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New faces at Quinn will get equity if they excel

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Sean Quinn at the Quinn Group's former HQ

Sean Quinn at the Quinn Group's former HQ

Sean Quinn at the Quinn Group's former HQ

They've been widely described as the new owners of the former Quinn group.

But that definition doesn't quite fit the group of Cavan/Fermanagh businessmen - including long-time Quinn employees Liam McCaffrey and Dara O'Reilly, and Fine Gael councillor John McCartin - who recently took on the job of running it.

Its new owners are actually three US private equity funds - Brigade Capital, Silver Point and Contrarian. They are thought to have paid receivers around €90m for the group, which has around 700 employees and assets such as cement factories, quarries, tarmac, roof tile and insulation businesses, and a packaging division. The local businessmen are running it on the private equity funds' behalf.

But this won't always be the case.

O'Reilly, McCaffrey and co have agreed a pay package that awards them equity in the group based on hitting performance targets. They are also keen to buy it outright if they can find the right financiers.

So the former Quinn group really is returning to local ownership, albeit at a fairly slow pace.

That deal doesn't, however, extend to Sean Quinn.

There was great fuss last week when it emerged that the bankrupt former business tycoon is returning to the business as a paid advisor.

But he is not part of the equity/performance deal for management, I'm told, and won't be a shareholder any time soon.

Sunday Indo Business