran Woods and Domhnaill Drumm.

Freshstream:
Corporate Finance: Grant Thornton (UK & IRE) led by Usman B Malik, Gareth Cosgrove, Chris Thompson, Safwan Chowdhury, Delphine Diers, Carl Parker, Harry Thorniley-Walker, Chris Sharpe, Jake Troughear and Edward Orme.

Renatus Comment: The Times reported back in February that MCR Group was pursuing a sale and that any deal would likely involve a consideration in excess of €100m. The price tag is warranted given its strong financial performance and blue-chip customer base that includes the likes of RTÉ, Google, Aer Lingus, Amazon and Ikea. Consolidation makes sense in this space as both high staff and borrowing costs continue to strain what is already a low-margin industry. Trade players such as Bidvest Noonan were tipped as likely suitors for the business given their acquisitive recent history. However, having now received fresh equity backing, MCR Group is probably more likely to be the acquirer than the acquired, over the next few years.

Source: Clearwater International Press Release

SPORIFY acquired by ArisGlobal

Deal Details: SPORIFY has been acquired by ArisGlobal for an undisclosed amount.

SPORIFY is a single solution to match, maintain, synchronise, and integrate SPOR (Substances, Products, Organisations, and Referentials). SPORIFY provides ISO IDMP-compliant SPOR data to feed regulatory activities across the health and safety sector. The business is owned by Conor Corr and Gary Wilson. It does not report turnover or EBITDA information.

ArisGlobal is a US-based drug development technology platform. Nordic Capital acquired a stake in the business from the founding Abbhi family in 2021. In FY22, it was reported that its turnover was c. €130m.

Advisers:
SPORIFY:
Legal: LK Shields led by Marco Hickey, Lester Sosa-Villatoro, Ruairi Mulrean, Aideen Burke, Elizabeth Mara, Jane O’Grady, Eimear McCluskey and Emer Wilkie.

ArisGlobal:
None mentioned.

Renatus Comment: The acquisition will provide ArisGlobal with high calibre data capabilities to facilitate data cleanup. IDMP is a suite of five standards developed within the International Organization for Standardization (ISO) to facilitate the unique identification of medicinal products. It is reported that the SPOR data solution is utilised by five of the world’s top 20 largest pharmaceutical companies and by a series of European regulators. With the life sciences industry advocating for the synchronisation of global data standards, SPOR implementation will facilitate the reliable exchange of medicinal product information.

Source: LK Shields Press Release

Solartricity receives investment from David Moffitt

Deal Details: David Moffitt has led an investment in Solartricity for an undisclosed amount.

Solartricity is a Dublin-based wholesale supplier of solar PV panels and is a subsidiary of Turbotricity Ltd. Quentin Gargan set up a solar division in 2014 and will be retaining a minority stake in the business post-investment. It was reported that the business has tripled its revenue in two years and a new Managing Director is to be appointed.

David Moffitt is an ex-senior Smurfit Kappa executive and experienced entrepreneur who founded Tech Group Europe, a drug delivery device manufacturer that he has successfully exited. David is currently CEO of Kayfoam Woolfson, a Dublin-based mattress manufacturer, and will now assume the role of Chairman at Solartricity.

Advisers:
Solartricity:
Corporate Finance: Solara Corporate Finance led by Karl Cleere.
Legal: BHSM LLP led by Joe McVeigh, Sinead Mannion and Stephen McVeigh.
Tax: McCarthy Tax led by Darragh McCarthy and Jennie Faughnan.

Investors:
Legal: Wallace Corporate Counsel LLP led by Darragh O’ Dea and Alban O’Callaghan.
Tax and FDD: PwC led by Paul Tuite and John Finnegan.

​​​​​Senior Debt Provider:
Bank of Ireland led by Pat Purcell.
Legal: Field Fisher led by Paddy Smyth and Jamie Woodcock.

Renatus Comment: Solartrictity is a wholsale supplier of PV panels to both residential and business customers. Solar Photovoltaic (PV) panels convert sunlight into electrical energy. This space in Ireland has grown substantially over the last decade with many new companies having sprung up along the value chain from supply to install to energy management. Gargan described as a ‘game changer’ the recent ability of Irish households to sell electricity back to the grid under the Micro-generation Scheme. When you combine this with the availability of SEAI grants & removal of VAT on solar panel installation, we would expect to see a significant increase in the uptake of solar in the coming years. This has become even more likely given the the energy price volatility experienced by consumers over the past 12 months.

