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Renatus’ Weekly M&A Newsletter – 24/07/2022
July 24, 2022
Renatus’ Weekly M&A Newsletter – 07/08/2022
August 7, 2022
July 31, 2022

Heitman LLC acquires stake in U Store It, Thorntons recycling acquires The City Bin Co and more in our latest weekly Renatus M&A newsletter.

Renatus Private Equity Dublin, Ireland

Renatus Weekly M&A & Company Performance Private Equity Newsletter 31/07/2022

Dear Reader,

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

THOUGHT OF THE WEEK

There has been a lot said about the top-down carbon emission reduction targets introduced during the week.

The forced switch from fossil fuel to renewable looks and feels like a no-brainer. The vilification of our farmers is less convincing and seems unfair. Generations of Irish, through hard work and a lot of brain power, have maximised the factors of production being land, labour, capital and enterprise to get us to a global market-leading position (Kerrygold is the number one butter brand in Germany for example). A large part of the targeted reduction can be achieved by cleverer production practices which is great. Nonetheless, when the bottom-up plan is done, it could lead to an effective cap on growth and even a forced reduction of production capacity in Agriculture.

What seems plainly unfair is that we are penalised for the food consumption of the countries who purchase our food. We export 90% of what we produce in our two primary sectors – beef and dairy. These other countries are not accountable for the emissions associated with the food they eat but produced in Ireland. We have no doubt if we are forced to reduce or cap production that what we could have sold will be replaced by food from other countries with even higher food miles and carbon footprint than sourcing from Ireland leading to carbon leakage. It feels like the measurement of carbon has not evolved to the sophistication of the measurement of the economy where GNP and GDP capture the difference between what we produce for export.

Anything to reduce the global carbon should be applauded and hopefully the bill will force smarter behaviour for the global good. However, we should be very careful about knee-jerking a cap on production on one of our finest and hardest working industries if the net effect of the actions being introduced by the bill does not lead to a clear net reduction in global emissions.

M&A ACTIVITY

Heitman LLC acquires stake in U Store It

Deal Details: Heitman LLC have acquired a stake in U Store It. Deal details have not been disclosed.

U Store It is a self-storage business that provides storage facilities in six locations across Ireland for a monthly fee. It was founded by Seamus Lonergan in 2001 and is headquartered in Dublin. It also has facilities in Belfast, Cork and Waterford. The company does not publish turnover or EBITDA information. The business was owned entirely by Seamus and Ciara Lonergan.

Heitman LLC is a global real estate investment management firm. It was founded in 1966 and is headquartered in Chicago, Illinois. Maury R. Tognarelli leads the company as CEO. The company does not publish turnover or EBITDA.

Advisers:
U Store It:
Corporate Finance and Tax: Grant Thornton led by Michael Neary, Paul Murray, Adrian McNamee, Kevin Foley, Bernard Doherty and Emer Dowling.
Property: CBRE led by Callum Paddock and Oliver Close and Christian Judd.
Legal: Rennick Solicitors led by Brian Rennick and Brian Foley and DWF led by David McNeice.

Heitman:
Corporate Finance and Tax: EY led by Carthach McCarthy, Cian O’Donovan and Alan Curran.
Property: JJL led by Tom Caines.
Legal: Maples led by Morgan Pierse.

Renatus Comment: The self-storage industry is being partly driven by the increasing rate of urbanisation and more generally by change in people’s lives. Firstly, the increasing urban population means smaller and increasingly expensive living spaces in cities with more renters who move around more frequently, and as a result these people need locations to store their belongings. Secondly, change, including home sales and rental turnover, result in people needing temporary storage solutions. Covid resulted in significant change in peoples’ lives and the self-storage industry benefited as a result.

Public Storage (NYSE: PSA) is one of the largest American self-storage companies. Its share price since March of 2020 has increased by c. 91% from $171 to $326, demonstrating how positive a period it has been for companies in the space.

Source: Heitman Press Release

Thorntons recycling acquires The City Bin Co.

Deal Details: Thorntons Recycling has acquired The City Bin Co. following Carlyle Cardinal Ireland’s exit. Deal details have not been disclosed and the deal is subject to approval by the CCPC.

