Engineering firm acquired by CBD
Clare engineering firm L&M Keating, which boasts annual turnover of more than €60m, has been acquired by Dublin-based CBD Capital, the Irish Independent has learned.
The company, acquired for an undisclosed amount, specialises in conservation and restoration of heritage properties, as well as civil and marine engineering, and dredging works.
The firm was established in 1987 and was majority owned by Louis Keating (58), who was its managing director. The company employs more than 80 people.
Mr Keating will remain a minority shareholder in the business and also actively engaged in its future activity, according to a spokeswoman.
Gordon O'Regan, another minority shareholder in the business, has been appointed as the new chief executive.
The latest publicly available set of accounts show that L&M Keating had turnover of €61.4m in 2016, virtually unchanged from the previous year. In 2016, it made a pre-tax profit of €264,000, compared to €490,700 in 2015.
The company lost money on some contracts during 2015 and 2016.
"The directors have reviewed the strategic position of the company and implemented a policy of robustly reviewing contracts prior to acceptance," the accounts added.