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Renatus’ Weekly M&A Newsletter – 02/06/2019
June 2, 2019
Renatus’ Weekly M&A Newsletter – 14/07/2019
July 14, 2019
June 30, 2019

Professional services firms consolidate, BOI offloads UK credit cards portfolio, botox-maker Allergan set to be acquired, final bidders are in for Green REIT, Open Orphan successfully completes an IPO, and 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

 Accounting firm HLB Sheehan Quinn announce Merger

Deal Details: Advisory and Accounting firm HLB Sheehan Quinn has merged with Conlan Crotty Murray & Co. Post-merger, the firm, led by Mark Butler, will be a six-partner firm and trade as HLB Sheehan Quinn.

HLB Sheehan Quinn is a growing mid-tier firm with an international focus and is a member of HLB International an advisory network of over 27,485 professionals across 153 countries.

Advisers: Financial due diligence was carried out by Menzies, London. HLB Sheehan Quinn received legal advice from Bailey Homan Smith McVeigh, while Conlan Crotty Murray received legal advice from Orpen Franks.

Renatus Comment: The ongoing trend of professional services firms consolidating is expected to continue.

Source: HLB Sheehan Quinn

Bank of Ireland offloads UK credit cards portfolio

Deal Details: Bank of Ireland has sold its British credit card portfolio to digital finance company Jaja Finance for c. £530m (c. €592m). The deal is being part financed by a consortium of investors including KKR, Centerbridge Partners and other unnamed investors.

The portfolio comprises existing Bank of Ireland UK, the AA and Post Office-branded credit cards.

Jaja will also become the consumer credit card issuer for Bank of Ireland UK and its strategic long term partner the AA.

The acquisition and ongoing partnership are part of Jaja’s strategy to become a major player in the UK credit card market. The deal excludes BoI’s Northern Ireland commercial credit card portfolio and does not impact the lender’s credit cards in the Republic of Ireland.

Advisers: Jaja, as part of a consortium of investors, was advised by affiliates of Centerbridge Partners LP and KKR.

Renatus Comment: BoI stated that in 2018 the credit card business contributed £35m of total income and had operating expenses of £36m.

The refocus in the UK comes as part of a medium term plan by the lender to boost its loan book by around 20% by 2021. The UK unit for the bank generates low single digit returns on tangible equity and the sale is expected to boost overall return on tangible equity for the bank’s UK unit by about 70 basis points.

Source: Jaja Finance

Botox-maker Allergan to be acquired by AbbVie

Deal Details: AbbVie, a Chicago-based producer of the world’s bestselling drug Humira is to buy Irish-headquartered Botox-maker Allergan in a cash and stock transaction worth c. €55bn ($63bn). The deal provides AbbVie with a set of assets to help diversify away from Humira at a reasonable price.

Allergan CEO Brent Saunders established the company in 2014 through a series of deals to roll-up several pharmaceutical firms, but growth has slowed since Pfizer walked away from a $160bn deal to acquire Allergan in 2016.

Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each share held, for a total consideration of $188.24 per Allergan share.

Advisers: Morgan Stanley & Co. LLC, acting through its affiliate Morgan Stanley & Co. International plc, is acting as financial adviser to AbbVie whilst PJT Partners LP is acting for AbbVie.

Allergan received financial advise from J.P. Morgan Securities LLC.

Renatus Comment: This consolidates a lot of power in north Connacht and will create the fourth largest drug group in the world. AbbVie already has a big plant in Sligo and the majority of Botox is produced by Allergan out of Westport. Irish pharma could be a winner from Brexit. AstraZeneca, Eisai, Novartis and Pfizer have all suspended investment or announced closure sin the UK and linked decisions to Brexit. Unlike Financial Services which tend to focus on infrastructure constrained Dublin, the Irish regions should be able to cope with more pharma production in Ireland.

Source: AbbVie

Irish Dog Foods hedges Brexit with UK acquisition

Deal Details: Irish Dog Foods has acquired UK-based Bennington Foods (£8m revenue and £560k EBITDA in FY 31 Dec 2017) in a move that will “Brexit-proof” the business, according to MD Liam Queally.

Irish Dog Foods is 100% owned by the Arrow Group (owner of Dawn Meats). Queally, who is shortlisted in the years EY Entrepreneur of the Year award, has grown revenues from €3m in 2002 to over €80m in annual revenue.

