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Renatus’ Weekly M&A Newsletter – 18/10/2020
October 18, 2020
Renatus’ Weekly M&A Newsletter – 01/11/2020
November 1, 2020
October 25, 2020

PlanNet21 acquires eComand, CapVest to acquire Datasitemore, BNL Sciences and Brand-Nu to be acquired by Caldic, Waterlogic acquires Tipperary Water from C&C Group and much more in this weeks newsletter.

Renatus Private Equity Dublin, Ireland

Dear Reader,

You are receiving this mail every week as we see you as a key partner and we look forward to continuing to enjoy our journey with you over the decades ahead.

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

M&A ACTIVITY

PlanNet21 acquires eCom

Deal Details: IT solutions company PlanNet21 has acquired rival eCom for an undisclosed sum.

Dublin headquartered PlanNet 21 Group is a technology solutions provider, holding partnerships with many worlds’ leading technology vendors including Cisco, Palo Alto Networks, IBM and others. The business was founded in 1998, won the Deloitte Best Management Company award in 2018 and its Co-founder Denise Tormey is a 2015 EY Entrepreneur of the year finalist.

PlanNet21 recorded turnover of €32m for the 12 months ending September 30th, with pretax profits of €5.5m.

With the acquisition, the group will employ over 140 full time staff in regional offices in Cork, Galway, Belfast and Edinburgh.

Established in 2000 by Sean Martin and Brendan O’Brien, eCom Solutions was founded to provide best-in-class technical solutions within the IT network and cyber security market.

Advisers:
EY’s Technology Corporate Finance Team (Robert Hussey and Michael Murphy) advised PlanNet 21. Eugene F Collins’ Nicola McGrath and Doreen Mescal provided legals and Marcus Purcell, Paraic Waters and Carthach McCarthy of EY’s Strategy and Transactions Team acted as DD advisers to PlanNet 21.

eCom was advised by Michael Neary and Paul Murray of Grant Thornton Corporate Finance and Beauchamps’ Shaun O’Shea provided legal advice.

Renatus Comment: The IT services sector has experienced hyper-growth in recent years. As most data storage is shifting to the cloud there is now an even more pressing need for robust cyber security systems in place to keep our data safe. PlanNet21 have been on an acquisition charge recently, including purchasing the business assets of Scottish-based Hutchinson Networks last year and Irish company Agile Networks in 2017. This acquisition is supported by PlanNet21’s wider strategic target to reach revenues of €100m over the coming years. 

Source: PlanNet21 Press Release

CapVest to acquire Datasite

Deal Details: Datasite has entered into an agreement to be acquired by funds managed by CapVest Partners LLP.
Financial details of the deal, which is subject to regulatory approvals and closing conditions, were not disclosed. The transaction is expected to close by the end of the year.

Headquartered in Minneapolis, Datasite is a leading SaaS provider for the mergers & acquisitions (M&A) industry, with more than 750 employees in 25 locations across 13 countries.

Advisers: Goldman Sachs & Co. LLC acted as exclusive financial advisor to Datasite, and Akin Gump Strauss Hauer Feld served as legal advisor to the Company.
CapVest was advised by William Blair (financial advisor), Kirkland & Ellis LLP (legal), KPMG LLP (financial & due diligence), James Tetherton of GRAPH Strategy (commercial due diligence) and West Monroe Partners (technical due diligence).

Renatus Comment: CapVest, founded and led by Cavan-man Seamus Fitzpatrick, is a leading private equity firm. There are many hugely successful global private equity firms founded or led by Irish people including David Menton of Synova, Ross Finegan of Lonsdale, Ronan Cunningham of Spectrum, Richard Lenane of Exponent, Gareth Healy of Tenzing, Barry Maloney founder of Balderton Capital and Taggia, and many more.

Source: Datasite Press Release

BNL Sciences and Brand-Nu to be acquired by Caldic

Deal Details: Caldic B.V. has entered into a definitive agreement to acquire two leading value-add distributors Brand-Nu Laboratories Inc. (“Brand-Nu”) and BNL Sciences Ltd. (“BNL”). The deal consideration was not disclosed.

Netherlands-headquartered Caldic is a full-service innovative solution provider for the global Food, Health & Personal Care and Industrial markets.

