Designer Group buys US energy business
Mechanical and electrical contracting firm the Designer Group has bought a US energy-consultancy business as part of plans for rapid global expansion.
The purchase of Kansas and Missouri-based PPS is part of wider expansion plans to more than double group turnover from €160m this year to €350m by 2020.
"Our plan for PPS is to bolt on a mechanical and electrical contracting business focused on biomass power stations," said group chief executive Michael Stone.
Former MITIE Group boss Padraig Byrne will run Designer Group's new US operation and will move there this week. The Blanchardstown- based firm paid €5m for PPS, which has a turnover of almost €12m per annum.
"We will grow that rapidly because that is just for consultancy. It is a huge market with great scale," said Stone.
Last year, Stone hired former Dublin All-Ireland winning football manager - and now the county's hurling manager - Pat Gilroy as managing director of its Irish operations. Gilroy's experience in the energy sector with former employer Dalkia was a key asset, said Stone.
Designer Group is also seeing growth in the UK, but Stone warned that Brexit uncertainty was damaging the Irish market and that FDI-linked inquiries here had fallen.
Sunday Indo Business