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Renatus’ Weekly M&A Newsletter – 17/01/2021
January 17, 2021
Renatus’ Weekly M&A Newsletter – 03/01/2021
January 3, 2021
January 24, 2021

Mainstream agrees €1 billion equity investment deal. Trinity Care nursing home group is acquired, Trinity Motor Group acquires Sinnott Motor Group, Wide Eye Outdoor and Adtower merge and much more in this weeks newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Newsletter 24/01/2021

Dear Reader,

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

M&A ACTIVITY

Mainstream agrees €1 billion equity investment deal

Deal Details: Global wind and solar company, Mainstream Renewable Power, has signed an equity investment agreement with Norwegian renewable energy investment company Aker Horizons.

The deal will see Aker Horizons take a 75% equity stake in the company, valuing Mainstream at a reported €1 billion including earn-out and subject to customary adjustments.

The agreement enables Mainstream to accelerate its global expansion plan to bring 5.5 Gigawatts (GW) of assets to financial close by 2023 ahead of a planned IPO.

Established in 2008, Dublin-based Mainstream has significant interests across Latin America, Asia-Pacific and Africa, as well as in the global offshore wind sector, with over 1.2 GW of major capital projects currently under construction.

Following the transaction, Mainstream will continue to operate under its existing brand, led by its current CEO Mary Quaney, management team and founder Dr Eddie O’Connor as Chairman.

Advisers: Investment bank Rothschild advised Mainstream.

KPMG acted as tax advisors to Maintsream, led by the Global Renewable Head Mike Hayes and Paul O’Brien.

Philip Lee’s M&A team, led by John Given and Andreas McConnell, advised Mainstream.

A multi-disciplinary team from ByrneWallace LLP, including partners Neil Keenan, Gavin Blake, Michael Kennedy, Emmet Whelan, Liam Connellan, Darren Daly, senior associates Zelda Deasy and Kenny McArdle, and solicitors Kelly Mackey and Philip O’ Leary acted as an Irish legal adviser for Mainstream.

The Linklaters team, who also advised mainstream, was led by partners Jeremy Gewirtz, Michael Honan with managing associates Nicholas Howarth, Thomas Ford, associates Catherine Yuen  and Bella Sullivan.

Renatus Comment: The story of Mainstream Renewables and Eddie O’Connor is an incredible one. Mr. O’Connor established the business in 2008 having led  Bord na Mona and founded and exited Airtricity. He is reported in the Times today to have netted €45m from the Airtricity exit and invested €33m in Mainstream. In 2014 the business had not clicked and he was forced to dip deeper into his back pocket to keep it alive. Since then, Mainstream has grown to become a developer of significant wind and solar projects globally. It was not an easy ride and the company reportedly looked to be on the brink a number of times, being forced to sell off assets in development to keep the lights on.

In the end, the reported €1bn valuation marks a tremendous return for Eddie O’Connor (owns 55% according to Reports), his partners and management.

O’Connor’s Shakespeare quote in today’s Sunday Times is brilliant and all entrepreneurs can relate to it regarding the times when the going was tough during the journey

‘I am in blood / steeped in so far, that, should  I wade no more, / returning was as tedious as go o’er’

Source: Mainstream

Trinity Care nursing home group is acquired

Deal Details: Irish nursing home group, Trinity Care, has been sold to Belgian healthcare property investment specialist Cofinimmo for €93 million.

However, the overall deal for the Trinity Care Group business is speculated to be worth more than €150 million.

The properties are still listed as being operated by Trinity Care. Cofinimmo confirmed it had bought six nursing homes in Cavan, Louth, Meath, Dublin and Kildare and one rehab clinic in Dublin and will lease them to DomusVi, which will run the operations for an initial 15 years each. They have a total of 491 beds.

Advisers: The Arthur Cox team, who advised  Cofinimmo,  was led by Deirdre Barrett (Real Estate), Elizabeth Bothwell (Corporate and M&A) and Joanelle O’Cleirigh (Healthcare) and included Niav O’Higgins (Construction and Engineering), Elaine Caulfield, Zoe Ennis and Gillian Beechinor (Real Estate), James Cotter (Corporate and M&A) and Grace-Ann Meghen (Healthcare).

Mason Hayes & Curran, led by Robert Dickson on the corporate side and Vanessa Byrne on the Real Estate side acted for DomusVi on the acquisition.

William Fry acted for the sellers. Myra Garrett and Barbara Kenny led on the Corporate side and Lisa McCarthy led on the Real Estate side.

The Spanish investor was advised by CBRE’s Real Estate Banking team in Spain headed by Pablo Callejo, a National Director.

Trinity Care was advised by Cormac Megannety, Director and Head of the Healthcare division in CBRE in Dublin.

