Ulster Bank backs management buy out at Thermodial
Senior managers and co-founder now own 55 per cent share in the company
Turlough Kinnane, managing director and Willie Kearney, chairman and sales director at Thermodial. Photograph: Nick Bradshaw
, 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.
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.
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.”