Advisers: None mentioned.

Renatus Comment: Acquiring a business with infrastructure on the ground in the UK will allow Irish Dog Foods to continue to trade in the UK without the need to export from Ireland, bypassing possible border tariffs.

Acquiring complementary businesses in the UK is a strategy being considered by a number of businesses we are speaking with at the moment. Renatus can provide the capital and expertise to assist businesses execute on these strategic growth plans.

Source: The Sunday Business Post.

DEALS IN THE MAKING

Final bidders in for Green REIT

Deal Details: Quoted property group Green REIT is down to a shortlist of four bidders for the sale of its €1.3bn  valued ISEQ listed property investment vehicle. Final bidders include Irish Life, US investment group Kennedy Wilson, Canadian investment group Brookfield and German fund Union Investment. Indicative valuations by the bidders have not been reported.

Source: The Sunday Times.

British telecoms giant puts Irish unit up for sale

Deal Details: British telecoms giant, BT, has put its Irish unit, BT Ireland, up for sale. The Irish business is the owner of a fixed-line network business including 2,500km of fibre-optic cable in Ireland. The sales process is reported to be down to the final three bidders. The Irish Infrastructure Fund (IIF), which is jointly managed by Irish Life and AMP Capital is among the final bidders, so too is Swedish private equity group EQT Finance and another undisclosed private equity bidder. The IIF is the owner of Irish business Enet which is an Irish wholesale telecoms business. BT Ireland has revenues of £338.5m (€377.9m) in the financial year March 2019. Indicative valuations by the bidders have not been reported.

Source: The Sunday Times.

DEAL UPDATES

APCOA Parking proposed acquisition of Nationwide Controlled Parking Systems has been cleared by CCPC

Deal Details: The proposed acquisition of Nationwide Controlled Parking Systems Limited by APCOA Parking Holdings GmbH has been cleared by the CCPC. APCOA Parking Holdings GmbH is a full-service parking management company operating in 13 European countries, including the State, and headquartered in Germany. Nationwide Controlled Parking Systems Limited provides parking management services in the State and the UK.

Source: CCPC

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

Arthur Cox selects Geoff Moore as new managing partner
Law firm Arthur Cox has chosen Geoff Moore, a senior partner in the firm’s corporate department, as its next managing partner. Mr Moore will lead the firm for the next four years. He will take office in November, succeeding Brian O’Gorman who will return to full-time practice as a corporate partner having served two terms as Managing Partner. Mr Moore, 44, from Cork, graduated from UCC in 1996 and holds an M Litt from TCD. He joined Arthur Cox as a trainee in 1998, left for two years to work in the corporate finance group of a leading New York firm and returned to the firm, being made a partner in 2007.

Architas bolsters Dublin operations as part of Brexit plans
Asset management firm Architas has strengthened its efforts in the Irish funds market by naming a chief executive officer and two investment managers, as part of plans to create 11 new roles in the country. The AXA-owned group is making a concerted effort to expand its Dublin-based hub, which will now be spearheaded by Charles Lamb, who was most recently with New Ireland Assurance Company. In addition to the appointment of Mr Lamb as CEO, Architas has also assigned Niall McDonnell as a senior investment manager and Richard Byrne as an investment manager. Mr McDonnell joined Architas from Mercer in January, and Mr Byrne was hired from an asset management company at the same time.

Senior Appointments at Edelman Ireland
Edelman Ireland announced a number of senior promotions with Emma Williams, Jennifer Hyland and David Callaghan appointed as directors. Ms Hyland is promoted to Director in recognition of the strong growth of the creative business where they are leading the creative strategy including all ATL, digital and social activity for some of Ireland’s best loved brands. Ms Williams is promoted to Director. She leads a number of Edelman’s key brand accounts including Coca-Cola and KBC Ireland. Mr Callaghan is promoted to Director. He specialises in business to business communications and he leads Edelman’s integrated B2B business.