Renatus Comment: This is yet another incredible result for Anne Heraty and Paul Carroll having agreed in November to sell CPL Resources to Japanese HR firm Outsourcing Inc for €318m. Ms Heraty and Mr Carroll originally bought into Trinity Care in 2012, backing the acquisition of the former Guardian Healthcare business by its ex-CEO, Keith Robinson. Mr Robinson is still listed as CEO of Trinity Care and is thought to have owned about 30% of the business. This is one of the multiple nursing homes deals reported on our newsletter in recent months, with this transaction being yet another indication of the continuing consolidation of the nursing and care home sector across Europe.

Hearty and Carroll stayed the journey and a good example of being flexible with investments as between the time they got in and out, other highly accomplished financiers came in, expected consolidation and valuations to mirror hotels not operating companies and ran out of patience. Hearty and Carroll waited until such valuations emerge and are getting well rewarded for their patience.

Source: Irish Independent

Trinity Motor Group acquires Sinnott Motor Group

Deal Details: Trinity Motor Group has acquired Wicklow-based Sinnott Autos for an undisclosed sum.

As part of the transaction Trinity Motor Group has acquired both sites located on the Dublin Road, with the Volkswagen & ŠKODA brands joining the Trinity Motor Group. All the staff will also transfer over from Sinnott Autos.

Established in 1995 with five well-known motor franchises across the South-East, the Trinity Motor Group which was founded by Edward Murphy still has four family members active in the business today.

Sinnott Motor Group, which includes Sinnott Volkswagen and Sinnott ŠKODA, is a family-owned and run Volkswagen and ŠKODA main dealer in Wicklow since 1987.

Advisers: IBI Corporate Finance advised Sinnott Motor Group (Sinnott Volkswagen and Sinnott Skoda) on its sale to Trinity Motor Group.

Renatus Comment: The auto industry has suffered as a result of Covid-19 and may take a while to recover as uncertainty weighs on people’s large capital expenditure purchasing decisions. According to the CSO, the total number of new private cars licenced in Ireland in 2020 decreased by 25.6% when compared with 2019. That being said, car sales held up better than what would have been expected in April of last year.

Such a drastic change in market demand means that it is unlikely that all market participants will survive and that consolidation may take place, with the stronger players taking share from the weaker ones either through acquisition or organic means.

Source: IBI Corporate Finance

Arachas acquires MCM

Deal Details: Nationwide insurance broker Arachas has acquired MCM Insurance Brokers (MCM) for an undisclosed sum.

MCM, which was initially founded in 1996 by Eugene Nelson is a well-known commercial lines broker with offices in Ballina, Co. Mayo and Enniskillen, Co Fermanagh. In its financial year to February 2020, MCM Insurance Broker Ltd reported revenues of c. €981k.

Advisers: An Eversheds Sutherland team of Gavin O’Flaherty and Maria O’Brien provided legal advice to Arachas.

Renatus Comment: MCM has a well-established expertise in the Construction, Hospitality and Professional Indemnity sectors. The addition of MCM to the group enhances Arachas’ position as the broker of choice for small and medium Irish businesses with deep expertise in key sectors including construction, childcare and hospitality.

Source: Arachas

Wide Eye Outdoor and Adtower merge

Deal Details: Wide Eye Outdoor, which is part of Wide Eye Media, and Adtower have merged to create Ireland’s largest digital out-of-home network, with close to 1,000 digital screens.

Established in 2014, Wide Eye Outdoor has developed a national footprint of c. 400 high-definition digital screens in cinemas, convenience stores, shopping centres, pubs and gyms.

Operating since 2011, Adtower has a nationwide presence in many SuperValu, Centra, Eurospar, Spar, Mace and Londis stores in addition to forecourts owned by Maxol.

Advisers: Crowe provided advice to Adtower and its management team on the merger.

Renatus Comment: The digital out-of-home (“DOOH”) media market isn’t too dissimilar to the more traditional outdoor billboard and signage market (“OOH”) that has existed for centuries. The key differentiator between the two markets is that the digital displays allow for moving imagery and interactivity, allowing for greater advertising flexibility and for more eye-catching media and ultimately a greater impact on the target audience. Digital displays also remove the need to incur printing and installation costs for each new add. These factors are likely the reason as to why the DOOH market overtook the traditional OOH market in the UK in 2019.

Source: adworld.ie

DEALS IN THE MAKING

Kerry Co-op eyes PLC share sale

Kerry Co-op, which is Kerry Group plc’s largest shareholder, is reported to be considering raising €240m through a share placing. The money raised is to be used to fund a joint venture between Kerry Group Plc and Kerry Co-op.

