Ulster Bank backs management buy out at Thermodial

Thermodial’s management have bought out a majority stake in the Dublin-based building services company

, backed with a €1.25 million loan from Ulster Bank.

The company, which operates in the commercial heating, ventilation and air conditioning (HVAC) sector, now plans to increase job numbers by 20 to 60 in coming years, and it is also targeting a 40 per cent increase in sales of €10 million.

The senior managers involved in the buyout are Turlough Kinane, who takes over as managing director, operations director Alan Keegan and projects director Mark Carrick.

They have bought a 55 per cent share in the company, using a vehicle called Centrepoint Technical Services, which is backed by the loan from Ulster Bank, according to company documents.

Chairman

The remaining 45 per cent is held by co-founder of the business,

Willie Kearney

, who will continue as chairman of the board,

Thermodial

said.

He will also continue working for Thermodial in an executive capacity as sales director.

Another co-founder of the business, Tom Morrissey, appears to haver exited as a shareholder under the arrangement.

He was a shareholder in the most recent company documents filed last summer, but is not mentioned in the new arrangement and is no longer listed on Thermodial’s websire as being involved with the company

Mr Kearney said: “Thermodial has a strong 29-year track record through the thick and thin of Irish economic cycles. This MBO blends the deep experience of our founders with the drive of the new directors, each of whom is proven in the company.”

The company’s clients include the Office of Public Works, St Vincent’s Private Hospital, Eir, Easons, Kildare County Council and Dublin City Council.

“With the strengthening economic climate taking hold, we have ambitious targets to acquire additional customers in the segments we already have considerable expertise in, including retail chains, the public sector and the hospitals sector,” said Mr Kinane.

“We will also be targeting growth areas in the economy, including the hospitality sector, data centres and private health facilities.”