This equity investment will help Solartricity increase its inventory levels which had been a limiting factor that restricted growth, due to the long lead times of c. 6 months involved in importing some devices. The financial backing combined with Moffitt’s extensive experience in scaling operations and growing capacity, should stand the company in good stead going forward.

Source: The Currency

Robinson Quarry Masters acquired by Breedon Group plc

Deal Details: Robinson Quarry Masters has been acquired by Breedon Group plc. This deal was announced along with two UK acquisitions of Broome Bros Ltd and Minster Surfacing Ltd. The three deals were reported to be worth a combined value of c. £19m.

Robinson Quarry Masters is a Co. Antrim quarry business located on a 150 acre site between between Larne and Ballymena. It sells to housing, commercial and infrastructure end-markets. It was previously owned by Alexander and Stephen Robinson. The business does not report turnover or EBITDA information.

Breedon Group plc is a UK-headquartered construction materials company. The group was established in 2008 and is led by CEO Rob Wood. In FY Dec 22 it reported turnover of c. £1.4bn which converetd to EBITDA of c. £224.8m. It is publicly listed and just this week moved from the AIM to the London Stock Exchange.

Advisers: None mentioned.

Renatus Comment: In 2018 Breedon Group purchased the Lagan Group, a Northern Irish construction business, for c. £455m. Since then it has pursued a strategy of vertical integration, acquiring businesses along the value chain in building materials, from quarries to concrete manufacturers as well as other construction & material manufacturing businesses. Interestingly, CEO Rob Wood said after this week’s deals were announced that despite the move to London’s premier stock exchange, the key to their M&A success remains their internal knowledge of small, local, independent and family-owned businesses.

Source: Irish News

Allied Risk Management acquired by Arthur J Gallagher subsidiary Artex Risk Solutions

Deal Details: Allied Risk Management has been acquired by Artex Risk Solutions, Inc.

Allied Risk Management is a provider of captive insurance/reinsurance management services estd. in 1990. It was formerly known as Zurich International Services prior to its name change in 2002. It was owned by Larry Sherin and Frank Coyle. In FY Dec 21 it reported turnover of c. €1.2m.

Artex Risk Solutions is a manager of insurance and alternative risk transfer solutions. It was estd. in 1997. It is a subsidiary of US-based insurance giant. Arthur J. Gallagher. In FY Dec 22 Arthur J Gallagher reported turnover of c. $8.3bn which converted to EBITDA of c. $2.4bn.

Advisers:
Allied Risk Management:
Corporate Finance: FinRes led by John Hannon & John Lacy.
Legal: Walkers led by Eoin Ryan

Artex Risk Solutions
Legal: McCann Fitzgerald led by John Neeson.

Renatus Comment: Arthur J Gallagher established an on-the-ground presence in Ireland last year with its acquisition of Innovu in June and subsequent deal to acquire Doyle Mahon Insurances. Its global consolidation play continues having completed 10 bolt-ons in Q1 alone. Unlike some of the insurance roll-up plays we have seen, Gallagher is not just targeting brokers, with this acquisition adding to its captive and alternative risk unit.

The idea of captive insurance is to provide coverage for the risks faced by a parent company by assuming the role of the insurer and retaining the risks within a ‘captive’ entity. Allied Risk Management also provides actuarial services and will bolster Gallagher’s capabilities in this regard.

Source: Cap IQ

Imperial Hotel Cork acquired by The Louis Fitzgerald Group

Deal Details: Imperial Hotel Cork acquired by The Louis Fitzgerald Group, subject to CCPC approval. Deal consideration was not disclosed.

The Imperial Hotel Cork is an historic 19th century hotel with 123 guest rooms. It has been part of the Flynn collection for the past 15 years. It does not report turnover or EBITDA information.

The Louis Fitzgerald Group is one of the largest family-run hospitality groups in Ireland and has over 19 pubs, restaurants and hotels. It is owned by Louis & Helen Fitzgerald. It does not report turnover or EBITDA information.