The joint venture will include the Kerry Co-op taking a controlling stake in Kerry Group’s dairy business manufacturing facilities and brands including Dairygold Charleville and Kerry Low-Low spreads.

A board decision was made past week by the Co-op to proceed with a bid for a 60% stake in a joint venture which would cost in the region of €480m. The venture is reported to be valued at €800m.

Debt and other funding sources will reportedly fund the other €240m of the estimated bid price.

Source: Irish Times

DEAL UPDATES

CCPC rejects joint venture between AIB, BOI, PTSB and KBC

The CCPC has rejected the merger notification relating to a proposed joint venture of AIB, BOI, PTSB and KBC. The merger was anticipated to create a payment app to rival Revolut and N26.

The CCPC stated it was unable to determine if the banks were planning a merger or an acquisition. The application was deemed invalid as the banks had not provided full details of the proposed joint venture plans under competition law.

Source: CCPC

Brown & Brown completes acquisition of O’Leary Insurances

As reported on our newsletter before Christmas, Brown & Brown has closed its acquisition of O’Leary Insurances for an undisclosed sum.

Founded in 1961 by the late Archie O’Leary, OLI is one of the largest independently owned brokerages in the Republic with 200 employees operating from eight locations.

They recorded turnover of €11.6m for the year ending June 30th, 2019. New York-listed Brown & Brown is the sixth largest independent broker in the US, with more than 10,000 employees and reported revenues of $2.93bn (€2.4bn) last year.

Source: Hines

COMPANY PERFORMANCE

EBITDA  is an accounting term and is often the best indicator of profitability in non-capital intensive businesses before financing and tax are considered. In capital-intensive businesses EBIT or EBITDA less average Capital Expenditure are often better measures. YoY is an acronym for the year-on-year movement in turnover, EBITDA, etc.

Headquartered in Dublin, Brightstone Trading Limited is a group of a number of different motor dealerships, including Ford,  SEAT, Volkswagen Commercial, Citroen and others.

In FY19, the business experienced a rise in turnover of almost 6% to c. €95m while EBITDA dropped by c. 57% to €2.6m. The drop off in EBITDA can be traced to a four percentage point decline in gross margins down to c. 10%. The drop in gross margins is likely linked to the FY18 figures including c. €6m of revenue relating to the sale of development property.

Cash decreased by €4.1m during the period to end in an overdrawn position of just under €700k. The big draws on cash during a period were a c. €5m cash suck into working capital and c. €2.3m in debt-related repayments. These were partially offset by the drawing down of a new €2.5m loan.

The business added 34 employees during the period, bringing total headcount to 159 at a total cost of c. €6.5m per annum. The business is owned equally by Mary and John O’Riordan, Joan and Matthew Smyth, Emer Foy and Henry Flanagan.

Persian Restaurants Limited operates twelve McDonalds franchises in Dublin and Wicklow.

In FY19, revenue remained roughly flat at c. €39m while EBITDA declined by c. 32%. The EBITDA decline was due to a c. a €2m increase in admin expenses, over half of which relates to a c. €1.1m increase in Directors remuneration.

Cash increased by €1.15m during the year bringing the ending balance to c. €7.5m. The main cash outlays during the period was €3.3m in capital expenditure and c. €1.1m of loan repayments. These were partially offset by a €3.5m net cash inflow from working capital movements.

The business is 100% owned by Amir Afsar.

Dunleavy Meats is a family run meat processor based in Ballina, Mayo. Established by Michael Dunleavy in 1961, the business is now run by the third generation of the family.

FY19 was a good year for Dunleavy Meats which saw turnover grow by c. 16% to €24m and EBITDA grow by 44% to €1.0m.

The company’s cash balance decreased by c. €500k during the period to end in an overdrawn position of c. €2.4m. €1m was invested into capital expenditure and another €830k was invested into working capital during the period. These were partially offset by the drawing down of a new €666k loan.

The number of people employed by the company increased by 10 to end at 84 at the period end. The business is owned equally by Michael and Eithne Dunleavy.

RECENT FUNDRAISINGS

Who: Neurent Medical, a company pioneering innovative treatments for chronic inflammatory sino-nasal diseases, has secured financing. Neurent is led by Co-founder and CEO Brian Shields.

What: Neurent Medical has raised $25 million (€20.6 million) in Series B financing. The round was led by new Life Science Partners and co-led by Atlantic Bridge. Fountain Healthcare Partners also participated as a returning investor with strong participation in the round. A small group of MedTech industry veterans based in Galway have also participated.

RDJ Corporate Partner JP Gilmartin and Associate, Marie Gavin advised Neurent Medical on the transaction.