Thorntons Recycling is an Irish recycling and waste management service that handles over 700,000 tonnes of waste across 11 depots. The company was founded in 1979 and is run and owned by brothers Paul and Shane Thornton. It is headquartered in Dublin and currently employs over 550 staff. The business had a turnover of €86.3m which converted to an EBITDA of €13.8m in FY20.

The City Bin Co. is a waste management company that provides refuse collections, servicing homes and businesses between Galway and Dublin. It is headquartered in Galway and was founded and led by Gene Browne since 1997.

Advisers:
Thorntons Recycling:

Deal advisory: Crowe Ireland.

Legals: Ogier Leman acted for Thorntons Recycling.

The City Bin Co:

Deal advisory: PwC Ireland.
Legal: William Fry LLP and Flynn O’Driscoll LLP.
Corporate Finance: IBI Corporate Finance led by David Lyons.

Renatus Comment: Thorntons’ acquisition of The City Bin Co. represents a combination of two of the top 10 waste collection businesses in the greater Dublin area, according to a CCPC filing by Thorntons in 2018.

This is an interesting acquisition which continues consolidation in the waste collection industry in Ireland. A CCPC report in 2016 noted there were 63 active household waste collection operators in Ireland and that the 20 main operators serviced 90% of households that availed of a collection service. The total number of operators active in the market is declining. In the period 2012 to 2016, the number decreased from 82 to 63. Since that time, there have been acquisitions in the space including PandaGreen (owned by Beauparc) acquiring McElvaney’s Waste and Recycling, which served Louth, Monaghan and Cavan.

Source: Carlyle Press Release

Takumi acquired by Acrotec Group

Deal Details: Takumi has been acquired by Acrotec Group. Deal details have not been disclosed.

Takumi is a CNC precision engineering firm that specialises in bespoke medical, aerospace and industrial component assembly and manufacturing. The business was founded by Gerry Reynolds in 1998 and is based in Limerick. Donal Galligan has led the company as CEO since last year. Shareholders inlcuded Gerard Reynolds, Junko Ihata, Fiona Carmody, Declan Carmody and Edward Byrne. In FY20 it had a turnover of €6.8m which converted to an EBITDA of €1.5m.

Acrotec Group is an independent micro-mechanics group that serves the watchmaking-jewellery, MedTech and precision high-tech industries. It is headquartered in Switzerland and was founded by François Billig in 2006. The company does not publish turnover or EBITDA information.

Advisers: None mentioned

Renatus Comment: Takumi is a good example of a business which has capitalised on the abundance of medical device companies in its geography. As an engineering business, its core set of services would not traditionally be aimed at the medical sector. However, by targeting the sector and working with global brands who preferred to nearsource elements of its supply chain, Takumi achieved a higher value proposition and ultimately became an attractive target.

Source: Acrotec Press Release

Lucey Transport Logistics acquired by DFDS

Deal Details: Lucey Transport Logistics has been acquired by a European shipping and logistics company, DFDS. Deal consideration has not been disclosed.

Lucey Transport Logistics is a Cork-based logistics solutions company offering warehousing, inventory management, bonded storage as well as product rework and labelling. It provides its services primarily to consumer goods companies and has distribution operations in Dublin, Clonmel, Cork and Lurgan. The company was established in 1932 and is currently led and owned by Kevin Lucey and the Lucey family. In FY20 it had a turnover of c. €11.7m.

DFDS is a ferry transport and logistics services company. It was founded in 1866 by Carl Frederik Tietgen and is headquartered in Copenhagen, Denmark where it is listed on Nasdaq Copenhagen. In FY21 the company had a turnover of €2.4bn and an EBITDA of €327.2m.

Advisers:
Lucey Transport Logistics:
Deal advisory: Grant Thornton led by Gareth Cosgrove and Paddy Dillon supported by David Kealy and Anita Mulligan were advisor to the selling shareholders.

Legal: Aidan Lawlor and Jerome Kennedy from McCann Fitzgerald were sell-side legal advisors.