BNL Sciences, based in Naas, Ireland, is one of the leading distributors of high purity chemicals to the pharmaceutical industry in Ireland.

American company Brand-Nu focuses on the distribution of high purity specialty chemicals, excipients and biological raw materials.

The transaction is expected to close prior to the end of the year and is subject to the satisfaction of customary closing conditions, including regulatory approvals.

Advisers: BDO Capital Advisors LLC is serving as exclusive financial advisor to Brand-Nu and BNL and Reid & Riege P.C. and LK Shields Solicitors LLP as legal advisors to the sellers.
Hogan Lovells and Arthur Cox are serving as legal advisors to Caldic.

Renatus Comment: Prior to the transaction BNL Sciences Limited was owned equally by Jim McKeown and John Gorman.

Account filings for the period ending December 2019 show that BNL generated turnover of €28.3m and an EBITDA of roughly €3.9m. Roughly 95% of the turnover was generated in the Republic of Ireland (with the balance in the UK) and BNL employed an average of 17 staff during the period.

Source: Caldic Press Release

Greencoat Renewables acquire An Cnoc Wind Farm and close on a new loan

Deal Details: Greencoat Renewables, an Irish renewable infrastructure firm, has acquired the An Cnoc Wind Farm in Co. Tipperary for an undisclosed sum.

An Cnon Wind Farm consists of 5 Enercon E70 turbines. Its revenues are contracted under the Refit 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. Enercon will continue to manage the operations and maintenance contract.

Greencoat also announced a new €200m five-year term loan with a syndicate of three banks, Commonwealth Bank of Australia, National Australia Bank and Natwest.
The term loan will be used to pay down some of the existing revolving credit facility, leaving it drawn at about €115m.

Advisers: KPMG’s James Delahunt, Michael Hayes and Russell Smyth advised the Vendors.

Renatus Comment: In a world of negative yield, Paul O’Donnell’s Greencoat is achieving exactly as it set out to getting definite yield for investors from a portfolio of renewable energy assets.

Source: Irish Times

Waterlogic acquires Tipperary Water from C&C Group

Deal Details: Waterlogic has acquired Tipperary Water from C&C Group for a reported initial consideration of €7.4m. Additional consideration may be payable if revenue targets are met.

Tipperary Water is a long-established player in the Irish market for supplying water coolers with over 12,000 machines in the field.

Waterlogic, owned by a number of funds controlled by European private equity firm Catsik Capital, is a global workplace hydrations solution company with operations in a number of different geographies, including Ireland.

Tipperary Waters’ business will merge with the existing Waterlogic business here following the completion of the transaction.

Advisers: None mentioned.

Renatus Comment: The majority of the cash generated from Tipperary Water is from the cooler space and it will probably have a lot lower volume for the foreseeable future and the big question will be if it will return to similar volumes in 2022 and beyond. If you believe Pat McCann from last week’s Real Deal he believes it will.

Source: The Sunday Times

DEAL UPDATES

Cellnex invests in Irish telecoms infrastructure

Spanish group Cellnex Telecom, Europe’s leading operator of wireless telecommunications and broadcasting infrastructures, acquired Cignal in September 2019 in a €210m deal.

In its first year in Irish market, Cellnex has invested over €10m by building over 100 telecom sites in Ireland, of which 80% are enabled with fibre infrastructure.

Cellnex has also agreed a partnership with Coillte that will see it invest €5m in rolling out fibre connections to the 300 Cellnex sites located on Coillte property.

When Cellnex entered the Irish market, it committed to investing €60m to build up to 600 new sites by 2026 in areas poorly served by mobile and wireless broadband services in Ireland.

Source: Independent

OTHER NEWS

Deloitte Fast 50

While always interesting, the Deloitte Fast 50 will be even more interesting when announced for 2020 winners as the businesses who have been beneficiaries of covid are sure to feature given that growth is the metric required to get into the hallowed halls.

Entries close by end November. For further details click here

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.

Breanagh Catering Limited is the company behind  Ireland’s most celebrated nightclub Copper Face Jacks.

