The Barry family, owners of the Cork-based Barrys Tea company, are backing to the management buy-out of the Whelehan group of chemical, pharmaceutical and cosmetics distribution companies through their investment company, Olinderry Investment.
The company, of which Mr Tony Barry is a director, made an investment in the buy-out of T.P. Whelehan Son & Co, Boileau & Boyd and Perrans Distributors, for an undisclosed sum. Mr Barry is also a director of Barrys Tea and chairman of the construction materials company, CRH, among other interests.
The Whelehan group had a £38 million turnover last year, according to its managing director, Dr Pat Keenan. He said Olinderry would have an active role in the future management of the group through Mr Donagh Barry, who has taken the role of commercial director, and some non-executive directorships.
The buy-out of the group from the Whelehan and Collins families, which employs over 130 people, was undertaken by Dr Keenan, Mr Gerry O'Neill, finance director, and Mr Gerry Headon, managing director of Boileau & Boyd. The sector typically has a relatively low profit margin of between 3 per cent and 5 per cent.
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