DFDS:
None mentioned

Renatus Comment: Over the past 90 years, Lucey Transport Logistics has expanded from one truck distributing tea, sugar, and animal feedstuffs around the Cork region to employing over 250 staff and having a fleet of over 100 vehicles and 400 trailers.

DFDS’ stock price increased slightly following the announcement. The share price has performed well during July increasing from a low of c. €28.10 on 6 July to its current c. €33.42 at close of trading on Friday.

Source: Irish Examiner

Arachas acquires Glennon Insurances

Deal Details: Arachas has acquired Glennon Insurances. Deal consideration has not been disclosed and the deal is subject to approval by the CCPC.

Arachas Insurance is an insurance broker offering insurance services to both businesses and individuals. It was originally founded in Cork in 1969 and is led by CEO, Conor Brennan. The business became part of the Ardonagh group in 2020. In FY20 the business had a turnover of €46.5m, which converted to an EBITDA of €16.3m.

Glennon Insurances is a Dublin-based insurance broker that offers business insurance, risk management, motor insurance, home insurance, life insurance and pensions. The business was founded in 1948 by Frank Glennon and has been led by chairman David Glennon for the last number of years. It does not publish turnover or EBITDA information.

Advisers:
Arachas:
Legal: Eversheds Sutherland LLP led by Gavin O’Flaherty.

Glennon Insurances:
Deal advisory: A Deloitte team including Anya Cummins, Denis Murphy, Gareth Sullivan and Patrick McInerney.

Renatus Comment: This is Arachas’ ninth acquisition in the last three years, with the most recent being Cork-based Apex Insurance and Dublin-based Stuart Insurances, as the broker industry consolidates at a rapid rate.

Source: The Ardonagh Group Press Release

Kitchenmaster Holdings completes MBO

Deal Details: Kitchenmaster’s management has completed a management buyout with Cordovan Capital exiting the business. The MBO team consisted of Colin Stanley, Jacqui Walsh and Binu Sivan supported by fellow shareholders Beltrae Partners. Deal consideration has not been disclosed.

Kitchenmaster is a Belfast-based hygiene and cleaning solutions developer and manufacturer that operates in the food service, healthcare, hospitality and industrial sectors both in Ireland and abroad. The company was founded in 1975. The company does not publish turnover or EBITDA information.

Cordovan Capital is a micro-cap private equity firm based in Belfast.

Advisers: None mentioned

Renatus Comment: Kitchenmaster has grown from initially offering a small range of cleaning products for the local hospitality market to offering a wide range of full hygiene solutions with distribution channels throughout Ireland, the UK, Europe, and a base in Dubai that serves the Middle East. Management has led the growth to date with the backing of Cordovan Capital with this MBO showing management’s confidence in the continued success and growth of the business.

Source: LinkedIn

Mayo Hoteliers purchase The Gateway Hotel

Deal Details: It has been reported that hoteliers, Trish Egan and PJ Staide, have acquired The Gateway Hotel in Swinford, Co. Mayo. The sale also included an adjoining building. The deal consideration was not disclosed but it was reported to be in excess of €1.0m according to CBRE agents.

The Gateway Hotel is a three-star hotel located on the main street of Swinford. The Hotel has 22 rooms, a bar that seats 50 people, a dining room that seats a further 50 people, and a function room that seats over 200 people. The business was owned entirely by Charles Kelly and employed c. 25 staff in FY20.

Trish Egan and PJ Staide already own Cill Aodáin Court Hotel in nearby Kiltimagh, Co. Mayo. Their plans for the hotel post-acquisition were not disclosed.

Advisers:
The Gateway Hotel:
Property: CBRE Hotels handled the sale of The Gateway Hotel.

Renatus Comment: While the hospitality industry is still facing many challenges, the recovery of the sector appears to be driving M&A activity with a number of Irish hotel-related acquisition in 2022 following the FBD’s acquisition of Killashee Hotel, Talbot Hotel Group’s acquisition of the Clonmel Park Hotel, and Wirefox’s acquisition of Bushmills Inn.

Source: Independent

The Electric Storage Company increases its investment in KX

Deal Details: The Electric Storage Company (TESC) has increased its investment in KX, an analytics platform owned by FD Technology. Deal details have not been disclosed.

