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Portfolio company Boojum crowned ‘Best Mexican’ by the Irish public
January 27, 2020
Renatus’ Weekly M&A Newsletter – 19/05/2019
May 19, 2019
May 26, 2019

Dutch investors acquire a majority share in Maas Aviation, UDG Healthcare announces two acquisitions, Duke Capital to acquire Independent Express Cargo, Overhauls fundraise, Induction Healthcare's AIM listing, Cardinal Capital's residential development fund and more in this week's 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.

Event Reminder

The Growth Capital Summit 2019 is now just a few days away, taking place this coming Thursday May 30th at the Clayton Hotel, Burlington Road. We will be speaking about the value that equity investment can bring to a growing business – from the peace of mind a business owner can get from selling a stake in their company to the value a strategic partner can bring in maximising the potential of a business.

It’s sure to be a great event with an array of excellent speakers in the line up. Event details and tickets are still available here: https://capitalsummit.ie/ 

M&A ACTIVITY

Dutch investors take majority share in Maas Aviation

Deal Details: Egeria, an Amsterdam based investment company, has acquired a majority interest in the Irish headquartered MAAS Aviation Group. MAAS Aviation is one of the leading commercial aircraft painting companies in the world with operations in The Netherlands, Germany and the USA. The company’s executive management team has retained a minority interest in the company.

Founding shareholder and Executive Chairman, Darragh Hall, who owns 76% of the group through its ultimate holding company, Devonton, exits MAAS Aviation after almost 40 years with the company. The financial details of the transaction have not been disclosed, but the Dutch company normally backs businesses worth €50m-€350m. Maas Aviation had net assets of €2.8m at the end of FY17.

Advisers: KPMG Dublin provided corporate finance on the transaction to the company and its shareholders. Smith Williamson acted as special advisor to the majority shareholder.

Renatus Comment: 
This is a great story where Darragh Hall started day one and grew this to be a leading international player. It benefited from the shift from airlines to outsource non-core functions such as painting and is a great success story.

Source: Egeria

UDG Healthcare announces two acquisitions

Deal Details: UDG Healthcare plc, a leading international healthcare services provider, has announced two acquisitions in its Ashfield Communications and Advisory business. Putnam Associates, a US-based strategic management healthcare consultancy, is being acquired for a total consideration of c. $88.6m (€68m), and Incisive Health, a UK-based healthcare policy and communications consultancy, is being acquired for a total consideration of c. £13.6m ($17.7m).

Both transactions will be financed from existing cash and debt facilities and are expected to deliver a return on capital employed in excess of the Group’s target of 15% within three years.

Advisers: None mentioned.

Renatus Comment: 
What started out as a collection of pharmacists in Ballina in 1948 has now become a diversified giant in the healthcare space. A flag-bearer for how inorganic growth can transform a business, UDG identified a change of strategy in the late 90s / early noughties to move from demand fulfillment to demand creation and has had the ambition to back it up with a string of acquisitions over two decades. They moved to support their distribution business with packaging, contract sales, event management and communications bolt-ons over too many acquisitions to name. The latest acquisitions show management’s continued intent and that this strategy is likely far from finished.

Source: UDG Healthcare

Dublin PR agency is acquired by London-headquartered firm

Deal Details: Evoke, a subsidiary of Huntsworth plc, has acquired the speciality health communications agency Kyne. It is believed 85% of Kyne has been sold by its founders, David and Jacqueline Kyne, whom founded the business in 2009, together with associates in the company. The group, which also provides patient advocate services, will now work in Huntsworth’s marketing division and will continue to be led by Mr Kyne. The business operates from offices in New York, LA, Dublin and London. In 2018, the Dublin company generated revenues of $10.2m and an operating profit of $1.3m. It had gross assets of $3.5m.

Along with the initial $17.4m (€15.6m), the Kyne owners will receive a net asset adjustment after completion of the deal and deferred consideration in 2021 based on a multiple of earnings for the two years ended December 31st.

Advisers: None mentioned.

Renatus Comment: There seems to be more professional services firms finding exits which is great to see as the challenge is often getting paid for Goodwill independent of the founder.