In its latest fiscal year, the nightclub saw revenue decrease by 9.5% to c. €13.2m while EBITDA also decreased by 3% to c. €4.4m. Of that revenue figure, c. 88% came from Bar & Night club sales with the remaining c.12% coming from accomdation sales.

The company had a net cash decrease of c.€43.8m (68.8%) in FY19 after €47.0m of dividends were paid out to shareholders. There was €19.9m of cash left in the business at the end of the year.

The company employed an average of 183 people in FY19, at a total cost of c.€4.3m.  The Company is owned by Cathal and Paula Jackson.

Founded in 1985, Writech Industrial Services Limited provides fire protection design, manufacture, installation, commissioning and servicing services.

In its latest fiscal year, the company saw revenue increase by 10.8% to c. €16.8m while EBITDA decreased by 25.6% to c. €3.3m. The fall in EBITDA was mainly due to a spike in cost of sales which drove gross margins down from 38.2% to 29.3%.

The company had a net cash decrease of c.€1.9m in FY19 leaving an ending cash balance of c.€2.7m. The most significant drain on cash was c.€3.7m from the the movement of funding from group subsidiaries.

The company employed an average of 54 people in FY19 at a total cost of c.€2.8m. The business is owned by Alan and Ted Wright

Based in Dublin,  Dixon Transport is a leader in the Irish transport industry, specialising in temperature control logistics for the Food, Pharma and Retail sector.

In its latest fiscal year, the company saw revenue increase by a 6.5% to c. €34.9m while EBITDA also increased by 10.7% to c.€6.7m.  Gross margins remained around 42% YoY.

The company had a net cash decrease of c.€20k in FY20 leaving an ending cash balance of  c.€1.2m. The most significant movements in cash were the c.€1.3m spent on the fixed assets, c. €4.6m on loan & hire purchase repayments and the c.€1.3m paid out in dividends to shareholders.

The company hired an extra 10 people in FY19 bringing the total headcount to 199 at a total cost of c. €6.9m.  Michael Dixon and Eileen Dixon together own 100% of Michael Dixon International Transport Limited.

RECENT FUNDRAISINGS

Who: Irish E-learning company LearnUpon has raised funding. Founded by Brendan Noud and Des Anderson in 2012, LearnUpon has developed a cloud-based learning management system used by over 1,000 companies.

What: €47.4m round was led by Boston-headquartered Summit Partners. Pegasus Corporate Finance acted as financial advisors for LearnUpon and Colm Rafferty ,Deirdre McCarthy and Sarah Cleary of Maples provided legal advice.

Why: LearnUpon said the funding would be used to increase headcount, with 100 engineers being taken on over the next 18 months as it looks to expand into more markets.

Source: Irish Times

Who: Neuromod, an Irish tinnitus therapy group, has raised funds.

What: The €10.5 fundraising, which was led by Irish life sciences venture capital group Fountain Healthcare Partners, was oversubscribed. Moffett Investment Holdings and Medical Device Resources joined Fountain, which is the majority investor in the business. Both are existing investors in the business. ByrneWallace team including partner Catherine Dowling, senior associate Triona Ryan and solicitors Bianca McLaughlin and Genevieve Gallagher advised Neuromod on this fundraise.

Why: The money raised will be used to drive the commercialisation of the company’s Lenire tinnitus device, increasing manufacturing capacity. The company also intends to recruit 40 new employees over the next 12 months.

Source: Irish Times

Who: Galway company ONK Therapeutics secures funding. ONK is developing enhanced natural killer cells in the immune system to target cancers.

What: $8m (c. €6.8m) funding is backed by serial life sciences entrepreneur Seamus Mulligan alongside American biotech Acorn Bioventures and other shareholders. This is Mulligans second investment in the company this year. ONK has raised $14.6m over the past 6 months.

Why: The latest funding will allow the company expand its team and its preclinical R&D and manufacturing capabilities.

Source: Irish Times

Who: Wayflyer, an eCommerce revenue-based financing and marketing analytics platform founded by Aidan Corbett and Jack Pierce, has raised funding.

What: $10.2m (c. €7.8m) seed funding round was led by QED Investors. Middlegame Ventures, Speedinvest and Fintech Investment Vehicle FGFE also participated. Wayflyer was advised by BKK on the financial side, William Darmody and Deirdre McCarthy of Maples provided legal advice.