TESC is a Belfast-based company that uses smart batteries to harness the energy created from renewable resources. It was founded in 2017 by Eddie McGoldrick and is headquartered in Belfast. It does not publish turnover or EBITDA information. The business is owned by a variety of individuals including Paul Burns, Bronagh McGoldrick, Fionnuala McGoldrick, Kathleen Burns, and founder Eddie McGoldrick.

KX is a data analysis software developer and vendor. It provides the data management and analytics technology underpinning TESC’s Predictive Analytical Renewables Integration System (PARIS) platform. The business is headquartered in Newry and was founded by Arthur Whitney in 1993. It is a subsidiary of FD Technologies plc.

Advisers: None mentioned

Renatus Comment: This announcement follows Heron Bro’s seven-figure investment and strategic partnership with TESC which was announced last month. As well as investing in KX, Heron Bro’s funding will go toward doubling TESG’s team of power and software engineers, and data scientists, to 35.

Source: The Irish News

Walco Foods acquired by Neste

Deal Details: Walco Foods has been acquired by Neste. Deal details have not been disclosed.

Walco Foods is an Irish animal fats and by-products trading firm. It was founded in 1996 in Tramore, Co. Waterford and is led by Kevin Walshe. The business does not report turnover or EBITDA. The business is owned entirely by Kevin and Mary Walshe.

Neste is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. It produces renewable diesel and aviation fuel using waste and residue raw materials. The company was founded in 1948 in Finland and is led by CEO Peter Vanacker. In FY21 the business had a turnover of c. €13.0bn and an EBITDA of c. €2.7bn.

Advisers: None mentioned.

Renatus Comment: The acquisition of Walco Foods is part of a wider M&A growth strategy by Neste, following acquisitions in the US and Netherlands. Waterford-based Walco Foods is an example of an Irish company primely positioned to benefit from the growth of the animal fats industry globally.

Source: Neste Press Release

Broadway Gaming acquires 888’s bingo business

Deal Details: Talivest, a Cork-based employee analytics software company, has been acquired by Australian tech unicorn Go1 for an undisclosed sum.

Formerly known as KonnectAgain, Talivest, was founded by Laura Belyea and Jayne Ronayne. Its backers include Dan and Linda Kiely, the Voxpro founders, PCH chief executive Liam Casey, Google Ireland managing director Ronan Harris and Anne Heraty, the CPL founder. The company does not report turnover or EBITDA.

Go1 is one of the world’s largest corporate education content hubs for on-demand training and resources. Go1 announced a $100 million fundraise last month at a $2 billion valuation.

Advisers: None Mentioned

Renatus Comment: Originally focused on helping companies engage with corporate alumni, Talivest has in recent years shifted focus towards assisting firms in the area of employee engagement. Workhuman, a company with a similar focus reached unicorn status in 2020. Listen to the Workhuman story with Barry Moloney ​​​​​​on our first Podcast. Barry is Chairman of Workhuman and founder of Balderton Captial.

Source: Business Post

DEAL UPDATES & OTHER NEWS

Security Matters Ltd. announces business combination with Lionheart III Corp

Deal Details: Security Matters Ltd., an Australian technology company have announced a business combination with Lionheart III Corp, a special acquisition purpose company. The combined entity will be an Irish company listed on the NASDAQ as SMX Public Limited Company (SMX Ireland). The combined group is projected to have a combined value of $360m.

Advisors:
Security Matters:
Legal: Arthur Cox led by Connor Manning and Niamh O’Toole (Corporate and M&A).

Source: PS Newswire

COMPANY PERFORMANCE

Founded in 1961 by John Walsh, the Irish School of Motoring Limited (ISM) offers services such as driving lessons through ISM Driving School, forklift and truck training through ISM Training, and recruitment services through ISM Recruitment. The business is headquartered in Dublin and is led by Managing Director, Karl Walsh.

ISM reported an FY21 turnover of c. €13.0m which converted to an EBITDA of c. €1.1m. Turnover increased c. 14.4% while EBITDA increased by 56.1% year-on-year. Gross margin increased from c. 25% in FY20 to c. 28% in FY21.

