The Irish arm of international paper company Paperlinx has been sold off in a move that will see 13 staff made redundant after the firm's UK branch went into administration.
The Irish business has been acquired by former divisional director Enda Brophy.
Mr Brophy now owns 100pc of the firm, which will be renamed Graphic & Paper Merchants Ireland.
The company employs 51 staff in the Republic and 14 in Northern Ireland and had sales of around €35m last year. Thirteen staff are to be made redundant in the Republic as the company restructures.
The process to sell off Paperlinx's Irish arm started when its UK business went into administration earlier this year.
All but five of Paperlinx's 19 UK sites were immediately closed by administrators and 693 of the business' 1200 staff were made redundant.
Speaking to the Irish Independent, Mr Brophy said that the adminstration in the UK had a significant knock-on effect in Ireland, saying: "A lot of global suppliers decided not to trade with us due to credit terms after it [the UK administration].
"The feedback we were getting was that if we exited Paperlinx they would be happy to trade with us as normal. We have good staff and good customers and if we didn't we couldn't have done what we have in the last few months," he said.
As of 2014 Paperlinx employed more than 4,500 staff worldwide and had sales of more than €1.1bn in the first half of that year.