The management team of Thermodial (a leading Irish, commercial heating, ventilation and air-conditioning (HVAC) maintenance company) lead by Turlough Kinane, has undertaken a management buyout of the company with the goal of increasing turnover by 40% to €10 million by 2020.
Based in Dublin with a national reach, the 29 year old company includes the OPW, St Vincent’s Private Hospital, Eir, Easons, Kildare County Council and Dublin City Council amongst its clients.
The new structure sees Kinane, who becomes Managing Director, Alan Keegan (Operations Director) and Mark Carrick (Projects Director) acquire 55% of the company for €1.25million financed by an Ulster Bank loan. Co-founder Willie Kearney retains a 45% shareholding and will remain in an executive capacity as Sales Director and Chairman of the Board of Thermodial Limited. The company’s growth plans will see employee numbers grow by 20 people over the period, bringing the company’s complement to 60.
Commenting on the company’s plans, Chairman and Sales Director, Willie 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 are proven in the company.”
Thermodial’s new Managing Director, Mr Kinane said: “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, public sector and the hospitals sector. We will also be targeting growth areas in the economy including the hospitality sector (Hotels), data centres and private health facilities.”
The MBO team was advised by Byrne Wallace, solicitors.