Why: The financing will support the expansion of the company’s clinical and commercial operations as it prepares for U.S. FDA clearance and U.S. commercialization of its proprietary device that is an innovative treatment for a chronic runny nose.

Source: Neurent Medical

Who: Ireland-based sports performance and data science company Orreco has secured funding.

What: Orreco has secured $3.6 million (€3 million) in a funding round led by True Ventures, an early investor in both Fitbit and Peloton.

Why: The new investment will enable the company to expand its product, engineering, data science and commercial teams, in addition to accelerating the development of its elite performance solutions, @thlete and FitrWoman.

Source: Orreco

Who: Northern Ireland company, SustainIQ, which has developed a software tool that helps organisations to monitor, measure and report on their social, economic and environmental impacts across the whole organisation has secured funding.

What: SustainIQ has secured a six-figure investment from Halo Business Angel Network (HBAN).

Why: The company, founded by Maria Diffley and Liam McEvoy, will use the new investment to expand its presence in the UK and Irish markets.

Source: SustainIQ

Who: Irish electric scooter company Zeus has raised funding.

What: Zeus has raised €2 million in investment in a funding round led by former Europcar Ireland chief executive Colm Menton. Patrick O’Shea and the team at Wallace Corporate Counsel advised the investors on their investment in Zeus.

Why: The investment will allow the business to continue with its ambitious plans and enter new markets including Ireland when legislation is passed.

Source: Irish Times

Who: SwiftComply, a provider of cloud-based technology that helps water utilities and facility managers work with food businesses to comply with rules on disposals of fats, oils and grease. The business was founded in 2016 by Michael O’Dwyer.

What: The business has just completed a reported $3m (€2.5m) fundraise. The funding round was filled primarily by existing investors such as Enterprise Ireland.

Why: The funds raised will be used to accelerate the company’s growth in the American market by growing its sales team there and launching three new products.

Source: Sunday Times

Who: Evercam, a Dublin-based construction time-lapse camera and project management software company. The business is led by Marco Herbst. ​​​​​

What: Evercam has raised a reported €2.5m in funding from the Davy EIIS fund. This latest fundraise follows a recently completed €600k funding round with DBIC Ventures and Elkstone.

Why: The funds are earmarked toward growing the business in the US and boosting its artificial intelligence capabilities.

Source: Sunday Independent

EXECUTIVE AND BOARD APPOINTMENTS

We in Renatus believe that more important than the deals are the people and we have teamed up with leaders in this field Korn Ferry to provide you with details of key recent executive and board level appointments.

Brendan Murphy

Source:
(Google Images & LinkedIn)


Emer Joyce

Source:
(Google Images & LinkedIn)


Mick Flynn

Source:
(Google Images & LinkedIn)


Mark O’Sullivan

Source: (Google Images & LinkedIn)


Sonia Lashand Sedler

Source:
(Google Images & LinkedIn)


Aisling Hassell

Source:
(Google Images & LinkedIn)

THOUGHT FOR THE WEEK

Dave Shanahan is one of the more respected citizens in the life sciences community, having seen it from so many perspectives. His LinkedIn post two weeks ago is the best I have seen this year. Some things have changed in the two weeks but it is nothing near the pace that he sets out as achievable with big thinking. The below assumes that there is no constraint on the supply side from the vaccine manufacturers.

 

His post went as follows:

“Simple Covid Fact…50 vaccinators (doctor or nurse or pharmacist), each vaccinating one patient every 2 minutes, will vaccinate 36,000 people in 24 hours. 5 centres of this scale working 24/7 can vaccinate 180,000 patients daily – in a week 1.26 million people, or >25% of the Irish population and a much higher % of the clinically indicated target group. When are we going to hear about the vaccination surge? Every minute is important. We have a competent pool of some 50,000 healthcare professionals (including retirees qualified to undertake). Some 2% of the available healthcare professional population, appropriately organised, could deliver the above. Israel has vaccinated 10% of its population already. New thinking and vaccination targets required I suggest.”
Link to post here 

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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.

    Joan McGrath, HR Advisor

    • Joan has supported Renatus since 2019 on HR matters. Supporting recruitment, onboarding and people development at Renatus as well as partnering with the team on key transactions providing HR Due Diligence and strategic HR advice.
    • Joan was previously the Head of Human Resources at Davy and was a Board Director there for many years and played a key role in numerous acquisitions. During her career, she has worked in a range of industries from microelectronics manufacturing to builders merchants ensuring the people strategy is a core part of business strategy.
    • Joan has a Bachelor of Commerce degree, a Masters in Business Studies and a Diploma in Occupational Health and Safety from UCD. She is a Fellow of the Chartered Institute of Personnel and Development and has a Certificate in Governance.

    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.