Irish Central Bank names finance director
The Irish Central Bank has appointed William Molloy as its director of financial operations, effective August 1, 2019.   In his new role, Mr Molloy will be lead implementation of monetary policy in Ireland, with direct responsibility for the investment management of the Central Bank’s financial assets. The position plays a key role in maintaining the liquidity of the banking system, ensuring the real time wholesale payments systems function effectively and oversight of financial market infrastructures and associated functions. Mr Molloy, who has nearly 20 years of experience in the Central Bank, has worked in the Financial Markets Division, Organisational Risk Division and Banking Supervision Division. He currently serves as the bank’s head of Payments and Securities Settlements Division.

Philip Lee appoints Tom Conway as real estate and planning partner
Commercial law specialist firm Philip Lee has announced the appointment of Tom Conway as partner within its real estate and planning department. He will work under the leadership of partner John O’Donoghue and alongside fellow partner Eimear Fitzgibbon. Mr Conway specialises in advising on investment and real estate finance, acting for national and international investment funds across a broad range of asset classes, pillar and US/UK banks, private equity investors and institutional landlords and tenants.

Irishman O’Dwyer takes top job at UK’s Royal London
Irishman Barry O’Dwyer has been named CEO of UK insurance and investment group Royal London. Mr O’Dwyer, currently with Standard Life, is expected to take up the role in September. He succeeds Phil Loney.  Royal London is the largest mutual insurance firm in the UK, with group funds of £114bn (€128bn) under management. He joined Standard Life in 1988 and subsequently held a number of senior management positions in Ireland and the UK. He left the firm to join Hbos in 2007, and moved to Prudential in 2009. He was deputy CEO of its UK and Europe business when he left in 2013 to rejoin Standard Life. In 2017, he became the CEO of pensions and savings and joined the board of Standard Life.

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.

Equipment Company of Ireland Limited trades as ECI JCB, an importer and distributor of construction equipment, primarily JCB. As evidenced in recent filings, the company has been able to take advantage of the strong levels of construction activity in the country as turnover increased by 20.5% to c. €47.3m over the year. ECI JCB were able to convert this to c. €1.8m of EBITDA, a 3.8% EBITDA margin which was up from 3.1% in FY18. However, the business was not able to turn this to cash as they recognised a net cash decrease of c.  €370k which was driven by a significant movement in working capital along with a tax bill of c. €222k. ECI JCB is predominantly owned by Denis Murray, Anthony Nicholson and John O’Lomasney along with multiple other shareholders.

Founded in 1961 by the late Archie O’Leary, O’Leary Insurances provides brokerage services for a range of personal and business insurance solutions nationwide. The business has 96 staff and offices in 9 locations across the country. In an environment of consolidation in the insurance sector in Ireland, O’Leary Insurances is still family run and currently owned by Anthony O’Leary. In their most recent financial year, revenue increased by 7.6% to c. €10.9m while EBITDA increased by 7.7% to c. €2.2m. O’Leary Insurances ended the year with a net cash increase of c. €1.0m, after new freehold building was purchased for c. €2.9m which was partially offset by a new loan of c. €1.7m and funding received from subsidiaries of €2.8m. The company had a cash balance of c. €10.0m against outstanding loans of c. €2.8m. Net assets at the end of the year stood at c. €11.0m.

Manshire Limited trades as the Maryborough Hotel, a 4-star hotel set in an 18th century building in Douglas, just outside of Cork city. In a positive year for the company, revenue increased by 3.2% to c. €8.8m while EBITDA increased by 16.9% to c. €1.3m. Gross margins increased by one percentage point which, when coupled with steady overhead expenses, allowed the EBITDA expansion. The directors cited increased occupancy levels and demand for conferences and functions are primary contributors to the positive movement in revenue growth. The hotel is a likely beneficiary of the increasing number of domestic trips by Irish residents as well as the continued growth of tourism here.  There was a net increase in cash of c. €280k which left an ending balance of c. €356k against a debt free balance sheet. The Maryborough Hotel is wholly owned by Josephine and Daniel O’Sullivan.