Why: The Investment will be used to accelerate global expansion in the US and UK and to strengthen their presence in fast growing e-commerce market such as Australia and Canada

Source: GlobalNewswire

Who: Irish leukaemia drug start-up Priothera, established specifically to hunt for cure for cancers of the blood, the bone marrow and lymph nodes,  raises funds.

What:  €30m fundraising was led by Fountain Healthcare Partners. HealthCap, Tekla Capital Management and EarlyBird Venture Capital also participated in the funding round. Catherine Dowling of ByrneWallace provided legal advice to Priothera. 
 
Why: The Funding will be used to accelerate the development of mocravimod, a drug taken orally that activates cell receptors to trigger part of the body’s immune response against acute myeloid leukaemia.

Source:  Irish Times

Who: Cork-based energy business Amarenco Solar is issuing bonds.

What: €12m in senior loan notes was placed by Cantor Fitzgerald Ireland Corporate Finance Ltd. Holmes O’Malley Sexton team, led by consultant Stephen Walker and supported by partner Lisa Killeen, acted for Amarenco Solar.

Why: The loan will be used to finance growth in Ireland, Europe, Middle East and Far East.

Source: Irish Times

Who: Dublin-based private equity firm VentureWave Capital is reportedly half way to reaching its target for the Ireland Impact Fund.

What: The targeted €100m fund is so far backed by a number of high-profile investors including Liam Neeson, former property magnate Stephen Vernon, Mary Ann O’Brien, Bob McCann, US technology investors Rob Perdue and Kurt Long.
They join previously named backers such as U2’s Adam Clayton and the Edge, Eugene McQuade, Anne Heraty, and Stanley Quek, who leads a property development company in Singapore.

Why: The fund is seeking investments that will generate a return for society as well as investors. It has also said it intends to back profit-driven companies which also advance the UN’s Sustainable Development Goals.

Source: Irish Times

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.

Malachy Kearney

Source:
(Google Images & LinkedIn)

Fintan Neville

Source:
(Google Images & LinkedIn)

Kerry McConnell

Source:
(Google Images & LinkedIn)


Deirdre Smith

Source:
(Google Images & LinkedIn)


Paul Dillon

Source:
(Google Images & LinkedIn)

THOUGHT FOR THE WEEK

All business owners are wondering about the effect over the coming years of a route out of covid, Brexit and the US election.

Unfortunately we have no simple proxy to predict the first two but we do use the betting odds as proxy for probability of US election winner and it is currently based on Paddy Power odds:

66% Biden (4/9)
33% Trump (15/8)
1% Other 2

We will keep this updated for one more week ahead of the final outcome.

@RenatusCapital Tweets

26.8% & 30.1%

The increase in the national average price for unleaded petrol and diesel, respectively, for the 10-year period between 2009-2019 when the petrol increased from €1.12 to €1.42 per litre and diesel went up from €1.03 to €1.34 per litre, according to @CSOIreland

€15.25bn

The value of Irish exports for 2019 representing the highest level of exports on record, according to @CSOIreland

52.6

The Irish consumer sentiment index for October 2020, down from a reading of 60.7 in September – the second largest drop in the past year, according to KBC Bank Ireland. @IrishTimesBiz

€6.2bn

The State budget deficit for Q2 2020, the largest on record as a result of the increased expenditure on pandemic-related supports and a fall off in tax receipts during the lockdown, according to the Government Finance Statistics. @IrishTimesBiz

12.4%

The year-on-year decrease in the factory gate prices for September 2020, according to @CSOIreland

ABOUT RENATUS

Renatus was established in 2014 by Mark Flood and Brendan Traynor 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 of €5m and above. Our typical solutions include:
  • Succession Planning
  • Management Buyouts / Buy-Ins
  • Funding for organic growth
  • Acquisition Funding; and
  • Share Sales
Management Partners
Business Owners

OUR INVESTMENTS

LEARN MORE…

Renatus’ Knowledge Centre

Our Knowledge Centre is filled with insights from some of Ireland’s top business leaders on Succession Planning, Management Buyouts / Buy-Ins, Growth Financing and much more.

Visit the Knowledge Centre

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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.