Waterland adds two Irish companies to decarbonisation ‘supergroup’

Caldor Solar and Zetta Home Services add to growing platform of specialist companies backed by Dutch private equity group

Zetta Homes Services managing director Gearoid Harvey (left), Waterland Ireland partner Laura Dillon and Caldor Solar managing director Eoin O'Flaherty in Dublin. The addition of the two companies to Waterland's Net Zero Group is part of a strategy to build a 'supergroup' of decarbonisation companies. Photograph: Graeme C Photography

Waterland Ireland, the Irish arm of a Dutch private equity group, has added two more companies to its decarbonisation platform as part of its strategy to build a “supergroup” of businesses providing services to builders to achieve their carbon-elimination targets.

Net Zero Group, which was formed through the Waterland-backed merger of green heating and plumbing companies Gaffney Mechanical and O’Connor Heating last year, has a war chest of €50 million to add companies to the portfolio.

The group has now added Kildare-based solar PV specialist Caldor Solar and Louth-based heat pump installation and maintenance services provider Zetta Home Services for an undisclosed sum.

The bolt-on acquisitions will “cement its position as Ireland’s leading provider of building decarbonisation services”, the group said in a statement. Net Zero Group now boasts “market-leading capabilities across both heat pump and solar PV systems”.


“Caldor Solar has always been at the forefront of promoting sustainable energy solutions since 2015,” said Caldor managing director Eoin O’Flaherty. “This partnership with Waterland Ireland will allow us to scale our operations and reach more customers with our advanced solar PV technologies. We are excited about the opportunities that this will provide to our business and even better value for our many customers.”

Gearoid Harvey, managing director at Zetta Home Services, said the move was a “significant step” for his company. “This partnership not only allows us to scale our operations but also provides us with access to resources that will enhance our ability to deliver innovative, high-quality solar and heating solutions.”

Laura Dillon, partner at Waterland Ireland, said the integration of the two companies into the broader Waterland portfolio “underscores a collective commitment to support the drive towards a net zero future”.

Waterland has invested in five platform companies here since 2019, including Meath-based data centre cable specialist MTM Engineering, Mullingar-based fire safety business Writech and the Silver Stream Healthcare nursing home group, and has typically added complementary businesses to those core investments.

Through those so-called tentpole investments the group has been involved in the acquisition of more than 20 companies since its arrival on the Irish scene in 2019, generating about €350 million to the end of last year and employing more than 2,000 people.

Speaking to The Irish Times last month, Ms Dillon said the group continues to find value in the market here. “Ireland, compared to some of our larger countries, is relatively small,” she said. “But we also feel it’s a very entrepreneurial nation and we are export-led so there are a lot of businesses who have the ambition to be able to scale significantly.”

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times