Source: Kyne

Sligo medtech company acquired by US firm

Deal Details: Arrotek Medical, a Sligo medical device designer and manufacturer, has been acquired by US company Galt Medical, a subsidiary of Theragenics. Texas-based Galt Medical specialises in vascular and interventional medical devices with additional facilities in Costa Rica. No financial consideration has been disclosed.

The company was co-founded in 2005 by Mark Pugh and Ger O’Carroll, who will continue to run the Sligo operation as MDs. The new ownership will bolster market activity in Europe, North America and other markets.

According to Arrotek’s latest accounts, for the year ended December 2017, the company had pre-tax profits of €1.2m. It listed 22 employees on its books

Advisers: David Boyle and Donal O’Connell provided financial advice to Arrotek while Bernard McEvoy and Rebecca McEvoy of McEvoy Corporate Law advised on legals for the vendors. John Matson and Sophie Frederix of Arthur Cox advised the purchaser.
Renatus Comment: Creganna have created a lot of millionaries and Arrotek are one of a number of Connacht-based companies that have followed the Creganna lead. We should expect more examples of these over the years ahead. Fourteen of the world’s top fifteen top MedTech companies are based in Ireland, the majority in the west, and there is no doubt these companies create the catalyst for success stories such as Arrotek.
Source: FORA

Amryt acquires Aegerion Pharmaceuticals

Deal Details: Amryt Pharma has agreed to acquire Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics. The all paper deal implies a value of $190.7m (€171m) for Aegerion and a value of $120m (€107m) for Amryt, a Dublin-headquartered group focused on the treatment of rare conditions. Amryt plans to raise c. $60m in equity concurrent with the closing of the deal. New loan facilities for the combined group will be put in place, and the key terms of such facilities have been agreed. The combined group’s global headquarters will be in Dublin, with its US headquarters in Boston, Massachusetts.

Advisers: MTS Securities, LLC is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal advisor to Amryt in this transaction. Shore Capital is acting as financial advisor, NOMAD and Joint Broker to Amryt. Stifel Nicolaus Europe Ltd are Joint Broker to Amryt.  Davy is acting as Euronext Growth Advisor and Joint Broker to Amryt.  Moelis & Co LLC is serving as financial advisor to Aegerion.

Renatus Comment: The combined group had pro-forma revenues of $136.5m (€122m) in respect of 2018.

Source: Amryt

DEALS IN THE MAKING

APCOA acquisition of NCPS subject to CCPC approval

Deal Details: APCOA (Ireland) Limited has announced that it intends to acquire the business of NCPS in Ireland, one of country’s largest car park operators. As part of a different but related transaction, APCOA will also acquire Mobile Research Solutions, t/a parkbytext.

The acquisition would combine two of the country’s biggest car park operators and as such is subject to approval by the CCPC.  NCPS reported EBITDA of c.€1.0m for FY17 and employed 123 people. With the financial backing of the APCOA group, management believe that the combined operation in Ireland would benefit from increased opportunities for further investment in the business and technology.

Source: NCPS

Duke Capital to acquire Independent Express Cargo

Deal Details: Independent Express Cargo, a Dublin-based provider of freight, transport and logistics services is to be taken over in a €6.6m deal. The purchaser is Duke Capital, a private equity investor, who is reported to be making further investments into the company and sector after this transaction closes.

Independent Express Cargo, which was founded by Owen Cooke, had revenue of c. €15.1m and EBITDA of c. €500k at the end of FY17. Mr. Cooke is reported to be staying with the business post-transaction.

Source: The Sunday Times

Cardinal Capital to launch residential development fund

Deal Details: Cardinal Capital are set to close a new €500m residential development fund in Ireland. While the total fund size has yet to be confirmed, the fund will focus on property investments with a particular focus on residential development.

This will be Cardinal Capital’s second property fund in Ireland after its first fund WLR Cardinal Mezzanine Fund created a reported €500m in loans. The combined property funds could reportedly lead to c. €1bn of loan origination in Ireland’s property market.

