Saturday 10 December 2016

Ireland's Rich List: 176-200

Published 31/03/2010 | 16:45

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176. THE UNDERWOODS

€49M PROPERTY

The low-profile Ivor Underwood built up a portfolio of Dublin properties, leaving a €69m estate on his death. Falls in property values and taxes will have taken their toll.

177. JOHN KENNEDY FAMILY

€49M BUILDERS

The Sheelin Homes principal was one of the boom’s biggest builders. He left over €60m to his family when he died in 2006.

178. BARON KILCLOONEY

€49M MEDIA

The media sector is pretty tight but the now-ennobled former UUP man John Taylor’s local newspaper group Alpha Media (which owns papers in the North and the Republic) manages well. Taylor also has property assets in the UK and continental Europe.

179. THOMAS KENNEDY

€48M IT

Kennedy is co-founder of Web Reservations International, with Ray Nolan. The hostel booking firm was bought by Hellman Friedman for over €200m last year.

180. SEAMUS MULLIGAN

€48M PHARMACEUTICALS

The former Elan executive sold his shares and set up his own drug company Azur Pharma. So far, Azur has raised €75m from investors. Mulligan bought Albert Reynolds house on Ailesbury Road for €14m in 2007.

181. JOSEPH HIGGINS

€48M ENGINEERING

The Galwayman netted about €39m when his Higgins Turnkey engineering firm was bought twice in the 1990s. Generous earnouts and other assets, from Dun Laoghaire shopping centre to media, added to the 61- year-old's wealth. He owns Gerrardstown Stud in Meath and has 20 horses trained by Dermot Weld and John Oxx.

182. NICHOLAS MUSGRAVE

€48M RETAIL

One of the extended Cork family that owns 75 per cent of Centra and Supervalu firm Musgrave. His stake is worth about €40m, with dividends of €5m in recent years. He has other assets.

183. PETER GLEESON

€48M PROPERTY

Dubliner Gleeson picked up €22m when Smurfit was bought out in 2002. The 64- year-old re-invested in property and backed several techie companies. He has a pad on Shrewsbury Road. With brother William, he owns a shopping centre in Tullamore, property in Monkstown, Longford, west Dublin and Poland, and even a knitwear company. There are borrowings at the property company.

184. SAMIR NAJI

€47M IT

Cork IT pioneer Naji made about €38.5m from the sale of his Horizon Technology firm to Avenet in 2008. At the height of the dotcom boom, his stake was worth close to €150m. He invested in other hi-tech firms.

Share sales and investments add €14m.

185. MARK HUNTER

€47M IT

Belfast-born Hunter sold his €470m-valued IT services firm to Indian group HCL Technologies after a bidding war.

186. GERRY ROBINSON

€46M BUSINESSMAN

The Donegal-born businessman was a UK corporate heavyweight, running Granada (at €1.5m) per year for five years at the start of the 2000s. He made close to €18m before that in the sale of Compass. He was close to netting a €61m fee when bidding to buy Rentokill three years ago. The deal fell through. He has other assets and a palatial gaff in Donegal.

187. SEAMUS McALEER

€46M BUILDER

The 68-year-old's stake in Tyrone building contractor McAleer & Rushe has dipped in value, despite major UK contract wins.

188. PAUL WILLIAMS

€46M ENERGY

We've been extremely conservative about Williams’ wealth. He sold his Dun Laoghaire headquartered renewable energy firm Trinergy to International Power for up to €870m. Initial estimates of his windfall hit €480m, but this may have discounted the debt element of the deal. A major earnout element of the deal may boost his fortune considerably in coming years.

189. SEAN DOYLE

€45M RUBBISH

Sean Doyle's Louth-based wheelie bin and recycling company Oxigen had pre-tax profits of €12m in 2008, up from €7.9m a year earlier. The business is controlled by Doyle and members of his family.

190. VINCE POWER

€45M IMPRESARIO

Vince Power is thought to have netted close to €40m when he sold his Mean Fiddler music venue and festival business to Denis Desmond's MCD and Live Nation. He owns a stack of other assets.

191. BILLY HASTINGS

€45M HOTELIER

Dr Billy Hastings managed to make money out of hotels during the Troubles. At one stage his Europa Hotel was one of the most bombed hotels in the world. The family own six hotels in the North plus pubs.

192. LESLIE BUCKLEY

€45M BUSINESSMAN

Corporate restructuring expert Buckley pocketed about €46m from the sale of his stake in Digicel. He has other assets. Buckley is one of the key drivers in the Haven charity, which is active in Haiti.

193. JOE DEVINE

€45M FINANCIER

One of the trio of Ion Equity financial whizzes. Ion bought SWS for €110m in 2006 and offloaded it for close to €550m including debt last year. Devine also holds a stake in Topaz, which had sales of €3bn last year.

194. ULRIC KENNY

€45M FINANCIER

The third musketeer in Neil O'Leary's Ion Equity. The decision to change from a small technology geared corporate finance house to a full-blooded private equity beast made zillions for Kenny & Co. The €550m sales of SWS to Bord Gais catapulted Ion's partners into the super-rich league.

195. PATRICK O'LEARY

€45M BURGERS

The former Macroom farmer owns the rights to Burger King in Ireland. O'Leary held about 70 per cent of OKR group but the ownership structure has now shifted to the British Virgin islands. OKR has 27 burger joints in Ireland. Last figures showed shareholders’ funds of €41m.

196. WOOLFSON FAMILY

€45M INVESTMENTS

The Woolfson family, headed by the late Solly, is thought to have divvied up €60m when private equity player FL Partners bought their Naas Road headquartered Kayfoam Woolfson bed company in 2007. Company executive John Sexton was also a shareholder, with other shares held by Isle of Man firm Kiwi Holdings.

197. TOM O'DONOHUE

€45M TELECOMS

Text and video messaging firm MX Telecom was taken over last week by a US firm in a €77m deal. The company, which supplies mobile users with content from the likes of Big Brother and Match of the Day was 50 per cent owned by the 33-year-old whose family come from Claremorris. O'Donohue had been well paid at the company, which was set up just 10 years ago. Last year the three directors shared €6.7m in pay.

198. O'CONNOR FAMILY

€44M RETAIL

With spectacular timing the O'Connor family sold their 25 per cent stake in department store Arnotts for €40m on the eve of the recession.

199. ANNE HERATY & PAUL CARROLL

€44M RECRUITMENT

A bad 18 months for recruitment queen Anne Heraty, as the recession savaged the jobs market. With husband Paul Carroll, she owns properties in Dublin and Cork. Their CPL stake is worth €35m, bulked up by rents, share sales and past earnings.

200. DENIS BROSNAN

€43M NURSING HOMES

He make look like a certain Transylvanian count — but Brosnan is a canny operator. He built Kerry Group into a jumbo international food outfit before leaving to make some serious dough for himself. He's thought to have taken €29m out of a refinancing of his UK nursing home operator Barchester Healthcare. Brosnan also cashed in his chips at Next Generation gyms — Princess Diana's gym of choice — as well as making a pile out of Kerry.

John Magnier and JP McManus are fellow investors in much of what Brosnan does with his Swiss private equity firm Lydian, which owns posh muesli firms and leisure interests. On the home front, the stud farm owner has chaired Horse Racing Ireland through troubled times.

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