Significant post EBITDA cash movements included a working capital investment of c. €1.1m and the sale of investments amounting to c. €900k. The business is owned by John, Patrick, and Karl Walsh.

ISM employed an average of 497 staff throughout FY21 at a cost of c. €9.7m. 437 employees were in the recruitment division.

Benners Garage Limited (T/A Kerry Motor Works) is a car dealership offering sales, repairs and servicing. The business is based in Tralee, Co. Kerry and owned by Nicky, Simon and Stephen Benner.

In its financial year to September 2021, the business reported turnover of c. €29.5m, an increase of 36.0% year-on-year. This converted to an EBITDA of c. €1.4m, an increase of 16.6% year-on-year. Benners Garage Limited finished the year with a cash balance of c. €3.0m.

Significant cash movements included the acquiistion of fixed assets for €140k and a loan repayment of €350k. The business employed an average of 27 people over the period at an annual cost of c. €2.0m.

RECENT FUNDRAISINGS

Who: Synova, a growth capital and private equity company focusing on businesses in the technology, health, education, business services and financial services sectors that are valued between £20m and £250m.

What: Synova LLP has closed Synova V having raised £875m, surpassing it’s £750m target.

Why: Synova V will address the full spectrum of mid-market opportunities and will aim to support companies through their growth trajectory with £250m of the capital reserved for investments in smaller companies.

Source: Synova Press Release

Who: Phoenix recruitment, a Dublin-based recruitment agency that specialises in the recruitment of senior leadership positions within the professional services sector.

What: The company has announced a €1m funding round.

Why: It plans to establish an office in the US this year, which will accelerate its global expansion and it also plans to increase the company’s headcount by 20 people before the end of this year.

Source: Business Plus

Who: CropBiome, an agtech company that uses microbes to treat crop seeds and produce healthier plants and reduce the amount of fertiliser required. It is a joint TCD and UCD spin-out company.

What: The company has raised €1.3m in funding from HBAN.

Why: It aims to accelerate the commercial development of its products, scale its team and begin trials with major seed distributors in order to bring its products to market by mid-2025.

Source: Business Post

Who: BloXmove, a shared B2B mobility blockchain platform focusing on making mobility accessible for its customers and powering this through renewable energy.

What: The company has received a seed funding round of €5m, the identity of the investors has not been disclosed.

Why: The funding will be used to scale the mobility alliance beyond Europe and become the decentralised ledger for power and mobility globally.

Source: CapitalIQ

Who: Furthr VC, an Irish venture capital investor. The venture arm of Furthr was rebranded from the Dublin Business Innovation Centre.

What: The business has announced the final close of its fund at €32m.

Why: The reported aim of the fund is to invest in up to 30 globally scalable Irish software and medical device companies.

Source: Business Post

EXECUTIVE AND BOARD APPOINTMENTS

We in Renatus believe that more important than the deals are the people and we are pleased to provide you with details of key recent executive and board-level appointments.


Clodagh O’Hagan

Source:
(Google Images & LinkedIn)


Andy Cronin

Source:
(Google Images & LinkedIn)


Darragh Bowes

Source:
(Google Images & LinkedIn)


Robert Hussey

Source:
(Google Images & LinkedIn)


Michelle O’Donoghue

Source:
(Google Images & LinkedIn)

@RenatusCapital Tweets

70.2

The Bank of Ireland Economic Pulse this month. This 8.5 point drop since June represents a fall in both consumer and business confidence. This is the second monthly decline and a 17-month low as the effects of inflation continue to impact the economy. @bankofireland

50%

The fall in Northern Irish job vacancies in June in comparison to March 2022. According to @APSCo_org

9.2%

The increase in new tenancy rent prices in Q1 2022 in comparison to the same period in 2021. The national average rent in new tenancies is now €1,460 per month and the average in Dublin is €2,015 per month. @Independent_ie

43%

The decrease in domestic travel figures for business-related travel in Q1 2022. The CSO recorded 78,000 domestic overnight business trips during the period, in comparison to c. 111,500 in the same period in 2020. @CSOIreland

