Business Irish

Thursday 18 January 2018

Actavo moves to hire external corporate finance advisors

Actavo chief executive Sean Corkery
Actavo chief executive Sean Corkery
Donal O'Donovan

Donal O'Donovan

Actavo - the industrial services group that emerged out of the former Siteserv - has appointed outside corporate finance advisors, the Irish Independent has learned. The move may be a precursor to a stock market listing or fund raising. A spokesman for Actavo declined to comment.

Previously, Actavo Group CEO Sean Corkery indicated the business would only seek a stock market listing to fund a big acquisition.

"It would have to be for absolute need for a quantum of money, probably for a sizeable acquisition, that would trigger something like that," he said last summer after the business reported 2015 annual results.

Actavo, owned by businessman Denis O'Brien, was bought in 2012 for €45m from State-controlled IBRC and has since expanded internationally, including into the US through acquisition.

Its activities range from support services for cable companies Sky and Virgin Media, as well as utilities such as Electric Ireland and Bord Gáis, to industrial services for clients in sectors such as oil, pharmaceuticals and nuclear power.

Its Sierra subsidiary was one of the contractors hired by Irish Water to install water meters.

The company employs over 5,000 people, 2015 revenues were €431m with profits of €17.9m.

The 2012 sale - driven by the former Anglo Irish Bank as Siteserv's main lender - was controversial because the old shareholders got part of the consideration in exchange for backing the sale, even though the bank made a €100m loss. Along with other deals where the former Anglo took big losses, it is subject of an enquiry.

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