Source: The Sunday Times

EXECUTIVE & 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 details of key recent executive and board level appointments

Greencore promotes Peter Haden to COO
Greencore has promoted Peter Haden to the role of chief operating officer along with a seat on the board as executive director as the Ireland-based private-label manufacturer focuses operations on its core UK convenience foods business. Mr Haden joined the firm in 2015 as chief development officer before becoming CEO of the UK division last year, when Greencore disposed of its US business and exited the cakes and desserts category in the UK.

AMI appoints Faye Thomas as Chief Commercial Officer
AMI, the secure IT recycling company, has appointed Faye Thomas as CCO). Prior to this appointment, Ms Thomas held the position of business manager for three years, and previously key account manager for 18 months, at AMI. Previous to her time at AMI, Ms Thomas spent three years as senior account manager for cloud-based services provider Capita Managed IT Solutions

FAI appoints Noel Mooney as Interim CEO
The Football Association of Ireland (FAI) has appointed Noel Mooney as interim chief executive on a six month contract.  Mr Mooney, who previously worked at the FAI as a marketing executive before moving to Uefa to assume the role of head of national association business development, will be on secondment from European soccer’s governing body.

Core Appoints Liam Wielopolski as Executive Creative Director
Core, the marketing communications company, has appointed Liam Wielopolski as Executive Creative Director.  Mr Wielopolski, who will join the group in September, joins from DDB in Johannesburg where he was Chief Creative Officer since 2013. Prior to this, he led Y&R Johannesburg and has also worked at Saatchi & Saatchi as Regional Executive Creative Director in Johannesburg.

OSM Partners appoints two new Partners
OSM Partners has announced the appointment of Andrew Croughan as partner and head of personal insolvency, and Raymond Lambe as partner in the firm’s corporate and commercial litigation department. Mr Croughan has over 10 years’ experience in the area of commercial litigation, dispute resolution and insolvency and has acted in cases before all courts including the Supreme Court and Court of Appeal.  Mr Lambe’s clients include financial institutions, companies, insolvency practitioners and a private sector participant in the expanded mortgage to rent scheme.

PPD Recycling appoints new Chief Commercial Officer & Chief Executive Officer
PPD Recycling has appointed Austin Ryan at Chief Commercial Officer.  Mr Ryan is a former executive director at AMCS Group where he worked for over 16 years.  His earlier career was at Ericsson where he worked as a Software Engineer.  Mr Ryan will work alongside Paudy O’Brien who has assumed the role of CEO at PPD.  Mr O’Brien is a former senior executive at Shannon Power Management.

RSM appoints new Partner
RSM Group has appointed Damien Murran as Partner.  Mr Murran joins from EY where he worked for over 5 years.  He worked at Grant Thornton for 8 years during which time he qualified as a Chartered Accountant.

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.

Based in Baltinglass, with branches in Naas, Athy, Avoca, Milford, Geashill, Edenderry and Lewsitown, Quinns of Baltinglass is an agricultural merchant that serves farmers that has been in operation for over 80 years and won the 2018 “Agricultural Merchant of the Year” title at the Agri-Business Awards. FY18 was a good year for the company which saw turnover grow by c. 3% to c. €104m and EBITDA increase by c. 17% to €5.2m. During the year, the company spent c. €1.7m on fixed assets, the majority of which went into land and buildings as well as plant and machinery while they also spent c. €1.5m on investments classified as “Other unlisted investments”. The company has  c. €2.5m in finance lease obligations and c. €8.2m cash on its balance sheet. The company is owned by Liam and Kathleen Quinn.

Established in 1963, Component Distributors Group is based in Antrim with supporting operations in Dublin and Cork. The company specialises in the sale and distribution of automotive products supplying motor factors, bodyshops and fast fit centres. Despite an 8.4% increase in turnover during FY18, EBITDA declined by 16.6% to c. £1.3m primarily driven by gross margin deterioration and an increase in administrative expenses. The company generates c. 59% of its sales in Ireland with the balance coming from the UK. c. £230k was spent on CapEx during the period while c. £550k was spent on debt and interest payments. The company has £4.6m of a bank overdraft facility and has c. £290k in hire purchase and finance lease obligations against a cash balance of £73k. The company is owned by Tery (51%), Iain (27%) and Heather (22%) Knox.