3.2%

The International Monetary Funds revised forecast for economic growth. The IMF has cut its economic growth predictions for the third time in 2022 expecting the economy to grow by 3.2% in 2022 and 2.9% in 2023. This represents a respective 0.4% and 0.7% drop. @IMFNews

18.4%

The increase in residential construction activity in the first half of 2022 in comparison to the same period last year. The report showed 22,390 residential buildings under construction with 17.4% of these in Dublin, 14.2% in Kildare, and 12% in Cork. @GeoDirectory_ie

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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
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  • Management buy-ins
  • Growth financing – both organic and acquisition growth financing
  • Full and partial share sale.
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    Adrian Stackpoole, Digital Marketing Associate

    • Adrian joined Renatus in 2018, initially as a Marketing Executive before moving into the role of Digital Marketing Associate. As part of his role, Adrian manages all the digital marketing aspects of Renatus as well as conducting digital research for portfolio companies.
    • Adrian holds with a BBS degree in Marketing and Entrepreneurship from the University of Limerick, as well as a Postgraduate degree from The Digital Marketing Institute.
    • Prior to joining Renatus, Adrian worked in New York with a start-up hospitality group, specalising in marketing and operations.
    TIERNAN O’HAGAN

    Tiernan O’Hagan, Associate

    • Tiernan recently joined Renatus Capital Partners as a Private Equity Associate. As part of his role, he researches and analyses the potential of new investments and acquisitions
    • Tiernan graduated with a B.Sc in business and law from DIT Aungier street & an MSc. in Entrepreneurship from Trinity College Dublin.
    • Previously worked with Capnua Corporate Finance for three months during a summer internship.
    • Tiernan is also in the process of sitting ACCA exams.
    Bronagh Kearns Renatus

    Bronagh Kearns, Associate

      • Bronagh recently joined Renatus as a Private Equity Associate. As part of her role, she will be researching and executing investment opportunities.
      • Bronagh holds a MSc in Quantitative Finance from UCD Michael Smurfit Business School and a BSc in Finance from University College Cork. Currently, Bronagh is in the process of obtaining the ACCA qualification.
      • Prior to joining Renatus, Bronagh worked as an Investment Banking Analyst in Rubicon Capital Advisors where she worked on M&A transactions on the execution side and financial modelling in the infrastructure sector. She also worked as an Investment Associate in River and Mercantile Solutions in London quantitatively screening different investment opportunities across all asset classes.
    Alan Manning Renatus

    Alan Manning, Associate

    • Alan joined Renatus Capital Partners in September 2021 as a Private Equity Associate. As part of his role, Alan researches and analyses potential investments and acquisitions.
    • Alan holds a B.Sc Finance from University College Cork.
    • Previously working in KPMG’s Consulting division, with the Financial Management Consulting team. During his time there he was engaged on a Finance Function Review for a European Travel Technology firm, and a review of the cash management strategy of an Irish Commercial Bank.
    • In the process of sitting ACCA exams.

    Conor Hall, Associate

    • Conor joined Renatus Capital Partners in June 2018 as a Private Equity Associate. As part of his role, Conor researches and analyses potential investments and acquisitions.
    • Conor holds an M.Sc. in Quantitative Finance from UCD Michael Smurfit Graduate Business School and a B.Sc. in Economics & Finance from UCD. He is currently working towards attaining the ACCA and CFA qualifications.
    • Prior to joining Renatus, Conor worked as an Analytics Analyst with Accenture, specialising in predictive modelling for fraud.

    Kyle Barry, Associate

    • Kyle joined Renatus Capital Partners in June 2016 as a Private Equity Associate. As part of Kyle’s role, he researches and analyses the potential of new investments and acquisitions.
    • Since joining, Kyle has worked on numerous transactions, including Simtech and Rennicks, and has worked with Renatus’ investee companies on a number of strategic projects.
    • Kyle holds an MSc. in Quantitative Finance (University College Dublin) and a BA Finance (Maynooth University). Currently, Kyle is in the process of completing the ACCA qualification.
    • Prior to joining Renatus, Kyle spent 15 months in Intel’s Finance department where he worked across the financial reporting, tax and capital financing teams.

