Merrion Capital management poised for €13m to €15m buyout of firm
Sale will leave executives and staff with full ownership of stockbroking firm
Merrion Capital’s management is poised to buy out the stockbroking firm in a deal worth up to €15 million.
The firm’s head of private clients, Shane Nolan, and chairman of its fund management unit, Ivan Fox, are leading a buyout of the firm from current chief executive, John Conroy and New York investment firm, Allen & Co, a spokesman confirmed today.
Mr Conroy will leave Merrion and will be replaced in an acting capacity by Pat O’Neill, one of its founders and a current shareholder, who has been running another venture for the business.
Around 35 per cent of the firm is changing hands overall and Merrion will be owned by management and existing staff once the transaction is complete.
The deal, valued at between €13 million to €15 million, is subject to Central Bank approval.