Tyrone-based Westland Horticulture Limited trades as Westland. The company supplies a range of gardening, pet care and environmental products to the retail market across Europe. For their most recent financial year, Westland saw revenue grow by 1.5% to c. £132.4m while EBITDA increased by 7.5% to c. £10.2m. The company can credit cost control as the primary reason for the EBITDA expansion as they saw a slight increase in gross margins, supported by decreases in distribution and administrative costs. There was a net cash increase over the year of c. £5.3m to leave an ending balance of c. £19.3m. The most significant cash expenditures during the year were a bank loan repayment of c.£3.9m as well as purchases of fixed assets amounting to c. £2.8m. Westland’s net assets stood at c. £42.0m at the end of the financial year.

Civil engineering contractors Ward & Burke specialise in bespoke design and construction of water and wastewater infrastructure. Headquarted in Co. Galway, the company also has offices in Cork, the UK, Canada and the US. In recently filed accounts, the company saw revenue increase by 18.8% to c. €228.1m and EBITDA rise by 16.3% to c. €19.0m. A global contractor, revenues were split across the Republic (30.8%), the UK (29.8%) and the rest of the world (39.4%). The company was able to convert the c. €19.0m EBITDA to a c. €2.6m increase in cash for the year to leave an ending balance of c. €7.4m. The biggest drain on cash was c. €5.7m spent on fixed assets, working capital movements and c.€4.1m paid toward debt financing. Ward & Burke is equally owned by Michael Ward, Robert Ward and Padraig Burke.

RECENT FUNDRAISINGS

Who: Fountain Healthcare has announced the initial closing of their third fund. Founded in 2008, Fountain is Ireland’s largest dedicated life science venture capital fund with more than €294m under management.

What: Fountain Healthcare secured €118m of committed capital, exceeding its initial target raise of €100m.

Investors in Fund III include the European Investment Fund (EIF); Coolidge Ltd, an investment vehicle of Mr Dermot Desmond; the Ireland Strategic Investment Fund (ISIF) and Allied Irish Bank (AIB).

Why: Fountain will invest a majority of the capital in Fund III within Europe but expects to also make investments in the US market. Fund III is expected to make 10 to 12 investments in predominantly private life science companies.

Source: Fountain

Who: Dublin-based supply chain solutions provider Overhaul has secured funding.

What: The business secured $7m (€6.2m) in funding, backed by what it said is a “strategic food industry investor”.

Why: Overhaul, established by Barry Conlon in 2015, stated they will use the funds to support continued large-scale growth with high-calibre shippers, as well as investing in its supply chain technology.

Source: Irish Independent

Who: Induction Healthcare, a British company focused on creating communication software for the healthcare industry. Their existing app allows for contact between healthcare professionals and access to hospital information.

What: The company listed on London’s AIM market this past week. Notable backers include Dermot Desmond who took a 14.7% stake in the business as part of the listing.

Why: Induction Healthcare are reportedly on the look out for acquisitions in the space as they continue to grow.

Source: The Sunday Times

THOUGHT FOR THE WEEK

This week’s thought is linking out to PWC’s Ronan Furlong’s piece in conjunction with the DCU National Centre for family business and the Family Business Network about how our tax system needs to change to be much more fair to SMEs and family businesses. Everybody needs to shout louder about these issues until politicians think that votes are on the line in future elections over their support of business. Until that is done, change is unlikely.

It is well worth a read and covers self-employed PRSI, employee incentive schemes, entrepreneurs relief, EIS scheme and more.

Read more here: Ireland’s tax system needs to support entrepreneurs and family businesses

@RenatusCapital Tweets

75
The number of Irish companies that received start up or follow on funding for the first three months of the year, compared to 43 in the same quarter last year, with overall funding value down 41% year-on-year, due to mega deals in 2018. According to @IVCA_ie. @Fora_ie

3.7% 
The year-on-year increase of employment in the year to March 2019, representing 81,200 new jobs (both full-time and part-time), while bringing total employment to 2,301,900. @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

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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.

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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.