Based in Meath, Jons Civil Engineering Company Limited has over 28 years experience in the successful delivery of infrastructural projects in Ireland, specialising in the innovative execution of complex Civil Engineering projects. Some of the activities performed by the company include: Road Schemes, Bridgeworks, Railway Lines and Stations, Traffic Management, Drainage and Marine Works. In their most recent financial year, the company experienced exceptional growth with a revenue increase of 26.7% up to c. €36.8m from c. €29.1m the previous year. EBITDA also jumped an incredible 72.6% from c. €2.2m to c. €3.8m. The jump in EBITDA was driven by the c. 41% increase in gross profit while administrative expenses remained fairly static during the period.  The company employed on average 113 people for the year at an annual cost of c. €7.4m. In 2018, the company spent c. €1.3m on fixed assets, the majority of which went into plant and machinery. A dividend was also paid out during the year which amounted to c. €540k. The company has no debt on the balance sheet versus a staggering cash balance of c. €23.4m, leaving net assets standing at c. €24.3m. Jons Civil Engineering Company is owned by Andrew Pentony (30%), Susan Pentony (30%), David Pentony (30%), John Pentony (5%) and Bernadette Pentony (5%).

RECENT FUNDRAISINGS

Who: Open Orphan PLC, a European-focused, rare and orphan drug consulting services platform, has successfully completed an IPO.

What: The bulk of the €5.02m (£4.5m) funding came from major London institutional fund managers including CRUX Asset Management Ltd and Miton Asset Management Ltd.

Why: The funds will be used towards building Open Orphan to a leading European rare / orphan focused pharma services company.

Source: Open Orphan

Who: Eight Irish SMEs – Coroflo (Dublin), CroiValve (Dubllin), Bluedrop Medical (Galway), Perfuze Ltd (Galway), Vetex Medical (Galway), Votechnik (Limerick), Beats Medical (Dublin) and Helixworks Technologies are set to receive European Innovation Council (“EIC”) funding.

What: Seven of the Irish SMEs will receive EIC Accelerator funding, which ranges from €1.5-€2.5m, while Cork-based Helixworks Technologies will receive EIC Pathfinder Pilot funding worth up to €4m.

Why: The EIC supports the best innovators to put Europe at the forefront of the next wave of innovations.

Source: RTE

Who: Geowox, a Dublin based property tech start-up that produces automated property valuation solutions has secured funding. The business was established in December 2017 by Stefano Francavilla, Paul van Bommel and Marco Giardina.

What: The €500,000 in funding has been provided by investors including Killian O’Higgins, the MD of WK Nowlan, Enterprise Ireland and Italian angel investor Gianni Matera.

Why: The funding will be primarily used to hire additional staff, with plans for a Series A round on the cards for late 2020.

Source: Irish Times

Who: AMBER, a government funded research centre based at Trinity College Dublin, has received funding.

What: €40m in funding will be spread over the next six years through Science Foundation Ireland’s (SFI) Research Centres Programme, coupled with €77m in cash and in-kind contributions.

Why: The funding is to create 350 new positions in the research centre that already employs more than 1,100 people.

Source: AMBER

Who: Cliter, an online child protection software business founded by Rena Maycock. The software will block malicious online content, including cyber-bullying messages.

Why: The business has appointed PwC to help it to raise a targeted €2m in seed funding.

What: Funds raised will be deployed to hire more software developers and test the product before its full commercial launch.

Source: The Sunday Times.

THOUGHT FOR THE WEEK

When Michael O’Leary announced that he would not be buying any more young prospective racehorses to be future Cheltenham champions, it was heralded as a death knell for the Irish National hunt breeding industry. One wise person said only a fool can say millions will be taken out of the market and it will have no effect. There were two big horse auctions in Ireland last week, one in Goffs and one in Tattersalls, where the majority of quality young horses are sold. Amazingly, both sales recorded near peak numbers and this was supposed to be the first big victim of O’Leary pulling out.

There is no saying that his withdrawal will not have eventual long term ramifications, but the short term effects have not come through as widely as predicted. Brexit is not dissimilar – if it happens, it is impossible to rationally suggest it will have no effect on the Irish economy. However, what that effect will be is difficult to predict; let’s hope that like the horse market, Irish the economy proves resilient and is not hurt as badly as predicted.

@RenatusCapital Tweets

1.1% & 0.6%

The year-on-year increase in Retail Sales Index in terms of volume and value respectively in April 2019.
@CSOIreland

16.8%

The year-on-year decrease in agricultural operating surplus in 2018, down from €3,425.2m in 2017 to €2,849.2m driven by cost increases in feeding stuffs (29.6%) and fertilisers (13.5%)

21.7%

The increase in number of persons in employment between Q1 2013 and Q1 2019 amounting to 2,301,900 employees in Ireland in 2019.
@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

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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.