    Philip Gardiner, Associate Director

    • Philip is an Associate Director with Renatus Capital Partners, having first joined the firm as its first employee in 2014.
    • Philip has responsibility for screening, assessment and structuring of new acquisitions.
    • He has worked on a number of transactions at Renatus including Boojum Mexican Restaurants and Simtech Aviation. Philip works actively with the boards of Boojum and Simtech Aviation.
    • Prior to joining Renatus, Philip spent four years in AIB’s corporate banking team where he worked on a mix of real estate and cash flow lending deals.
    • Philip is a member of the ACCA and holds an MSc. in Financial Services and a Bachelor in Business Studies, both from the University of Limerick.

    Jane Martin, Marketing and Administration Manager

    • Jane joined Renatus Capital Partners in June 2019 as a Marketing and Administration Manager. As part of Jane’s role, she writes the weekly newsletter, works on the CRM and looks after the admin and ad hoc tasks
    • Prior to joining Renatus, Jane worked as a Senior Account Manager in Mace Promotions where she worked closely with many SMEs as well as large corporations on their marketing projects

    Mark Flood, Director

    • Mark co-founded Renatus with Brendan Traynor in 2014. Prior to establishing Renatus, Mark spent seven years on the senior management team of the Racing Post in various operational and commercial roles. Before founding Renatus, Mark was Managing Director of the Racing Post’s Irish operation.
    • Prior to his career in the Racing Post, Mark was the first employee of FL Partners, an Irish based international private equity firm, where he was actively involved in over €300m worth of transactions.
    • Mark combines his financial, operational and commercial experience to bring value and energy to all partner companies.
    • Mark is a Chartered Accountant and holds a Bachelor of Commerce and Masters in Accounting from NUI Galway.

    Brendan Traynor, Director

    • Brendan is a co-founder of Renatus. Prior to establishing Renatus, he was a Director in BDO Corporate Finance specialising in M&A, MBO’s/MBI’s, debt and private equity fundraising across a diverse range of sectors and clients.
    • His career focus and passion is the Irish SME sector and his deal expertise covers sectors such as retail, manufacturing, FMCG, healthcare, avaiation, media, medical devices, food and agriculture, construction, and hotels and leisure.
    • Brendan is a Chartered Accountant and holds a Bachelor of Commerce from University College Dublin

    Conor Mehigan, Associate Director

    • Conor joined Renatus Capital Partners in 2021 as an Associate Director. Conor has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Prior to joining Renatus, Conor spent five years in IBI Corporate Finance specialising in M&A, debt and private equity fundraising for private and public companies across a range of sectors. Prior to his career in IBI Corporate Finance, Conor spent four years in Deloitte’s Corporate Finance Division, specialising in Transaction Services
    • Conor is a Chartered Accountant and holds a BSc in Finance from University College Cork

    Greg Dilger, Strategic Advisor

    • Greg Dilger is a former Executive Director of NCB Stockbrokers and Investec Wealth & Investment.
    • He is an investor and advisor to Renatus and brings years of relevant experience to our team.
    • Greg is also currently a Non-Executive Director of Brewin Dolphin Ireland.
    Patrick Dooley Renatus

    Patrick Dooley, Associate Director

    • Patrick joined Renatus in November 2022 as an Associate Director. Patrick has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Patrick previously held leading positions in Focus Capital Partners, PKF O’​Connor, Leddy & Holmes & EY.
    • Patrick is a charted accountant and holds a Bachelor of Accounting and Finance degree from DCU, along with a Masters degree in Accounting from TUD.

    John Dwyer, Chairman

    • John joined Renatus in 2018 as a Chairman. Prior to Renatus, John spent 30 years at PwC in the UK, 20 years as a Partner, John led the UK and Global Deals business at PwC and was an executive board member of the UK firm.
    • Prior to that, John led the UK and Global Private Equity business at PwC and worked with firms including 3i Group, Apax Partners, CVC Capital Partners and Cinven.
    • John is married to Natasha and they have three children. John works between Dublin and London and his charity work includes chairmanship of Irish Youth Foundation UK.
    • He is an advisor and Board member of Irish digital marketing firm Pigsback and media firm Racing Post.
    • John is a Chartered Accountant and holds a Bachelor of Commerce from UCD.