AN investment company controlled by management of Dublin's Brightwater Recruitment has paid at least €9.1m to buy Cork-based pharmaceutical and engineering recruitment business PE Global.
It marks the first acquisition by the Brightwater management team following their buyout of their firm in 2018.
PE Global employs almost 60 people between offices in Cork, Dublin and London.
It is primarily focused on the technical and healthcare sectors, and has long-term contracts in place with the HSE in Ireland and the NHS in Britain.
It will continue to operate as an independent business following the acquisition.
The Cork firm was founded by Michael O'Brien in 2005. Until recently, he was its managing director.
He has been succeeded by Keith McDonagh, but will remain as a consultant to the business.
Records at the Companies Registration Office show that Mr O'Brien owned almost 50pc of PE Global, while Mr McDonagh also had a small stake in it.
The remainder was owned via a British Virgin Islands company called Abbeyvale Group.
PE Global posted a turnover of more than €50m in the financial year to the end of May 2019, and made a €1.5m pre-tax profit.
The takeover of PE Global has been bankrolled by UK-based alternative capital provider Duke Royalty and supported by Bank of Ireland.
Brightwater's group managing director is Barbara McGrath and the firm employs more than 80 people.
Brightwater Selection, the company behind Brightwater, made a €1.2m profit after tax in 2018, down slightly on 2017.
It also paid a €1m dividend to shareholders in 2018, compared with almost €1.3m during 2017. The firm posted turnover of €15.6m in 2018, virtually unchanged compared with 2017.
John Lacy, one of the directors of the Bakhchysarai (Ireland) vehicle used to acquire PE Global, said the platform would continue with its buy-and-build strategy across Ireland and the UK.