Enrights sell logistics business Syncreon for $1bn
The Enright family best known for building up the former Walsh Western haulage business are set to scoop up to a $1bn (€750m) when they sell their global logistics group.
Family owned Walsh Western was merged with US based TDS in 2007 in a €310m deal to create US based Syncreon. Michael Enright, who built up Walsh Western into a major business is the chairman of Syncreon while his son Brian Enright is the chief executive of the global business.
The company’s roots in Limerick and Galway helped Walsh Western grow rapidly as the main shipper for Dell Computers in the 1990s.
The US arm of the business has strong ties to General Motors.
A report by Bloomberg says the business is now for sale with a price tag of $1bn.
Syncreon is owned by the Enrights and New York-based buyout firm GenNx360 Capital Partners.
JPMorgan Chase and Morgan Stanley have reportedly been hired to find a buyer.
The business operates in 25 countries with 12,000 employees.