Advisers:
The Imperial Hotel:
Legal: RDJ led by Diarmaid Gavin, Maria Walsh, Liam O’Keeffe (Corporate and Commercial), John Dwyer (Real Estate), Cian Fenton (Banking) and Mark Ludlow (Tax).

The Louis Fitzgerald Group:
​​​​​​
​None mentioned.

Renatus Comment: The Imperial Hotel is steeped in Cork history and has hosted many famous guests over the past 200+ years including Daniel O’Connell, Frederick Douglass, Charles Dickens and Grace Kelly. Infamously, it is also the place where Michael Collins spent his last night before he was killed in an ambush at Béal na Bláth in 1922.

The iconic hotel now has switched hands to another seasoned hospitality operator in the Louis Fizgerald Group who also operate well-known Dublin pubs Kehoes and Bruxelles, as well as The Louis Fitzgerald Hotel and The Arlington Hotel.

Source: RDJ Press Release

COMPANY PERFORMANCE

Strathroy Dairy Limited is an Omagh-based provider of private label dairy products. The business is majority owned by Ruairi Cunningham and Patrick Cunningham.

In its financial year to July 2022, the business generated a turnover of c. £118.7m, an increase of c. 25% year-on-year. This converted to an EBITDA of c. £2.2m, an increase of c. 4% year-on-year.

Significant post-EBITDA cash movements include payments to acquire tangible assets of c. £1.2m and working capital investment of c. £2.7m. The business finished the year with a cash balance of c. (£4.3m).

The business employed an average of 154 people in FY22 at a total cost of c. £5.6m.

Impact Ireland (Metals) Limited is a company that specialises in the importation and distribution of steel and other metals. It is based in Tallaght Co. Dublin and also operates facilities in Cork and Belfast. It is owned by Daniel Clarke and Bernard Foley.

In its financial year to Apr 2022 the business generated a turnover of c. €38.9m, an increase of 46.1% year-on-year. This converted to c. €4.5m EBITDA, an increase of 117% year-on-year. The increase in EBITDA was driven by gross margin expansion and operating leverage realised in the business.

The business finished the year with a negative cash balance (overdraft) of c. €2.9m, a c. €2.5m decrease on FY21. This was primarily due to significant working capital investment totalling c. €5.6m.

The business employed an average of 74 people during the period at a total cost of c. €4.9m.

RECENT FUNDRAISINGS

Who: Nory, the Dublin-based company that uses AI and automation to manage labour, inventory, marketing and other costs in the hospitality sector.

What: The business has raised €7m in a round co-led by Triple Point Ventures and Samaipata VC, with participation from previous investors Playfair Capital, Cavalry VC, and Circlerock Capital.

Why: The funding will be used for marketing and continued product development.

Advisers: Legal: Wallace Corporate Counsel LLP led by Alan Ryan, Graham Coyne, and Glynn Ladley.

Source: Irish Times

Who: Stafford Bonded, a provider of post-distillery whiskey solutions, based in Wexford and Waterford.

What: The business has raised €1.25m in a funding round that valued the business at c. €5m. Investors in the business included Rob Kearney and Tadhg Furlong.

Why: The funding will be used to launch the O’Driscoll’s Irish Whiskey brand.

Source: The Currency

Who: Senoptica, a Trinity College spin-out business focused on sensor technology that aims to combat food waste.

What: The business has announced a first close of €550k on its €1.5m funding round..

Why: The latest raise will allow Senoptica to gain regulatory approval, complete the retailer pilot and make its first sales.

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.

Sandra Rockett

Source:
(Google Images & LinkedIn)

Stephen Walker

Source:
(Google Images & LinkedIn)

Ian Brady

Source:
(Google Images & LinkedIn)

John Purdy

Source:
(Google Images & LinkedIn)

@RenatusCapital Tweets

7

The number of consecutive months in which construction activity in Ireland has declined, according to the PMI from @BNPParibas

1%

The increase in advertised monthly rents in Q1 this year (vs. Q4 2022) to €1,750, according to @daftmedia

7%

The rate of inflation in the Eurozone in April, according to @ECB

9,928

The number of housing construction commencement notices between January and April this year, a 6% increase on the same period last year, according to @DeptHousingIRL

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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
  • Management buyouts
  • Management buy-ins
  • 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.