Cavan insulation company Ballytherm selling to Xtratherm

Cavan insulation manufacturer Ballytherm has agreed the sale of its Irish and UK operations to Unilin-owned Xtratherm.

The acquisition, which is subject to regulatory approval, is expected to be completed later this year and includes the Herefordshire manufacturing facility and 15-acre site the company bought in 2019.

Ballytherm, which employs 55 people in Cavan and Herefordshire, has manufactured PIR insulation products from its Ballyconnell operations for almost 20 years.

The business is wholly owned by Brendan and Siobhán Cosgrove and Gerry and Gemma Reilly.

CRH to buy back $300m in shares

---

Planning board denies 475-apartment project in Dublin’s Whitehall

---

CRH returns $300m to investors in share buyback scheme

---

Plans to fast-track 576 new homes in Athlone get green light

---

The value of the deal was not disclosed, but the most recent accounts for the company showed revenue of €24.77 million in the year to June 30th, 2020. That compared with €29 million a year earlier. The company trimmed costs by €4 million year on year and recorded a €5 million bump in other operating income, bringing pretax profit for the year to €6.29 million, up from €1.78 million in 2019.

Managing director Brendan Cosgrove said Xtratherm could take the business to the next level, and he was confident Ballytherm's future was "in safe hands".

"We are very pleased to be announcing this news today as we believe it is a great opportunity for not just the business but for the hard-working team employed in Ireland and the UK," he said. "The offer from Xtratherm was a compelling opportunity for us to crystallise our investment and we believe it will be a positive outcome for everyone, including our loyal workforce, customers and suppliers."

Capacity

Xtratherm, which became part of the Unilin Group in 2015, provides a range of insulation products. It owns and operates two state-of-the-art production facilities in Ireland and Britain. The Ballytherm acquisition will bring additional manufacturing capacity to the group.

“The acquisition of Ballytherm with its new plant in Ross-on-Wye, along with additional investment in new technologies, will allow Xtratherm to deliver on operational excellence, new product innovations and improved service that will contribute towards a stronger and more sustainable future for our employees, customers and the construction sector in the UK and Ireland,” said Xtratherm managing director Barry Rafferty.

The Unilin Group had turnover of €2.21 billion in 2020, and employs 7,500 people globally.